New York State Common Retirement Fund Has $1.05 Million Position in Penske Automotive Group, Inc. (NYSE:PAG)

New York State Common Retirement Fund lessened its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 17.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,266 shares of the company's stock after selling 1,500 shares during the period. New York State Common Retirement Fund's holdings in Penske Automotive Group were worth $1,046,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Penske Automotive Group by 9.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 3,367 shares of the company's stock valued at $485,000 after purchasing an additional 295 shares in the last quarter. Two Sigma Investments LP lifted its holdings in shares of Penske Automotive Group by 21.0% during the 4th quarter. Two Sigma Investments LP now owns 10,253 shares of the company's stock valued at $1,563,000 after purchasing an additional 1,777 shares in the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Penske Automotive Group by 15.8% during the 1st quarter. Teacher Retirement System of Texas now owns 12,006 shares of the company's stock valued at $1,729,000 after purchasing an additional 1,639 shares in the last quarter. KBC Group NV lifted its holdings in shares of Penske Automotive Group by 33.4% during the 1st quarter. KBC Group NV now owns 999 shares of the company's stock valued at $144,000 after purchasing an additional 250 shares in the last quarter. Finally, SG Americas Securities LLC bought a new position in shares of Penske Automotive Group during the 1st quarter valued at about $648,000. Institutional investors own 77.08% of the company's stock.

Penske Automotive Group Stock Down 2.5%

NYSE PAG traded down $4.42 during trading on Monday, hitting $170.60. The stock had a trading volume of 232,404 shares, compared to its average volume of 215,474. Penske Automotive Group, Inc. has a 12 month low of $134.05 and a 12 month high of $186.33. The company has a market capitalization of $11.29 billion, a PE ratio of 12.01 and a beta of 0.91. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.23 and a current ratio of 0.90. The company's 50-day moving average price is $171.00 and its two-hundred day moving average price is $162.87.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.27 by $0.12. Penske Automotive Group had a return on equity of 17.80% and a net margin of 3.10%. The company had revenue of $7.60 billion for the quarter, compared to analysts' expectations of $7.68 billion. During the same quarter in the prior year, the business posted $3.21 EPS. The business's revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 3rd. Stockholders of record on Friday, August 15th will be paid a dividend of $1.32 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $5.28 dividend on an annualized basis and a dividend yield of 3.09%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.26. Penske Automotive Group's dividend payout ratio is currently 35.49%.

Penske Automotive Group declared that its board has authorized a share repurchase program on Wednesday, May 14th that allows the company to buyback $250.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Stephens reiterated an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a report on Wednesday, June 11th. JPMorgan Chase & Co. cut their target price on Penske Automotive Group from $160.00 to $155.00 and set an "underweight" rating on the stock in a research note on Thursday, July 17th. Citigroup boosted their target price on Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a research note on Wednesday, April 23rd. Finally, Bank of America boosted their target price on Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a research note on Monday, June 16th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $175.00.

Insider Transactions at Penske Automotive Group

In other news, Director Greg C. Smith sold 1,529 shares of the company's stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $161.64, for a total transaction of $247,147.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Shane M. Spradlin sold 3,158 shares of the company's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $167.10, for a total value of $527,701.80. Following the sale, the executive vice president owned 36,152 shares in the company, valued at approximately $6,040,999.20. This represents a 8.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 82,044 shares of company stock worth $13,257,948 in the last 90 days. Corporate insiders own 52.40% of the company's stock.

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.