California State Teachers Retirement System Has $658.11 Million Stock Holdings in Penske Automotive Group, Inc. $PAG

Key Points

• California State Teachers Retirement System increased its Penske Automotive Group stake by 14,982% in the second quarter, owning 3.68 million shares valued at approximately $658.1 million, or 5.6% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $208.50. Recent targets range from $190 to $238.
• Penske reported quarterly EPS of $3.62, beating estimates of $3.42, while revenue rose 11.1% year over year to $8.51 billion. The company also raised its quarterly dividend to $1.44, implying a 2.7% annualized yield.

California State Teachers Retirement System grew its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 14,982.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,677,601 shares of the company's stock after acquiring an additional 3,653,217 shares during the period. California State Teachers Retirement System owned 5.60% of Penske Automotive Group worth $658,107,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PAG. International Assets Investment Management LLC acquired a new stake in shares of Penske Automotive Group in the 4th quarter valued at $30,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Penske Automotive Group during the second quarter worth $35,000. Rothschild Investment LLC increased its position in Penske Automotive Group by 37.5% during the fourth quarter. Rothschild Investment LLC now owns 242 shares of the company's stock worth $38,000 after buying an additional 66 shares during the last quarter. Acadian Asset Management LLC bought a new position in Penske Automotive Group during the first quarter valued at about $42,000. Finally, Versant Capital Management Inc raised its holdings in Penske Automotive Group by 179.0% during the second quarter. Versant Capital Management Inc now owns 279 shares of the company's stock valued at $50,000 after buying an additional 179 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on PAG. UBS Group set a $190.00 price objective on Penske Automotive Group in a research note on Friday, July 10th. JPMorgan Chase & Co. upped their target price on Penske Automotive Group from $170.00 to $215.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 4th. Citigroup downgraded Penske Automotive Group from a "buy" rating to a "neutral" rating and increased their price target for the company from $199.00 to $210.00 in a report on Thursday, July 23rd. Weiss Ratings raised shares of Penske Automotive Group from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday. Finally, Bank of America boosted their price objective on shares of Penske Automotive Group from $200.00 to $238.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $208.50.

Penske Automotive Group Price Performance

NYSE PAG opened at $216.22 on Monday. The stock has a 50-day simple moving average of $211.90 and a 200 day simple moving average of $180.15. Penske Automotive Group, Inc. has a twelve month low of $140.12 and a twelve month high of $227.00. The stock has a market capitalization of $14.20 billion, a PE ratio of 15.92 and a beta of 0.84. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.21 and a current ratio of 0.98.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $3.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.42 by $0.20. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%.The firm had revenue of $8.51 billion for the quarter, compared to analyst estimates of $7.98 billion. During the same quarter last year, the firm posted $3.78 EPS. The company's revenue was up 11.1% on a year-over-year basis. Research analysts anticipate that Penske Automotive Group, Inc. will post 13.66 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th were paid a $1.44 dividend. The ex-dividend date was Friday, August 14th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.42. This represents a $5.76 annualized dividend and a dividend yield of 2.7%. Penske Automotive Group's dividend payout ratio is 42.42%.

About Penske Automotive Group

Penske Automotive Group, Inc NYSE: PAG is a diversified international transportation services company that operates automotive and commercial vehicle dealerships, as well as businesses serving the truck leasing and transportation industries. Its automotive retail operations sell new and used vehicles from a broad range of manufacturers and provide related services, including vehicle financing and insurance products, parts, maintenance and repair.

The company operates automotive dealerships in the United States, the United Kingdom, Australia, Germany and Italy.

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