Penske Automotive Group, Inc. (NYSE:PAG) Shares Sold by Cambria Investment Management L.P.

Cambria Investment Management L.P. trimmed its position in Penske Automotive Group, Inc. (NYSE:PAG) by 4.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 77,925 shares of the company’s stock after selling 3,512 shares during the period. Penske Automotive Group makes up about 1.1% of Cambria Investment Management L.P.’s portfolio, making the stock its 18th largest holding. Cambria Investment Management L.P. owned 0.12% of Penske Automotive Group worth $12,985,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Citigroup Inc. lifted its position in shares of Penske Automotive Group by 23.7% during the 2nd quarter. Citigroup Inc. now owns 8,984 shares of the company’s stock valued at $1,497,000 after acquiring an additional 1,724 shares during the last quarter. BNP Paribas Arbitrage SNC lifted its position in shares of Penske Automotive Group by 73.2% during the 2nd quarter. BNP Paribas Arbitrage SNC now owns 27,356 shares of the company’s stock valued at $4,558,000 after acquiring an additional 11,562 shares during the last quarter. AGF Management Ltd. lifted its position in shares of Penske Automotive Group by 3.7% during the 2nd quarter. AGF Management Ltd. now owns 24,435 shares of the company’s stock valued at $4,072,000 after acquiring an additional 874 shares during the last quarter. Canada Pension Plan Investment Board lifted its position in shares of Penske Automotive Group by 65.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 4,800 shares of the company’s stock valued at $800,000 after acquiring an additional 1,900 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Penske Automotive Group by 19.4% during the 2nd quarter. California Public Employees Retirement System now owns 24,828 shares of the company’s stock valued at $4,137,000 after acquiring an additional 4,038 shares during the last quarter. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Penske Automotive Group news, President Robert H. Kurnick, Jr. sold 10,997 shares of the firm’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $166.12, for a total transaction of $1,826,821.64. Following the transaction, the president now directly owns 36,181 shares in the company, valued at $6,010,387.72. The transaction was disclosed in a filing with the SEC, which is available through this link. 46.60% of the stock is owned by corporate insiders.

Penske Automotive Group Stock Up 0.9 %

Shares of NYSE:PAG traded up $1.45 during midday trading on Wednesday, hitting $158.61. 7,173 shares of the stock were exchanged, compared to its average volume of 339,428. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.26 and a current ratio of 1.01. Penske Automotive Group, Inc. has a 52-week low of $105.97 and a 52-week high of $180.84. The business’s fifty day simple moving average is $155.11 and its two-hundred day simple moving average is $157.22. The company has a market capitalization of $10.66 billion, a PE ratio of 9.33, a P/E/G ratio of 2.64 and a beta of 1.23.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 10th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 1.99%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.72. The ex-dividend date is Thursday, November 9th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 18.75%.

Analyst Ratings Changes

A number of brokerages have recently commented on PAG. StockNews.com initiated coverage on Penske Automotive Group in a research report on Thursday, October 5th. They set a “hold” rating for the company. Benchmark reissued a “buy” rating and set a $196.00 target price on shares of Penske Automotive Group in a research note on Thursday, October 26th. JPMorgan Chase & Co. cut their target price on shares of Penske Automotive Group from $145.00 to $140.00 and set an “underweight” rating on the stock in a research note on Tuesday, October 31st. Stephens downgraded shares of Penske Automotive Group from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $156.00 to $185.00 in a research note on Wednesday, July 19th. Finally, Morgan Stanley boosted their target price on shares of Penske Automotive Group from $88.00 to $107.00 and gave the company an “underweight” rating in a research note on Wednesday, August 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Penske Automotive Group has a consensus rating of “Hold” and an average price target of $166.60.

About Penske Automotive Group

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships in the United States and internationally. 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.