Versor Investments LP Sells 2,021 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Versor Investments LP reduced its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 30.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,606 shares of the company’s stock after selling 2,021 shares during the quarter. Versor Investments LP’s holdings in Penske Automotive Group were worth $702,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PAG. Bank of New York Mellon Corp lifted its position in shares of Penske Automotive Group by 24.4% during the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company’s stock worth $40,179,000 after buying an additional 51,720 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Penske Automotive Group during the 4th quarter worth $3,765,000. The Manufacturers Life Insurance Company lifted its position in shares of Penske Automotive Group by 62.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,199 shares of the company’s stock worth $4,743,000 after buying an additional 11,267 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Penske Automotive Group by 296.3% during the 3rd quarter. Victory Capital Management Inc. now owns 14,913 shares of the company’s stock worth $2,422,000 after buying an additional 11,150 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Penske Automotive Group during the 3rd quarter worth $1,805,000. 77.08% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Claude H. Denker III sold 8,746 shares of the firm’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the completion of the sale, the executive vice president now owns 28,917 shares of the company’s stock, valued at $5,003,508.51. This trade represents a 23.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 51.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PAG. Stephens restated an “equal weight” rating and set a $165.00 price objective on shares of Penske Automotive Group in a research report on Tuesday, February 18th. StockNews.com upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. Benchmark started coverage on Penske Automotive Group in a report on Thursday, December 12th. They issued a “buy” rating for the company. Finally, JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $160.00 to $165.00 and gave the stock an “underweight” rating in a report on Wednesday, February 19th. One analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $172.50.

Penske Automotive Group Trading Up 1.9 %

Shares of PAG stock opened at $168.67 on Friday. The stock has a market cap of $11.26 billion, a price-to-earnings ratio of 12.27 and a beta of 1.20. The stock has a 50-day moving average of $161.56 and a 200-day moving average of $160.66. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 1-year low of $142.32 and a 1-year high of $180.12.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Thursday, February 13th. The company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $3.37 by $0.17. The company 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%. On average, equities research analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Monday, February 24th will be paid a $1.22 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.19. The ex-dividend date of this dividend is Monday, February 24th. This represents a $4.88 annualized dividend and a dividend yield of 2.89%. Penske Automotive Group’s dividend payout ratio is presently 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.