Illinois Municipal Retirement Fund Sells 2,825 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Illinois Municipal Retirement Fund trimmed its holdings in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 18.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC boosted its position in shares of Penske Automotive Group by 44.8% in the fourth quarter. GAMMA Investing LLC now owns 262 shares of the company's stock valued at $40,000 after acquiring an additional 81 shares during the period. True Wealth Design LLC grew its position in Penske Automotive Group by 14,833.3% during the third quarter. True Wealth Design LLC now owns 448 shares of the company's stock worth $73,000 after buying an additional 445 shares in the last quarter. Transamerica Financial Advisors Inc. increased its stake in Penske Automotive Group by 45,300.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company's stock worth $74,000 after acquiring an additional 453 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Penske Automotive Group in the 3rd quarter worth about $94,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Penske Automotive Group in the 3rd quarter valued at about $112,000. Hedge funds and other institutional investors own 77.08% of the company's stock.

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Insider Activity

In related news, EVP Claude H. Denker III sold 8,746 shares of the company's stock in a transaction on Friday, February 14th. The shares were sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the completion of the sale, the executive vice president now directly owns 28,917 shares in the company, 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 through this link. 51.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. StockNews.com raised Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Monday, February 24th. JPMorgan Chase & Co. boosted their price target on shares of Penske Automotive Group from $160.00 to $165.00 and gave the stock an "underweight" rating in a research note on Wednesday, February 19th. Stephens restated an "equal weight" rating and set a $165.00 price objective on shares of Penske Automotive Group in a research report on Tuesday, February 18th. Finally, Benchmark assumed coverage on shares of Penske Automotive Group in a report on Thursday, December 12th. They set a "buy" rating for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $172.50.

Penske Automotive Group Price Performance

NYSE PAG traded down $2.88 on Tuesday, reaching $164.93. 128,144 shares of the company's stock traded hands, compared to its average volume of 175,294. The stock has a market cap of $11.01 billion, a PE ratio of 12.00 and a beta of 1.20. Penske Automotive Group, Inc. has a 12 month low of $142.32 and a 12 month high of $180.12. The stock has a 50-day simple moving average of $162.02 and a 200 day simple moving average of $160.71. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its earnings results on Thursday, February 13th. The company reported $3.54 EPS for the quarter, beating the consensus estimate of $3.37 by $0.17. The company had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.56 billion. Penske Automotive Group had a net margin of 3.02% and a return on equity of 18.05%. As a group, research analysts predict that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Monday, February 24th will be issued a $1.22 dividend. The ex-dividend date is Monday, February 24th. This represents a $4.88 annualized dividend and a dividend yield of 2.96%. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.19. Penske Automotive Group's payout ratio is currently 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.