Burgundy Asset Management Ltd. Acquires 13,106 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Burgundy Asset Management Ltd. boosted its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 1.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 806,860 shares of the company’s stock after purchasing an additional 13,106 shares during the period. Burgundy Asset Management Ltd. owned about 1.21% of Penske Automotive Group worth $122,998,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Highland Capital Management LLC bought a new position in Penske Automotive Group during the fourth quarter worth about $240,000. Blue Trust Inc. lifted its stake in Penske Automotive Group by 28.3% during the fourth quarter. Blue Trust Inc. now owns 1,221 shares of the company’s stock worth $198,000 after purchasing an additional 269 shares during the period. Merit Financial Group LLC bought a new position in Penske Automotive Group during the fourth quarter worth about $287,000. Bank of Montreal Can increased its holdings in shares of Penske Automotive Group by 6.4% during the fourth quarter. Bank of Montreal Can now owns 2,651 shares of the company’s stock worth $404,000 after buying an additional 160 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Penske Automotive Group by 4.7% during the fourth quarter. Rhumbline Advisers now owns 54,063 shares of the company’s stock worth $8,241,000 after buying an additional 2,446 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Performance

Shares of Penske Automotive Group stock opened at $162.69 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The firm has a market cap of $10.76 billion, a P/E ratio of 11.83 and a beta of 0.90. The firm has a 50 day simple moving average of $153.54 and a 200 day simple moving average of $159.00. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $180.12.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.12. The business had revenue of $7.60 billion during the quarter, compared to analyst estimates of $7.68 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. Penske Automotive Group’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.21 earnings per share. Sell-side analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group announced that its board has approved a share repurchase program on Wednesday, May 14th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 2.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th will be issued a $1.26 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $5.04 dividend on an annualized basis and a dividend yield of 3.10%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.22. Penske Automotive Group’s dividend payout ratio (DPR) is currently 35.49%.

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of Penske Automotive Group stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 51.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on PAG shares. Stephens reaffirmed an “equal weight” rating and set a $140.00 price objective on shares of Penske Automotive Group in a report on Monday, May 5th. JPMorgan Chase & Co. dropped their price objective on shares of Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating for the company in a report on Thursday, March 27th. Citigroup raised their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Monday. Finally, Wall Street Zen raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $167.00.

About Penske Automotive Group

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.