Norges Bank Buys Shares of 203,026 Penske Automotive Group, Inc. $PAG

Norges Bank bought a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 4th quarter, Holdings Channel reports. The firm bought 203,026 shares of the company’s stock, valued at approximately $32,137,000.

Other large investors have also modified their holdings of the company. Meixler Investment Management Ltd. purchased a new position in shares of Penske Automotive Group during the third quarter valued at approximately $1,154,000. Alps Advisors Inc. purchased a new position in shares of Penske Automotive Group during the third quarter valued at approximately $5,585,000. Wealth Enhancement Advisory Services LLC boosted its position in shares of Penske Automotive Group by 394.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 47,593 shares of the company’s stock valued at $7,726,000 after buying an additional 37,967 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Penske Automotive Group by 21.2% during the third quarter. JPMorgan Chase & Co. now owns 111,775 shares of the company’s stock valued at $19,439,000 after buying an additional 19,561 shares during the period. Finally, Hamlin Capital Management LLC purchased a new position in shares of Penske Automotive Group during the fourth quarter valued at approximately $20,203,000. Hedge funds and other institutional investors own 77.08% of the company’s stock.

Wall Street Analysts Forecast Growth

PAG has been the subject of several research analyst reports. Morgan Stanley reaffirmed an “overweight” rating and set a $190.00 price target on shares of Penske Automotive Group in a research note on Thursday, May 7th. Barclays decreased their price target on shares of Penske Automotive Group from $195.00 to $190.00 and set an “overweight” rating for the company in a research note on Tuesday, April 7th. Weiss Ratings downgraded 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. lifted their price target 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 lifted their price target 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 analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Penske Automotive Group has an average rating of “Moderate Buy” and a consensus price target of $182.63.

Penske Automotive Group Stock Performance

Shares of PAG stock opened at $172.65 on Tuesday. The business’s fifty day simple moving average is $162.08 and its 200-day simple moving average is $161.24. The company has a market cap of $11.35 billion, a PE ratio of 12.88, a PEG ratio of 2.21 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 12-month low of $140.12 and a 12-month high of $189.51.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $3.05 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $7.71 billion. During the same quarter last year, the company earned $3.66 earnings per share. The company’s quarterly revenue was down 1.1% on a year-over-year basis. Analysts expect that Penske Automotive Group, Inc. will post 13.46 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 3rd. Shareholders of record on Tuesday, May 26th were given a dividend of $1.42 per share. The ex-dividend date of this dividend was Tuesday, May 26th. This represents a $5.68 annualized dividend and a yield of 3.3%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.40. Penske Automotive Group’s payout ratio is presently 42.39%.

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, CFO Michelle Hulgrave sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total transaction of $257,700.00. Following the sale, the chief financial officer owned 17,596 shares of the company’s stock, valued at approximately $3,022,992.80. The trade was a 7.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Greg C. Smith sold 1,488 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $160.02, for a total transaction of $238,109.76. Additional details regarding this sale are available in the official SEC disclosure. 52.90% of the stock is currently owned by insiders.

Penske Automotive Group 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.