Louisiana State Employees Retirement System Has $845,000 Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Louisiana State Employees Retirement System reduced its position in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 5.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,200 shares of the company’s stock after selling 300 shares during the period. Louisiana State Employees Retirement System’s holdings in Penske Automotive Group were worth $845,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Applied Capital LLC FL lifted its position in shares of Penske Automotive Group by 0.4% during the 3rd quarter. Applied Capital LLC FL now owns 21,176 shares of the company’s stock worth $3,439,000 after buying an additional 77 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Penske Automotive Group by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 5,626 shares of the company’s stock worth $838,000 after buying an additional 84 shares during the last quarter. Fifth Third Bancorp grew its position in Penske Automotive Group by 32.2% during 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 during the period. State of Michigan Retirement System increased its holdings in Penske Automotive Group by 2.1% during the first quarter. State of Michigan Retirement System now owns 4,800 shares of the company’s stock worth $778,000 after buying an additional 100 shares during the last quarter. Finally, Linden Thomas Advisory Services LLC raised its position in Penske Automotive Group by 1.5% in the second quarter. Linden Thomas Advisory Services LLC now owns 6,985 shares of the company’s stock worth $1,041,000 after acquiring an additional 102 shares during the period. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Penske Automotive Group Stock Performance

Shares of PAG opened at $151.68 on Tuesday. Penske Automotive Group, Inc. has a 52-week low of $142.32 and a 52-week high of $179.72. The stock’s 50-day simple moving average is $157.49 and its 200 day simple moving average is $155.86. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.22 and a current ratio of 0.91. The stock has a market capitalization of $10.13 billion, a price-to-earnings ratio of 11.62 and a beta of 1.17.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings data on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02). The firm had revenue of $7.59 billion during the quarter, compared to the consensus estimate of $7.67 billion. Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. Penske Automotive Group’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.90 earnings per share. Research analysts forecast that Penske Automotive Group, Inc. will post 13.72 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be issued a $1.19 dividend. The ex-dividend date is Friday, November 15th. This represents a $4.76 annualized dividend and a dividend yield of 3.14%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s dividend payout ratio is presently 36.48%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on PAG shares. Bank of America increased their target price on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. 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 target for the company. Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their price objective for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. Finally, JPMorgan Chase & Co. increased their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 10th.

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.