Penske Automotive Group, Inc. (NYSE:PAG) Holdings Decreased by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado lessened its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 7.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,230 shares of the company’s stock after selling 182 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Penske Automotive Group were worth $332,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Penske Automotive Group in the 4th quarter worth approximately $30,844,000. PNC Financial Services Group Inc. lifted its position in Penske Automotive Group by 1.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,186 shares of the company’s stock worth $672,000 after purchasing an additional 73 shares during the period. Franklin Resources Inc. boosted its stake in Penske Automotive Group by 21.1% during the 4th quarter. Franklin Resources Inc. now owns 12,626 shares of the company’s stock valued at $2,027,000 after purchasing an additional 2,203 shares in the last quarter. TFO Wealth Partners LLC increased its position in shares of Penske Automotive Group by 35,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,408 shares of the company’s stock valued at $226,000 after purchasing an additional 1,404 shares during the period. Finally, Scotia Capital Inc. bought a new stake in shares of Penske Automotive Group in the 4th quarter worth $773,000. Institutional investors own 77.08% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on PAG shares. Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their target price for the company from $115.00 to $180.00 in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research report on Tuesday, September 10th. Bank of America upped their price target on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, Stephens initiated coverage on Penske Automotive Group in a research note on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $175.40.

Insider Activity

In related news, Director John Barr sold 716 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $170.71, for a total transaction of $122,228.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 51.70% of the stock is owned by corporate insiders.

Penske Automotive Group Stock Up 0.6 %

Shares of NYSE:PAG opened at $162.87 on Friday. The firm has a 50 day simple moving average of $161.86 and a 200 day simple moving average of $155.80. Penske Automotive Group, Inc. has a 52 week low of $137.95 and a 52 week high of $179.72. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.98. The company has a market cap of $10.87 billion, a PE ratio of 11.33 and a beta of 1.16.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.39 by $0.22. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The company had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.59 billion. During the same quarter in the prior year, the company earned $4.41 earnings per share. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. As a group, research analysts expect that Penske Automotive Group, Inc. will post 13.83 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Thursday, August 15th were paid a dividend of $1.07 per share. This represents a $4.28 annualized dividend and a yield of 2.63%. The ex-dividend date of this dividend was Thursday, August 15th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.96. Penske Automotive Group’s payout ratio is 29.76%.

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.