Hsbc Holdings PLC Sells 14,857 Shares of Penske Automotive Group, Inc. $PAG

Hsbc Holdings PLC trimmed its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 57.4% during the 4th quarter, HoldingsChannel.com reports. The firm owned 11,009 shares of the company’s stock after selling 14,857 shares during the period. Hsbc Holdings PLC’s holdings in Penske Automotive Group were worth $1,758,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Navalign LLC acquired a new position in shares of Penske Automotive Group during the fourth quarter valued at about $26,000. International Assets Investment Management LLC acquired a new stake in Penske Automotive Group during the fourth quarter worth about $30,000. Rothschild Investment LLC grew its position in Penske Automotive Group by 37.5% during the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock worth $38,000 after buying an additional 66 shares in the last quarter. Acadian Asset Management LLC bought a new position in Penske Automotive Group during the first quarter valued at about $42,000. Finally, Global Retirement Partners LLC increased its stake in Penske Automotive Group by 186.6% during the fourth quarter. Global Retirement Partners LLC now owns 321 shares of the company’s stock valued at $51,000 after acquiring an additional 209 shares during the period. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Down 0.7%

Shares of NYSE PAG opened at $178.85 on Wednesday. Penske Automotive Group, Inc. has a 52-week low of $140.12 and a 52-week high of $189.51. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.22 and a current ratio of 0.96. The business has a fifty day moving average of $170.51 and a two-hundred day moving average of $163.13. The stock has a market cap of $11.76 billion, a PE ratio of 13.35, a PEG ratio of 2.33 and a beta of 0.87.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, topping the consensus estimate of $2.91 by $0.14. The business had revenue of $7.86 billion for the quarter, compared to analyst estimates of $7.71 billion. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The firm’s quarterly revenue was down 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.66 EPS. As a group, equities research analysts expect that Penske Automotive Group, Inc. will post 13.46 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 26th were paid a dividend of $1.42 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.40. This represents a $5.68 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, May 26th. Penske Automotive Group’s payout ratio is currently 42.39%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PAG. Weiss Ratings reiterated a “hold (c+)” rating on shares of Penske Automotive Group in a research report on Thursday, June 11th. Citigroup boosted their price objective on Penske Automotive Group from $193.00 to $199.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Barclays reduced their target price on Penske Automotive Group from $195.00 to $190.00 and set an “overweight” rating for the company in a research report on Tuesday, April 7th. UBS Group began coverage on shares of Penske Automotive Group in a report on Wednesday, May 27th. They issued a “neutral” rating and a $167.00 price target on the stock. Finally, Stephens increased their price objective on shares of Penske Automotive Group from $155.00 to $160.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $182.62.

Insider Activity

In other news, Director Greg C. Smith sold 1,488 shares of the firm’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $160.02, for a total transaction of $238,109.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michelle Hulgrave sold 1,500 shares of Penske Automotive Group stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the transaction, the chief financial officer owned 17,596 shares of the company’s stock, valued at $3,022,992.80. This trade represents a 7.86% decrease in their position. The disclosure for this sale is available in the SEC filing. 52.90% of the stock is currently owned by corporate insiders.

Penske Automotive Group Profile

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.