Penske Automotive Group, Inc. $PAG Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its Penske Automotive Group stake by 30% in the first quarter, bringing its holdings to 24,384 shares valued at approximately $3.65 million. Institutional investors collectively own 77.08% of PAG.
• Penske Automotive Group reported quarterly EPS of $3.62, topping 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, equivalent to a 2.7% annual yield.
• Analyst sentiment remains moderately positive, with five Buy and five Hold ratings and a consensus price target of $207.88. PAG shares opened at $216.65, near the upper end of their 12-month range of $140.12 to $227.00.

California State Teachers Retirement System raised its position in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 30.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,384 shares of the company's stock after acquiring an additional 5,627 shares during the quarter. California State Teachers Retirement System's holdings in Penske Automotive Group were worth $3,646,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PAG. Jefferies Financial Group Inc. acquired a new stake in Penske Automotive Group in the fourth quarter valued at $3,679,000. Renaissance Technologies LLC boosted its position in shares of Penske Automotive Group by 15.6% during the 1st quarter. Renaissance Technologies LLC now owns 81,500 shares of the company's stock worth $12,186,000 after acquiring an additional 11,000 shares in the last quarter. Independent Solutions Wealth Management LLC purchased a new position in shares of Penske Automotive Group in the 4th quarter valued at about $2,649,000. Norges Bank purchased a new position in shares of Penske Automotive Group in the 4th quarter valued at about $32,137,000. Finally, First Trust Advisors LP raised its position in shares of Penske Automotive Group by 24.7% during the 1st quarter. First Trust Advisors LP now owns 81,838 shares of the company's stock worth $12,236,000 after acquiring an additional 16,201 shares in the last quarter. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Penske Automotive Group

In other Penske Automotive Group news, Director Greg C. Smith sold 1,488 shares of the company's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $160.02, for a total transaction of $238,109.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Michelle Hulgrave sold 1,500 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $171.80, for a total value of $257,700.00. Following the sale, the chief financial officer directly owned 17,596 shares of the company's stock, valued at approximately $3,022,992.80. This represents a 7.86% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 52.90% of the stock is currently owned by corporate insiders.

Penske Automotive Group Stock Performance

Shares of PAG opened at $216.65 on Friday. The company's 50 day simple moving average is $191.64 and its 200-day simple moving average is $170.71. The firm has a market cap of $14.22 billion, a PE ratio of 15.95, a price-to-earnings-growth ratio of 2.88 and a beta of 0.84. Penske Automotive Group, Inc. has a 12-month low of $140.12 and a 12-month high of $227.00. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its quarterly earnings results on Wednesday, July 29th. The company reported $3.62 EPS for the quarter, beating the consensus estimate of $3.42 by $0.20. The firm had revenue of $8.51 billion during the quarter, compared to the consensus estimate of $7.98 billion. Penske Automotive Group had a net margin of 2.81% and a return on equity of 14.78%. Penske Automotive Group's revenue for the quarter was up 11.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.78 EPS. As a group, equities analysts predict that Penske Automotive Group, Inc. will post 13.58 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be issued a $1.44 dividend. The ex-dividend date of this dividend is Friday, August 14th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.42. This represents a $5.76 dividend on an annualized basis and a dividend yield of 2.7%. Penske Automotive Group's dividend payout ratio is currently 41.83%.

Analysts Set New Price Targets

PAG has been the subject of a number of research analyst reports. Benchmark downgraded Penske Automotive Group from a "buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Citigroup downgraded shares of Penske Automotive Group from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $199.00 to $210.00 in a research report on Thursday, July 23rd. JPMorgan Chase & Co. upped their target price on shares of Penske Automotive Group from $170.00 to $215.00 and gave the company a "neutral" rating in a report on Tuesday, August 4th. Weiss Ratings upgraded shares of Penske Automotive Group from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, July 10th. Finally, Bank of America boosted their price target on shares of Penske Automotive Group from $200.00 to $238.00 and gave the company a "buy" rating in a research report on Thursday, July 9th. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $207.88.

Penske Automotive Group Profile

Penske Automotive Group, Inc NYSE: PAG, headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.

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