Pacific Global Investment Management Co. Grows Position in Penske Automotive Group, Inc. (NYSE:PAG)

Pacific Global Investment Management Co. boosted its stake in Penske Automotive Group, Inc. (NYSE:PAG) by 3.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 11,818 shares of the company’s stock after purchasing an additional 375 shares during the quarter. Penske Automotive Group comprises 2.3% of Pacific Global Investment Management Co.’s portfolio, making the stock its 14th largest position. Pacific Global Investment Management Co.’s holdings in Penske Automotive Group were worth $1,801,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Bank of New York Mellon Corp grew its stake in Penske Automotive Group by 24.4% during the fourth quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company’s stock worth $40,179,000 after buying an additional 51,720 shares during the period. Proficio Capital Partners LLC purchased a new stake in Penske Automotive Group during the fourth quarter worth approximately $3,765,000. The Manufacturers Life Insurance Company grew its stake in Penske Automotive Group by 62.8% during the third quarter. The Manufacturers Life Insurance Company now owns 29,199 shares of the company’s stock worth $4,743,000 after buying an additional 11,267 shares during the period. Victory Capital Management Inc. grew its stake in Penske Automotive Group by 296.3% during the third quarter. Victory Capital Management Inc. now owns 14,913 shares of the company’s stock worth $2,422,000 after buying an additional 11,150 shares during the period. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in Penske Automotive Group during the third quarter worth approximately $1,805,000. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Penske Automotive Group Trading Up 1.9 %

PAG opened at $168.67 on Monday. The stock has a market capitalization of $11.26 billion, a PE ratio of 12.27 and a beta of 1.20. The firm’s fifty day moving average price is $161.79 and its 200 day moving average price is $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, Inc. has a 12-month low of $142.32 and a 12-month high of $180.12.

Penske Automotive Group (NYSE:PAG) last posted its quarterly 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. 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 for the quarter, compared to analysts’ expectations of $7.56 billion. As a group, research analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current fiscal year.

Penske Automotive Group Increases Dividend

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

Insider Buying and Selling at Penske Automotive Group

In other 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 transaction of $1,513,320.38. Following the completion of the transaction, the executive vice president now owns 28,917 shares in the company, valued at approximately $5,003,508.51. This represents a 23.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 51.70% of the stock is owned by insiders.

Penske Automotive Group 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.