Penske Automotive Group, Inc. $PAG Shares Acquired by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP increased its position in Penske Automotive Group, Inc. (NYSE:PAG) by 11.9% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,447,910 shares of the company’s stock after purchasing an additional 154,443 shares during the period. Dimensional Fund Advisors LP’s holdings in Penske Automotive Group were worth $216,489,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PAG. Navalign LLC bought a new position in Penske Automotive Group during the 4th quarter worth approximately $26,000. International Assets Investment Management LLC bought a new position in Penske Automotive Group during the fourth quarter worth $30,000. Rothschild Investment LLC boosted its holdings in Penske Automotive Group by 37.5% in the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company’s stock worth $38,000 after purchasing an additional 66 shares during the period. Acadian Asset Management LLC bought a new stake in Penske Automotive Group during the first quarter valued at $42,000. Finally, Global Retirement Partners LLC raised its holdings in shares of Penske Automotive Group by 186.6% during the fourth quarter. Global Retirement Partners LLC now owns 321 shares of the company’s stock worth $51,000 after purchasing an additional 209 shares during the period. Institutional investors and hedge funds own 77.08% of the company’s stock.

More Penske Automotive Group News

Here are the key news stories impacting Penske Automotive Group this week:

• Positive Sentiment: Penske Automotive confirmed receipt of an unsolicited, preliminary, non-binding proposal from Penske Corporation and Mitsui to take the company private at $210 per share, a premium to the recent trading level and a signal that a buyout could be near. Article Title
• Positive Sentiment: The company announced its 23rd consecutive quarterly dividend increase, lifting the payout to $1.44 per share from $1.42, which supports the stock’s income appeal and reflects continued cash generation. Article Title
• Positive Sentiment: Several news reports highlighted the potential buyout as a roughly $3.8 billion to $4 billion deal, reinforcing speculation that shareholders could receive a takeover premium. Article Title
• Neutral Sentiment: Citigroup downgraded PAG to “neutral” from “buy,” but raised its price target to $210, which is still close to the buyout talk and suggests limited near-term upside from current levels. Article Title

Wall Street Analyst Weigh In

PAG has been the subject of several recent research reports. Morgan Stanley reaffirmed an “overweight” rating and set a $190.00 target price on shares of Penske Automotive Group in a report on Thursday, May 7th. Stephens boosted their price objective on Penske Automotive Group from $155.00 to $160.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Citigroup downgraded Penske Automotive Group from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $199.00 to $210.00 in a research note on Thursday. JPMorgan Chase & Co. increased their target price on Penske Automotive Group from $165.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Finally, Barclays raised their target price on Penske Automotive Group from $190.00 to $220.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Penske Automotive Group has a consensus rating of “Moderate Buy” and a consensus price target of $196.00.

Insider Buying and Selling at Penske Automotive Group

In other news, CFO Michelle Hulgrave sold 1,500 shares of the firm’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 transaction, the chief financial officer directly owned 17,596 shares of the company’s stock, valued at approximately $3,022,992.80. This trade represents a 7.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Greg C. Smith sold 1,488 shares of the firm’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $160.02, for a total value of $238,109.76. The SEC filing for this sale provides additional information. Corporate insiders own 52.90% of the company’s stock.

Penske Automotive Group Stock Performance

PAG opened at $215.71 on Friday. The business’s 50 day moving average is $179.65 and its 200-day moving average is $166.53. The stock has a market cap of $14.18 billion, a PE ratio of 16.10, a price-to-earnings-growth ratio of 2.78 and a beta of 0.87. 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 twelve month low of $140.12 and a twelve month high of $219.09.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $3.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.91 by $0.14. Penske Automotive Group had a return on equity of 15.13% and a net margin of 2.85%.The business had revenue of $7.86 billion during the quarter, compared to analyst estimates of $7.71 billion. During the same period in the prior year, the company posted $3.66 EPS. The business’s revenue for the quarter was down 1.1% compared to the same quarter last year. On average, analysts predict that Penske Automotive Group, Inc. will post 13.43 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be given a dividend of $1.44 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.42. The ex-dividend date is Friday, August 14th. This represents a $5.76 dividend on an annualized basis and a yield of 2.7%. Penske Automotive Group’s payout ratio is presently 42.39%.

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.