Arizona State Retirement System Sells 68 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Arizona State Retirement System lowered its position in Penske Automotive Group, Inc. (NYSE:PAG) by 1.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,746 shares of the company’s stock after selling 68 shares during the period. Arizona State Retirement System’s holdings in Penske Automotive Group were worth $827,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of PAG. Norges Bank bought a new position in shares of Penske Automotive Group in the fourth quarter valued at approximately $22,049,000. Moran Wealth Management LLC raised its stake in shares of Penske Automotive Group by 65.4% in the first quarter. Moran Wealth Management LLC now owns 153,605 shares of the company’s stock valued at $22,116,000 after acquiring an additional 60,734 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of Penske Automotive Group by 21,771.8% in the first quarter. GAMMA Investing LLC now owns 57,304 shares of the company’s stock valued at $8,251,000 after acquiring an additional 57,042 shares during the last quarter. Millennium Management LLC raised its stake in shares of Penske Automotive Group by 43.9% in the fourth quarter. Millennium Management LLC now owns 128,283 shares of the company’s stock valued at $19,555,000 after acquiring an additional 39,113 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Penske Automotive Group by 17.4% in the fourth quarter. American Century Companies Inc. now owns 259,513 shares of the company’s stock valued at $39,560,000 after acquiring an additional 38,388 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

Insider Activity

In other news, CEO Roger S. Penske sold 77,357 shares of the business’s stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $161.37, for a total value of $12,483,099.09. Following the completion of the transaction, the chief executive officer owned 140,042 shares of the company’s stock, valued at $22,598,577.54. The trade was a 35.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Shane M. Spradlin sold 3,158 shares of the business’s stock in a transaction on Monday, June 9th. The shares were sold at an average price of $167.10, for a total transaction of $527,701.80. Following the completion of the transaction, the executive vice president directly owned 36,152 shares of the company’s stock, valued at $6,040,999.20. This trade represents a 8.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 82,044 shares of company stock valued at $13,257,948 in the last quarter. Company insiders own 51.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Bank of America boosted their price objective on shares of Penske Automotive Group from $190.00 to $205.00 and gave the stock a “buy” rating in a research report on Monday, June 16th. JPMorgan Chase & Co. dropped their price objective on shares of Penske Automotive Group from $160.00 to $155.00 and set an “underweight” rating for the company in a research report on Thursday. Citigroup boosted 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 report on Monday, May 19th. Wall Street Zen upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Wednesday, April 23rd. Finally, Stephens restated an “equal weight” rating and issued a $140.00 price objective on shares of Penske Automotive Group in a research report on Wednesday, June 11th. One 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.00.

Penske Automotive Group Stock Performance

Shares of Penske Automotive Group stock opened at $165.01 on Monday. The firm has a fifty day moving average of $170.33 and a two-hundred day moving average of $162.03. The stock has a market capitalization of $10.92 billion, a price-to-earnings ratio of 11.62 and a beta of 0.91. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $186.33. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.23 and a current ratio of 0.90.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, April 30th. The company reported $3.39 EPS for the quarter, beating the consensus estimate of $3.27 by $0.12. The company had revenue of $7.60 billion during the quarter, compared to analysts’ expectations of $7.68 billion. Penske Automotive Group had a net margin of 3.10% and a return on equity of 17.80%. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.21 EPS. As a group, equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 14th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to buy up to 2.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 3rd. Stockholders of record on Tuesday, May 27th were issued a $1.26 dividend. 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 dividend yield of 3.05%. Penske Automotive Group’s payout ratio is 35.49%.

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.