Proficio Capital Partners LLC Takes $3.77 Million Position in Penske Automotive Group, Inc. (NYSE:PAG)

Proficio Capital Partners LLC bought a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 24,695 shares of the company’s stock, valued at approximately $3,765,000.

A number of other hedge funds have also recently bought and sold shares of the company. Wealthspire Advisors LLC grew its holdings in Penske Automotive Group by 2.4% during the fourth quarter. Wealthspire Advisors LLC now owns 2,738 shares of the company’s stock worth $417,000 after acquiring an additional 63 shares during the period. CIBC Asset Management Inc grew its holdings in Penske Automotive Group by 3.7% during the third quarter. CIBC Asset Management Inc now owns 1,946 shares of the company’s stock worth $316,000 after acquiring an additional 69 shares during the period. Blue Chip Partners LLC grew its holdings in Penske Automotive Group by 0.7% during the fourth quarter. Blue Chip Partners LLC now owns 10,606 shares of the company’s stock worth $1,617,000 after acquiring an additional 73 shares during the period. GAMMA Investing LLC grew its holdings in Penske Automotive Group by 44.8% during the fourth quarter. GAMMA Investing LLC now owns 262 shares of the company’s stock worth $40,000 after acquiring an additional 81 shares during the period. Finally, Quantinno Capital Management LP grew its holdings in Penske Automotive Group by 0.5% during the third quarter. Quantinno Capital Management LP now owns 16,648 shares of the company’s stock worth $2,704,000 after acquiring an additional 82 shares during the period. 77.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Insider Activity at Penske Automotive Group

In related news, EVP Claude H. Denker III sold 8,746 shares of the business’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $173.03, for a total value of $1,513,320.38. Following the completion of the sale, the executive vice president now owns 28,917 shares of the company’s stock, valued at approximately $5,003,508.51. The trade was a 23.22 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 51.70% of the stock is currently owned by company insiders.

Penske Automotive Group Trading Down 2.6 %

NYSE:PAG opened at $163.43 on Wednesday. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. Penske Automotive Group, Inc. has a 1-year low of $142.32 and a 1-year high of $180.12. The firm has a market capitalization of $10.91 billion, a price-to-earnings ratio of 11.89 and a beta of 1.20. The stock has a fifty day simple moving average of $162.02 and a 200 day simple moving average of $160.71.

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

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Investors of record on Monday, February 24th will be paid a $1.22 dividend. This is a boost 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 dividend yield of 2.99%. Penske Automotive Group’s payout ratio is presently 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.