Illinois Municipal Retirement Fund Lowers Stock Holdings in Penske Automotive Group, Inc. (NYSE:PAG)

Illinois Municipal Retirement Fund reduced its position in Penske Automotive Group, Inc. (NYSE:PAG) by 18.3% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 12,578 shares of the company’s stock after selling 2,825 shares during the period. Illinois Municipal Retirement Fund’s holdings in Penske Automotive Group were worth $1,917,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Janus Henderson Group PLC grew its stake in Penske Automotive Group by 36.9% in the 3rd quarter. Janus Henderson Group PLC now owns 39,569 shares of the company’s stock worth $6,426,000 after acquiring an additional 10,663 shares during the period. Highland Capital Management LLC purchased a new stake in shares of Penske Automotive Group during the 4th quarter valued at $240,000. Cerity Partners LLC grew its stake 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 during the period. Blue Trust Inc. grew its stake in shares of Penske Automotive Group by 28.3% during the 4th quarter. Blue Trust Inc. now owns 1,221 shares of the company’s stock valued at $198,000 after buying an additional 269 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Penske Automotive Group by 188.2% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 6,981 shares of the company’s stock valued at $1,134,000 after buying an additional 4,559 shares during the period. 77.08% of the stock is owned by hedge funds and other institutional investors.

Penske Automotive Group Stock Up 1.9 %

Shares of Penske Automotive Group stock opened at $168.67 on Friday. The company has a fifty day moving average price of $161.56 and a 200 day moving average price of $160.66. 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 twelve month low of $142.32 and a twelve month high of $180.12. The stock has a market cap of $11.26 billion, a price-to-earnings ratio of 12.27 and a beta of 1.20.

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

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Monday, February 24th will be given a dividend of $1.22 per share. This represents a $4.88 dividend on an annualized basis and a yield of 2.89%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.19. The ex-dividend date is Monday, February 24th. Penske Automotive Group’s dividend payout ratio is 35.49%.

Insider Buying and Selling

In other Penske Automotive Group news, EVP Claude H. Denker III sold 8,746 shares of the company’s stock in a transaction dated 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 completion of the transaction, the executive vice president now directly owns 28,917 shares of the company’s stock, valued at $5,003,508.51. This represents a 23.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 51.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PAG has been the subject of several research reports. StockNews.com raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Benchmark initiated coverage on shares of Penske Automotive Group in a research note on Thursday, December 12th. They set a “buy” rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Penske Automotive Group from $160.00 to $165.00 and gave the company an “underweight” rating in a research note on Wednesday, February 19th. Finally, Stephens reissued an “equal weight” rating and set a $165.00 price objective on shares of Penske Automotive Group in a research note on Tuesday, February 18th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $172.50.

Penske Automotive Group Company 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.