Michelle Hulgrave Sells 1,500 Shares of Penske Automotive Group (NYSE:PAG) Stock

Penske Automotive Group, Inc. (NYSE:PAG) CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $171.80, for a total transaction of $257,700.00. Following the completion of the sale, the chief financial officer owned 17,596 shares of the company’s stock, valued at $3,022,992.80. The trade was a 7.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Penske Automotive Group Price Performance

Shares of Penske Automotive Group stock opened at $171.82 on Friday. The firm has a fifty day simple moving average of $161.15 and a 200-day simple moving average of $161.02. The company has a current ratio of 0.96, a quick ratio of 0.22 and a debt-to-equity ratio of 0.39. Penske Automotive Group, Inc. has a 1-year low of $140.12 and a 1-year high of $189.51. The stock has a market capitalization of $11.30 billion, a price-to-earnings ratio of 12.82, a PEG ratio of 2.22 and a beta of 0.87.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, topping analysts’ consensus estimates of $2.91 by $0.14. Penske Automotive Group had a net margin of 2.85% and a return on equity of 15.13%. The business had revenue of $7.86 billion during the quarter, compared to analysts’ expectations of $7.71 billion. During the same period in the previous year, the company earned $3.66 earnings per share. Penske Automotive Group’s revenue for the quarter was down 1.1% on a year-over-year basis. On average, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.46 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, June 3rd. Stockholders of record on Tuesday, May 26th were paid a $1.42 dividend. The ex-dividend date was Tuesday, May 26th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.40. This represents a $5.68 dividend on an annualized basis and a dividend yield of 3.3%. Penske Automotive Group’s dividend payout ratio is presently 42.39%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley restated an “overweight” rating and issued a $190.00 price objective on shares of Penske Automotive Group in a research note on Thursday, May 7th. UBS Group assumed coverage on shares of Penske Automotive Group in a research note on Wednesday, May 27th. They issued a “neutral” rating and a $167.00 price objective for the company. Weiss Ratings cut shares of Penske Automotive Group from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Monday, March 16th. JPMorgan Chase & Co. upped their target price on shares of Penske Automotive Group from $165.00 to $170.00 and gave the company a “neutral” rating in a research note on Thursday, May 7th. Finally, Citigroup upped their target price on shares of Penske Automotive Group from $193.00 to $199.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Six equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $182.63.

Institutional Investors Weigh In On Penske Automotive Group

Several institutional investors and hedge funds have recently bought and sold shares of the business. Parallel Advisors LLC increased its holdings in Penske Automotive Group by 15.1% in the 1st quarter. Parallel Advisors LLC now owns 441 shares of the company’s stock valued at $66,000 after buying an additional 58 shares during the period. Bank of America Corp DE increased its holdings in Penske Automotive Group by 4.5% in the 1st quarter. Bank of America Corp DE now owns 463,784 shares of the company’s stock valued at $69,345,000 after buying an additional 19,850 shares during the period. California State Teachers Retirement System increased its holdings in Penske Automotive Group by 30.0% in the 1st quarter. California State Teachers Retirement System now owns 24,384 shares of the company’s stock valued at $3,646,000 after buying an additional 5,627 shares during the period. Empowered Funds LLC increased its holdings in Penske Automotive Group by 25.4% in the 1st quarter. Empowered Funds LLC now owns 2,115 shares of the company’s stock valued at $316,000 after buying an additional 429 shares during the period. Finally, SummitTX Capital L.P. increased its holdings in Penske Automotive Group by 177.5% in the 1st quarter. SummitTX Capital L.P. now owns 11,164 shares of the company’s stock valued at $1,669,000 after buying an additional 7,141 shares during the period. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Company 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.