Axxcess Wealth Management LLC Buys Shares of 11,993 Penske Automotive Group, Inc. (NYSE:PAG)

Axxcess Wealth Management LLC acquired a new stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 11,993 shares of the company's stock, valued at approximately $1,828,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Horizon Kinetics Asset Management LLC grew its position in shares of Penske Automotive Group by 0.8% in the 4th quarter. Horizon Kinetics Asset Management LLC now owns 182,966 shares of the company's stock valued at $27,891,000 after acquiring an additional 1,486 shares during the period. Vestcor Inc grew its holdings in Penske Automotive Group by 134.2% during the fourth quarter. Vestcor Inc now owns 9,338 shares of the company's stock worth $1,423,000 after purchasing an additional 5,351 shares during the period. Swiss National Bank increased its position in Penske Automotive Group by 0.5% during the fourth quarter. Swiss National Bank now owns 39,400 shares of the company's stock worth $6,006,000 after buying an additional 200 shares during the last quarter. HighTower Advisors LLC raised its stake in Penske Automotive Group by 43.5% in the fourth quarter. HighTower Advisors LLC now owns 6,198 shares of the company's stock valued at $945,000 after buying an additional 1,880 shares during the period. Finally, Moran Wealth Management LLC bought a new stake in Penske Automotive Group in the fourth quarter valued at approximately $14,157,000. Institutional investors and hedge funds own 77.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Benchmark began 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 objective on shares of Penske Automotive Group in a report on Tuesday, February 18th. JPMorgan Chase & Co. raised 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 note on Wednesday, February 19th. Finally, StockNews.com raised shares of Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Monday, February 24th. One research 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 data from MarketBeat, Penske Automotive Group currently has a consensus rating of "Moderate Buy" and an average target price of $172.50.

Remove Ads

Insider Activity at Penske Automotive Group

In related news, EVP Claude H. Denker III sold 8,746 shares of Penske Automotive Group stock in a transaction that occurred 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 sale, the executive vice president now directly owns 28,917 shares in the company, valued at $5,003,508.51. This trade represents a 23.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Barr sold 1,529 shares of the company's stock in a transaction that occurred on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The disclosure for this sale can be found here. 51.70% of the stock is currently owned by company insiders.

Penske Automotive Group Price Performance

Shares of PAG stock traded up $4.93 during trading hours on Monday, reaching $154.31. The company's stock had a trading volume of 184,394 shares, compared to its average volume of 178,237. Penske Automotive Group, Inc. has a fifty-two week low of $142.32 and a fifty-two week high of $180.12. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. The firm's 50 day simple moving average is $163.05 and its 200-day simple moving average is $159.69. The company has a market capitalization of $10.30 billion, a price-to-earnings ratio of 11.22 and a beta of 1.24.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced 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. 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%. 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 was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were paid a $1.22 dividend. This represents a $4.88 dividend on an annualized basis and a dividend yield of 3.16%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.19. The ex-dividend date was Monday, February 24th. Penske Automotive Group's dividend payout ratio is presently 35.49%.

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.