Arizona State Retirement System decreased its position in Penske Automotive Group, Inc. (NYSE:PAG – Free Report) by 29.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,820 shares of the company’s stock after selling 2,445 shares during the period. Arizona State Retirement System’s holdings in Penske Automotive Group were worth $970,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. Raleigh Capital Management Inc. lifted its holdings in Penske Automotive Group by 24.2% in the second quarter. Raleigh Capital Management Inc. now owns 313 shares of the company’s stock valued at $52,000 after buying an additional 61 shares during the period. Treasurer of the State of North Carolina increased its stake in Penske Automotive Group by 0.7% in the first quarter. Treasurer of the State of North Carolina now owns 11,275 shares of the company’s stock valued at $1,599,000 after purchasing an additional 80 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in Penske Automotive Group by 0.6% in the first quarter. Public Employees Retirement System of Ohio now owns 15,659 shares of the company’s stock valued at $2,221,000 after purchasing an additional 87 shares in the last quarter. Mariner LLC increased its stake in Penske Automotive Group by 4.2% in the fourth quarter. Mariner LLC now owns 2,373 shares of the company’s stock valued at $273,000 after purchasing an additional 95 shares in the last quarter. Finally, Principal Financial Group Inc. increased its stake in Penske Automotive Group by 3.9% in the first quarter. Principal Financial Group Inc. now owns 2,605 shares of the company’s stock valued at $369,000 after purchasing an additional 98 shares in the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.
Analyst Upgrades and Downgrades
PAG has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Penske Automotive Group from $145.00 to $140.00 and set an “underweight” rating for the company in a research note on Tuesday. Stephens downgraded shares of Penske Automotive Group from an “overweight” rating to an “equal weight” rating and lifted their price target for the company from $156.00 to $185.00 in a research note on Wednesday, July 19th. Bank of America boosted their target price on shares of Penske Automotive Group from $175.00 to $205.00 in a research report on Thursday, July 6th. Benchmark reissued a “buy” rating and set a $196.00 target price on shares of Penske Automotive Group in a research report on Thursday, October 26th. Finally, Morgan Stanley boosted their target price on shares of Penske Automotive Group from $88.00 to $107.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $166.60.
Penske Automotive Group Trading Up 0.0 %
Shares of PAG stock opened at $143.00 on Wednesday. Penske Automotive Group, Inc. has a 52-week low of $105.97 and a 52-week high of $180.84. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.26 and a current ratio of 1.01. The company has a 50-day simple moving average of $157.78 and a two-hundred day simple moving average of $156.43. The company has a market capitalization of $9.62 billion, a price-to-earnings ratio of 8.49, a PEG ratio of 2.53 and a beta of 1.21.
Penske Automotive Group Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 10th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 2.21%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.72. The ex-dividend date of this dividend is Thursday, November 9th. Penske Automotive Group’s dividend payout ratio is presently 17.09%.
Insiders Place Their Bets
In other Penske Automotive Group news, Director John Barr sold 3,000 shares of the company’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $163.49, for a total value of $490,470.00. Following the completion of the sale, the director now directly owns 712 shares of the company’s stock, valued at approximately $116,404.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Penske Automotive Group news, President Robert H. Kurnick, Jr. sold 10,997 shares of the business’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $166.12, for a total value of $1,826,821.64. Following the transaction, the president now directly owns 36,181 shares in the company, valued at $6,010,387.72. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director John Barr sold 3,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $163.49, for a total transaction of $490,470.00. Following the completion of the transaction, the director now owns 712 shares in the company, valued at $116,404.88. The disclosure for this sale can be found here. 46.60% of the stock is currently owned by insiders.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships in the United States and internationally. 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.
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