Versor Investments LP Sells 2,021 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Versor Investments LP lowered its position in Penske Automotive Group, Inc. (NYSE:PAG) by 30.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,606 shares of the company’s stock after selling 2,021 shares during the period. Versor Investments LP’s holdings in Penske Automotive Group were worth $702,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PAG. Bank of New York Mellon Corp boosted its holdings in Penske Automotive Group by 24.4% in 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 in the last quarter. Proficio Capital Partners LLC bought a new position in shares of Penske Automotive Group in the fourth quarter valued at approximately $3,765,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Penske Automotive Group by 62.8% in the third quarter. The Manufacturers Life Insurance Company now owns 29,199 shares of the company’s stock valued at $4,743,000 after purchasing an additional 11,267 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Penske Automotive Group by 296.3% in the third quarter. Victory Capital Management Inc. now owns 14,913 shares of the company’s stock valued at $2,422,000 after purchasing an additional 11,150 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of Penske Automotive Group in the third quarter valued at approximately $1,805,000. Institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on PAG. Stephens restated an “equal weight” rating and issued a $165.00 target price on shares of Penske Automotive Group in a report on Tuesday, February 18th. StockNews.com upgraded Penske Automotive Group from a “hold” rating to a “buy” rating in a report on Monday, February 24th. Benchmark began coverage on Penske Automotive Group in a report on Thursday, December 12th. They issued a “buy” rating on the stock. Finally, JPMorgan Chase & Co. raised their target price on Penske Automotive Group from $160.00 to $165.00 and gave the company an “underweight” rating in a report on Wednesday, February 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $172.50.

Insiders Place Their Bets

In other news, EVP Claude H. Denker III sold 8,746 shares of Penske Automotive Group stock in a transaction on Friday, February 14th. The stock was sold at an average price of $173.03, for a total value of $1,513,320.38. Following the completion of the transaction, the executive vice president now directly owns 28,917 shares in the company, valued at approximately $5,003,508.51. The trade was a 23.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 51.70% of the company’s stock.

Penske Automotive Group Stock Performance

Shares of PAG opened at $168.67 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $11.26 billion, a price-to-earnings ratio of 12.27 and a beta of 1.20. The stock has a 50 day moving average of $161.56 and a 200 day moving average of $160.66. Penske Automotive Group, Inc. has a 12 month low of $142.32 and a 12 month high of $180.12.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Thursday, February 13th. The company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $3.37 by $0.17. Penske Automotive Group had a return on equity of 18.05% and a net margin of 3.02%. The company had revenue of $7.72 billion during the quarter, compared to the consensus estimate of $7.56 billion. As a group, sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Monday, February 24th will be given a $1.22 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.19. This represents a $4.88 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Monday, February 24th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 35.49%.

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.