Penske Automotive Group, Inc. (NYSE:PAG) Stock Position Raised by Teacher Retirement System of Texas

Teacher Retirement System of Texas raised its position in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 15.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,006 shares of the company's stock after purchasing an additional 1,639 shares during the period. Teacher Retirement System of Texas' holdings in Penske Automotive Group were worth $1,729,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. acquired a new stake in Penske Automotive Group in the 4th quarter valued at approximately $40,000. UMB Bank n.a. boosted its stake in Penske Automotive Group by 421.5% in the 1st quarter. UMB Bank n.a. now owns 339 shares of the company's stock valued at $49,000 after buying an additional 274 shares in the last quarter. GAMMA Investing LLC boosted its stake in Penske Automotive Group by 51.9% in the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company's stock valued at $57,000 after buying an additional 136 shares in the last quarter. Headlands Technologies LLC acquired a new stake in Penske Automotive Group in the 4th quarter valued at $76,000. Finally, Fifth Third Bancorp raised its position in Penske Automotive Group by 31.0% in the 1st quarter. Fifth Third Bancorp now owns 528 shares of the company's stock valued at $76,000 after purchasing an additional 125 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. cut their price objective on Penske Automotive Group from $165.00 to $140.00 and set an "underweight" rating for the company in a research report on Thursday, March 27th. Wall Street Zen upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Wednesday, April 23rd. Citigroup upped their price objective on Penske Automotive Group from $185.00 to $195.00 and gave the company a "buy" rating in a report on Monday, May 19th. Bank of America upped their price objective on Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a report on Monday, June 16th. Finally, Stephens reiterated an "equal weight" rating and issued a $140.00 price objective on shares of Penske Automotive Group in a report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $172.00.

Penske Automotive Group Stock Down 0.5%

PAG stock opened at $183.20 on Friday. The company has a debt-to-equity ratio of 0.18, a current ratio of 0.90 and a quick ratio of 0.23. The stock has a market capitalization of $12.12 billion, a P/E ratio of 12.90, a P/E/G ratio of 1.77 and a beta of 0.91. The business has a 50-day moving average of $168.74 and a 200-day moving average of $161.27. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $186.33.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $7.60 billion for the quarter, compared to analyst estimates of $7.68 billion. During the same quarter in the prior year, the company posted $3.21 earnings per share. Penske Automotive Group's revenue was up 2.1% on a year-over-year basis. On average, sell-side analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th were issued a dividend of $1.26 per share. This represents a $5.04 annualized dividend and a yield of 2.75%. The ex-dividend date of this dividend was Tuesday, May 27th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.22. Penske Automotive Group's dividend payout ratio is presently 35.49%.

Penske Automotive Group declared that its Board of Directors has authorized a share buyback program on Wednesday, May 14th that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling

In other Penske Automotive Group 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 value of $247,147.56. The transaction was disclosed in a document filed 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 shares were sold at an average price of $167.10, for a total value of $527,701.80. Following the completion of the sale, the executive vice president owned 36,152 shares in the company, valued at $6,040,999.20. This represents a 8.03% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 82,044 shares of company stock worth $13,257,948. Corporate insiders own 51.70% of the company's stock.

Penske Automotive Group Profile

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.

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