Teacher Retirement System of Texas Acquires 4,607 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Teacher Retirement System of Texas increased its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 80.0% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,367 shares of the company’s stock after purchasing an additional 4,607 shares during the quarter. Teacher Retirement System of Texas’ holdings in Penske Automotive Group were worth $1,580,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in Penske Automotive Group in the 3rd quarter worth $231,000. Citigroup Inc. raised its stake in shares of Penske Automotive Group by 4.1% in the third quarter. Citigroup Inc. now owns 63,548 shares of the company’s stock worth $10,321,000 after buying an additional 2,475 shares during the period. Cerity Partners LLC lifted its position in shares of Penske Automotive Group by 176.1% during the 3rd quarter. Cerity Partners LLC now owns 13,333 shares of the company’s stock valued at $2,166,000 after buying an additional 8,504 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Penske Automotive Group by 62.8% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 29,199 shares of the company’s stock worth $4,743,000 after acquiring an additional 11,267 shares in the last quarter. Finally, Cynosure Group LLC bought a new stake in Penske Automotive Group during the 3rd quarter worth approximately $371,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Penske Automotive Group news, Director John Barr sold 1,529 shares of the firm’s stock in a transaction dated Thursday, March 13th. The shares were sold at an average price of $155.45, for a total value of $237,683.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Claude H. Denker III sold 8,746 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $173.03, for a total value of $1,513,320.38. Following the transaction, the executive vice president now directly owns 28,917 shares in the company, valued at approximately $5,003,508.51. This represents a 23.22 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 51.70% of the company’s stock.

Penske Automotive Group Price Performance

Shares of Penske Automotive Group stock opened at $140.99 on Friday. The firm has a market cap of $9.41 billion, a PE ratio of 10.25 and a beta of 1.24. The stock has a 50 day moving average of $162.15 and a 200 day moving average of $159.34. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 12 month low of $139.56 and a 12 month high of $180.12.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Thursday, February 13th. The company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.37 by $0.17. The firm had revenue of $7.72 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. On average, research analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were issued a $1.22 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.19. The ex-dividend date of this dividend was Monday, February 24th. This represents a $4.88 dividend on an annualized basis and a dividend yield of 3.46%. Penske Automotive Group’s payout ratio is 35.49%.

Analyst Upgrades and Downgrades

PAG has been the topic of several recent analyst reports. StockNews.com upgraded shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. Stephens restated an “equal weight” rating and issued a $165.00 price objective on shares of Penske Automotive Group in a research report on Tuesday, February 18th. Benchmark started coverage on Penske Automotive Group in a research report on Thursday, December 12th. They set a “buy” rating for the company. Finally, JPMorgan Chase & Co. lowered their price target on Penske Automotive Group from $165.00 to $140.00 and set an “underweight” rating on the stock in a report on Thursday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Penske Automotive Group presently has an average rating of “Moderate Buy” and a consensus price target of $166.25.

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.