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SEC Filings

10-K
PENSKE AUTOMOTIVE GROUP, INC. filed this Form 10-K on 02/24/2017
Entire Document
 

PART II

 

Item 5.  Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

Our common stock is traded on the New York Stock Exchange under the symbol “PAG.” As of February 22, 2017, there were 176 holders of record of our common stock. The following table sets forth the high and low sales prices and quarterly dividends per share for our common stock as reported on the New York Stock Exchange Composite Tape during each quarter of 2016 and 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

    

High

    

Low

    

Dividend

 

2015:

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

52.70

 

$

46.01

 

$

0.22

 

Second Quarter

 

 

54.14

 

 

48.09

 

 

0.23

 

Third Quarter

 

 

54.39

 

 

43.39

 

 

0.24

 

Fourth Quarter

 

 

51.84

 

 

41.30

 

 

0.25

 

2016:

 

 

 

 

 

 

 

 

 

 

First Quarter

 

$

41.72

 

$

29.41

 

$

0.26

 

Second Quarter

 

 

40.89

 

 

31.02

 

 

0.27

 

Third Quarter

 

 

50.07

 

 

29.29

 

 

0.28

 

Fourth Quarter

 

 

56.05

 

 

41.90

 

 

0.29

 

 

Dividends

 

In addition to the dividends noted above, we have announced the payment of a dividend of $0.30 per share to be paid on March 1, 2017 to shareholders of record as of February 20, 2017. Future cash dividends will depend upon our earnings, capital requirements, financial condition, restrictions imposed by any then-existing indebtedness and other factors considered relevant by our Board of Directors. In particular, our U.S. credit agreement and the indentures governing our 5.75%, 5.375%, and 5.50% senior subordinated notes contain, and any future indenture that governs any notes which may be issued by us may contain, certain limitations on our ability to pay dividends. Refer to the disclosures provided in Part II, Item 8, Note 9 of the Notes to our Consolidated Financial Statements set forth below for a detailed description of our long-term debt obligations. We are a holding company whose assets consist primarily of the direct or indirect ownership of the capital stock of our operating subsidiaries. Consequently, our ability to pay dividends is dependent upon the earnings of our subsidiaries and their ability to distribute earnings and other advances and payments to us.

 

Securities Repurchases

 

In the fourth quarter of 2015, our Board of Directors increased the authority delegated to management to repurchase our outstanding securities to $200.0 million.  As of December 31, 2016,  our remaining authorization under the program was $32.1 million.  For further information with respect to repurchases of our shares by us, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources — Securities Repurchases.”

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