Retirement Systems of Alabama Decreases Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Retirement Systems of Alabama reduced its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 2.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,939 shares of the company’s stock after selling 537 shares during the period. Retirement Systems of Alabama’s holdings in Penske Automotive Group were worth $3,567,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in PAG. Fifth Third Bancorp grew its stake in shares of Penske Automotive Group by 32.2% in the second quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after buying an additional 91 shares in the last quarter. Gradient Investments LLC grew its position in Penske Automotive Group by 35.2% in the first quarter. Gradient Investments LLC now owns 380 shares of the company’s stock valued at $62,000 after acquiring an additional 99 shares in the last quarter. WFA Asset Management Corp purchased a new stake in shares of Penske Automotive Group during the first quarter valued at approximately $84,000. Blue Trust Inc. raised its stake in shares of Penske Automotive Group by 17.5% during the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after purchasing an additional 113 shares during the period. Finally, NDVR Inc. acquired a new position in shares of Penske Automotive Group during the fourth quarter worth $203,000. 77.08% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director John Barr sold 716 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total value of $122,228.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 51.70% of the stock is currently owned by company insiders.

Penske Automotive Group Stock Down 0.3 %

Shares of NYSE:PAG opened at $168.29 on Wednesday. The firm has a market cap of $11.24 billion, a PE ratio of 11.70 and a beta of 1.18. The company has a fifty day simple moving average of $157.45 and a 200 day simple moving average of $154.46. The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. Penske Automotive Group, Inc. has a 12-month low of $137.95 and a 12-month high of $179.72.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, topping the consensus estimate of $3.39 by $0.22. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. The company had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $7.59 billion. During the same quarter in the previous year, the firm earned $4.41 EPS. The company’s revenue was up 3.1% on a year-over-year basis. On average, equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.81 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th will be paid a dividend of $1.07 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $4.28 annualized dividend and a yield of 2.54%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.96. Penske Automotive Group’s dividend payout ratio is presently 29.76%.

Wall Street Analyst Weigh In

PAG has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Penske Automotive Group from $135.00 to $140.00 and gave the stock an “underweight” rating in a research note on Tuesday, August 6th. Bank of America raised their target price on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $157.75.

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.