Bessemer Group Inc. Sells 18,432 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Bessemer Group Inc. lessened its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 51.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,147 shares of the company’s stock after selling 18,432 shares during the period. Bessemer Group Inc.’s holdings in Penske Automotive Group were worth $2,469,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PAG. Bank of New York Mellon Corp boosted its holdings in shares of Penske Automotive Group by 24.4% during the fourth quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company’s stock worth $40,179,000 after acquiring an additional 51,720 shares during the period. Amalgamated Bank raised its position in shares of Penske Automotive Group by 4.7% in the fourth quarter. Amalgamated Bank now owns 9,073 shares of the company’s stock valued at $1,383,000 after buying an additional 407 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Penske Automotive Group in the fourth quarter valued at approximately $3,765,000. Bruni J V & Co. Co. raised its position in shares of Penske Automotive Group by 1.9% in the fourth quarter. Bruni J V & Co. Co. now owns 200,142 shares of the company’s stock valued at $30,510,000 after buying an additional 3,738 shares in the last quarter. Finally, Pacific Global Investment Management Co. raised its position in shares of Penske Automotive Group by 3.3% in the fourth quarter. Pacific Global Investment Management Co. now owns 11,818 shares of the company’s stock valued at $1,801,000 after buying an additional 375 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Performance

Shares of PAG opened at $173.59 on Friday. The company has a current ratio of 0.90, a quick ratio of 0.23 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $11.49 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 1.67 and a beta of 0.91. The firm’s fifty day simple moving average is $163.81 and its two-hundred day simple moving average is $159.85. Penske Automotive Group, Inc. has a 12 month low of $134.05 and a 12 month high of $180.12.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $3.27 by $0.12. The business had revenue of $7.60 billion for the quarter, compared to analysts’ expectations of $7.68 billion. Penske Automotive Group had a net margin of 3.10% and a return on equity of 17.80%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.21 earnings per share. As a group, analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group announced that its board has authorized a share buyback program on Wednesday, May 14th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 2.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were issued a dividend of $1.26 per share. The ex-dividend date of this dividend was Tuesday, May 27th. This represents a $5.04 annualized dividend and a dividend yield of 2.90%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.22. Penske Automotive Group’s dividend payout ratio is currently 35.49%.

Insider Activity

In related news, Director Greg C. Smith sold 1,529 shares of the company’s stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $161.64, for a total value of $247,147.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Roger S. Penske sold 77,357 shares of the company’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $161.37, for a total transaction of $12,483,099.09. Following the completion of the sale, the chief executive officer now owns 140,042 shares in the company, valued at $22,598,577.54. This represents a 35.58% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 82,044 shares of company stock worth $13,257,948. Company insiders own 51.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Citigroup lifted their price target on shares of Penske Automotive Group from $185.00 to $195.00 and gave the company a “buy” rating in a research report on Monday, May 19th. Stephens restated an “equal weight” rating and set a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday, June 11th. JPMorgan Chase & Co. lowered 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 research report on Thursday, March 27th. Bank of America boosted their price objective on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a “buy” rating in a research report on Monday, June 16th. Finally, Wall Street Zen upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $172.00.

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.