Sei Investments Co. Acquires 7,978 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Sei Investments Co. grew its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 20.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 47,267 shares of the company's stock after purchasing an additional 7,978 shares during the quarter. Sei Investments Co. owned approximately 0.07% of Penske Automotive Group worth $7,205,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Moran Wealth Management LLC acquired a new stake in Penske Automotive Group during the fourth quarter worth about $14,157,000. Bank of New York Mellon Corp lifted its position in Penske Automotive Group by 24.4% during the fourth quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock valued at $40,179,000 after buying an additional 51,720 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Penske Automotive Group by 17.4% during the 4th quarter. American Century Companies Inc. now owns 259,513 shares of the company's stock valued at $39,560,000 after acquiring an additional 38,388 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Penske Automotive Group by 174.9% in the 4th quarter. Victory Capital Management Inc. now owns 40,998 shares of the company's stock worth $6,250,000 after acquiring an additional 26,085 shares during the period. Finally, Proficio Capital Partners LLC purchased a new position in Penske Automotive Group in the fourth quarter valued at about $3,765,000. 77.08% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Benchmark initiated coverage on Penske Automotive Group in a research note on Thursday, December 12th. They issued a "buy" rating on the stock. JPMorgan Chase & Co. lowered their price target on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating on the stock in a report on Thursday, March 27th. Stephens reiterated an "equal weight" rating and issued a $165.00 price objective on shares of Penske Automotive Group in a research note on Tuesday, February 18th. Finally, StockNews.com raised Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $166.25.

Insider Activity at Penske Automotive Group

In related news, EVP Claude H. Denker III sold 8,746 shares of Penske Automotive Group stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the completion of the transaction, the executive vice president now directly owns 28,917 shares of the company's stock, valued at $5,003,508.51. This trade represents a 23.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director John Barr sold 1,529 shares of the company's stock in a transaction dated Thursday, March 13th. The stock was sold at an average price of $155.45, for a total transaction of $237,683.05. The disclosure for this sale can be found here. 52.40% of the stock is currently owned by insiders.

Penske Automotive Group Stock Performance

Shares of Penske Automotive Group stock traded down $8.27 during midday trading on Thursday, hitting $141.23. The company had a trading volume of 393,134 shares, compared to its average volume of 189,646. The business's 50 day simple moving average is $161.27 and its two-hundred day simple moving average is $159.33. The stock has a market cap of $9.43 billion, a PE ratio of 10.27 and a beta of 1.24. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. Penske Automotive Group, Inc. has a 1-year low of $116.02 and a 1-year high of $180.12.

Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its quarterly earnings results on Thursday, February 13th. The company reported $3.54 EPS for the quarter, beating the consensus estimate of $3.37 by $0.17. The firm had revenue of $7.72 billion during the quarter, compared to analysts' expectations of $7.56 billion. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. As a group, equities analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were given a dividend of $1.22 per share. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.19. This represents a $4.88 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was Monday, February 24th. Penske Automotive Group's payout ratio is 35.49%.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.