Swiss National Bank Increases Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Swiss National Bank grew its position in Penske Automotive Group, Inc. (NYSE:PAG) by 0.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 39,400 shares of the company’s stock after purchasing an additional 200 shares during the quarter. Swiss National Bank’s holdings in Penske Automotive Group were worth $6,006,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. HighTower Advisors LLC increased its position in shares of Penske Automotive Group by 43.5% during the fourth quarter. HighTower Advisors LLC now owns 6,198 shares of the company’s stock valued at $945,000 after acquiring an additional 1,880 shares in the last quarter. Moran Wealth Management LLC bought a new stake in shares of Penske Automotive Group in the 4th quarter worth $14,157,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Penske Automotive Group by 7.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,995 shares of the company’s stock valued at $761,000 after purchasing an additional 330 shares in the last quarter. OFI Invest Asset Management purchased a new stake in shares of Penske Automotive Group during the fourth quarter valued at $1,605,000. Finally, Ashton Thomas Private Wealth LLC increased its holdings in Penske Automotive Group by 10.0% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 1,878 shares of the company’s stock worth $286,000 after buying an additional 170 shares in the last quarter. Institutional investors own 77.08% of the company’s stock.

Penske Automotive Group Stock Performance

PAG opened at $149.40 on Monday. The company’s 50 day moving average is $163.05 and its 200 day moving average is $159.69. 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 cap of $9.97 billion, a price-to-earnings ratio of 10.87 and a beta of 1.24. 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 earnings per share for the quarter, topping the consensus estimate of $3.37 by $0.17. The business had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. On average, equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were issued a dividend of $1.22 per share. This represents a $4.88 annualized dividend and a yield of 3.27%. The ex-dividend date was Monday, February 24th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.19. Penske Automotive Group’s payout ratio is currently 35.49%.

Insiders Place Their Bets

In related news, Director John Barr sold 1,529 shares of the company’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total value of $237,683.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Claude H. Denker III sold 8,746 shares of the 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 sale, the executive vice president now owns 28,917 shares of the company’s stock, valued at $5,003,508.51. The trade was a 23.22 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 51.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PAG shares. Benchmark began coverage on shares of Penske Automotive Group in a research note on Thursday, December 12th. They set a “buy” rating on the stock. StockNews.com upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. JPMorgan Chase & Co. lifted their target price on shares of Penske Automotive Group from $160.00 to $165.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 19th. Finally, Stephens reissued an “equal weight” rating and set a $165.00 price target on shares of Penske Automotive Group in a report on Tuesday, February 18th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Penske Automotive Group has an average rating of “Moderate Buy” and an average price target of $172.50.

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.