Kendall Capital Management Trims Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Kendall Capital Management lowered its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 4.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,565 shares of the company’s stock after selling 540 shares during the quarter. Kendall Capital Management’s holdings in Penske Automotive Group were worth $2,017,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of PAG. JPMorgan Chase & Co. increased its position in shares of Penske Automotive Group by 2.4% during the first quarter. JPMorgan Chase & Co. now owns 120,271 shares of the company’s stock valued at $11,272,000 after buying an additional 2,842 shares during the period. Raymond James & Associates boosted its stake in Penske Automotive Group by 9.7% during the first quarter. Raymond James & Associates now owns 32,424 shares of the company’s stock worth $3,039,000 after acquiring an additional 2,877 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Penske Automotive Group by 1.2% during the first quarter. Bank of New York Mellon Corp now owns 307,996 shares of the company’s stock worth $28,864,000 after acquiring an additional 3,730 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Penske Automotive Group by 1.7% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 8,367 shares of the company’s stock worth $784,000 after acquiring an additional 137 shares in the last quarter. Finally, Citigroup Inc. boosted its stake in Penske Automotive Group by 3.5% during the first quarter. Citigroup Inc. now owns 25,355 shares of the company’s stock worth $2,376,000 after acquiring an additional 860 shares in the last quarter. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Down 2.7 %

Shares of NYSE PAG traded down $4.18 during midday trading on Wednesday, hitting $150.24. The stock had a trading volume of 65,196 shares, compared to its average volume of 188,042. The business’s 50 day moving average is $153.23 and its 200-day moving average is $153.59. The company has a market cap of $10.07 billion, a P/E ratio of 9.98 and a beta of 1.19. Penske Automotive Group, Inc. has a 52 week low of $133.72 and a 52 week high of $180.84. The company has a quick ratio of 0.25, a current ratio of 1.00 and a debt-to-equity ratio of 0.30.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, February 7th. The company reported $3.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.66 by ($0.21). The firm had revenue of $7.27 billion during the quarter, compared to the consensus estimate of $7.18 billion. Penske Automotive Group had a return on equity of 24.19% and a net margin of 3.57%. The company’s quarterly revenue was up 3.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.21 EPS. As a group, analysts predict that Penske Automotive Group, Inc. will post 13.83 EPS for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 1st. Stockholders of record on Thursday, February 15th were paid a $0.87 dividend. This represents a $3.48 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Wednesday, February 14th. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.79. Penske Automotive Group’s dividend payout ratio is currently 22.48%.

Analyst Upgrades and Downgrades

PAG has been the topic of several research reports. Bank of America boosted their price objective on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley boosted their price objective on shares of Penske Automotive Group from $107.00 to $115.00 and gave the stock an “underweight” rating in a research note on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Penske Automotive Group has a consensus rating of “Hold” and an average price target of $163.20.

Insider Activity at Penske Automotive Group

In related news, Director John Barr sold 1,600 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $154.05, for a total transaction of $246,480.00. Following the transaction, the director now owns 716 shares in the company, valued at $110,299.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director John Barr sold 1,600 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $154.05, for a total transaction of $246,480.00. Following the transaction, the director now owns 716 shares in the company, valued at $110,299.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Greg C. Smith sold 1,604 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $149.38, for a total transaction of $239,605.52. Following the sale, the director now directly owns 51,001 shares of the company’s stock, valued at $7,618,529.38. The disclosure for this sale can be found here. 52.20% of the stock is owned by insiders.

Penske Automotive Group 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.