Teacher Retirement System of Texas raised its holdings in shares of Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 15.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,006 shares of the company's stock after buying an additional 1,639 shares during the period. Teacher Retirement System of Texas' holdings in Penske Automotive Group were worth $1,729,000 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 business. Charles Schwab Investment Management Inc. lifted its stake in Penske Automotive Group by 1.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 145,579 shares of the company's stock valued at $22,192,000 after buying an additional 1,829 shares during the last quarter. Victory Capital Management Inc. grew its position in Penske Automotive Group by 174.9% in the fourth quarter. Victory Capital Management Inc. now owns 40,998 shares of the company's stock worth $6,250,000 after buying an additional 26,085 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Penske Automotive Group during the fourth quarter worth $3,765,000. Raymond James Financial Inc. acquired a new stake in Penske Automotive Group during the 4th quarter worth about $3,018,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Penske Automotive Group by 7.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,995 shares of the company's stock worth $761,000 after purchasing an additional 330 shares during the period. 77.08% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, CEO Roger S. Penske sold 77,357 shares of the firm's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $161.37, for a total transaction of $12,483,099.09. Following the sale, the chief executive officer owned 140,042 shares in the company, valued at approximately $22,598,577.54. This trade represents a 35.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Greg C. Smith sold 1,529 shares of the business'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 disclosure for this sale can be found here. Insiders sold a total of 82,044 shares of company stock worth $13,257,948 over the last ninety days. 51.70% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
PAG has been the topic of a number of research analyst reports. Bank of America upped their price objective on shares of Penske Automotive Group from $190.00 to $205.00 and gave the company a "buy" rating in a research note on Monday, June 16th. JPMorgan Chase & Co. cut their target price on shares of 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. Citigroup raised their price objective on shares of Penske Automotive Group from $185.00 to $195.00 and gave the stock 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 report on Wednesday, April 23rd. Finally, Stephens reaffirmed an "equal weight" rating and set a $140.00 price objective on shares of Penske Automotive Group in a report on Wednesday, June 11th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, Penske Automotive Group has an average rating of "Moderate Buy" and a consensus target price of $172.00.
View Our Latest Analysis on Penske Automotive Group
Penske Automotive Group Trading Down 2.9%
NYSE PAG traded down $5.40 during trading hours on Tuesday, hitting $177.62. 108,264 shares of the company's stock were exchanged, compared to its average volume of 204,923. The firm has a market cap of $11.75 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.76 and a beta of 0.91. The stock has a 50-day simple moving average of $168.74 and a 200 day simple moving average of $161.33. The company has a current ratio of 0.90, a quick ratio of 0.23 and a debt-to-equity ratio of 0.18. Penske Automotive Group, Inc. has a 1-year low of $134.05 and a 1-year 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, beating 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 company had revenue of $7.60 billion during the quarter, compared to analyst estimates of $7.68 billion. During the same period in the prior year, the company posted $3.21 earnings per share. Penske Automotive Group's quarterly revenue was up 2.1% on a year-over-year basis. On average, equities analysts forecast that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.
Penske Automotive Group announced that its board has authorized a stock repurchase plan on Wednesday, May 14th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.
Penske Automotive Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 3rd. Investors of record on Tuesday, May 27th were paid a dividend of $1.26 per share. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.22. The ex-dividend date was Tuesday, May 27th. This represents a $5.04 annualized dividend and a yield of 2.84%. Penske Automotive Group's dividend payout ratio (DPR) is currently 35.49%.
Penske Automotive Group Profile
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Free Report)
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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