Inceptionr LLC Buys 4,449 Shares of Penske Automotive Group, Inc. (NYSE:PAG)

Inceptionr LLC raised its stake in Penske Automotive Group, Inc. (NYSE:PAG - Free Report) by 92.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,281 shares of the company's stock after buying an additional 4,449 shares during the period. Inceptionr LLC's holdings in Penske Automotive Group were worth $1,415,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PAG. Bank of New York Mellon Corp boosted its holdings in shares of Penske Automotive Group by 24.4% during the 4th quarter. Bank of New York Mellon Corp now owns 263,571 shares of the company's stock valued at $40,179,000 after acquiring an additional 51,720 shares in the last quarter. Victory Capital Management Inc. raised its position in Penske Automotive Group by 174.9% in the fourth quarter. Victory Capital Management Inc. now owns 40,998 shares of the company's stock valued at $6,250,000 after purchasing an additional 26,085 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Penske Automotive Group during the fourth quarter valued at about $3,765,000. Raymond James Financial Inc. bought a new stake in shares of Penske Automotive Group during the fourth quarter worth about $3,018,000. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of 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 purchasing an additional 11,267 shares during the last quarter. Institutional investors own 77.08% of the company's stock.

Remove Ads

Penske Automotive Group Trading Down 0.9 %

Shares of NYSE PAG traded down $1.45 during midday trading on Monday, reaching $167.75. The stock had a trading volume of 252,197 shares, compared to its average volume of 175,838. The company's 50 day moving average price is $162.77 and its 200 day moving average price is $160.73. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.20 and a current ratio of 0.91. Penske Automotive Group, Inc. has a twelve month low of $142.32 and a twelve month high of $180.12. The firm has a market cap of $11.20 billion, a price-to-earnings ratio of 12.20 and a beta of 1.24.

Penske Automotive Group (NYSE:PAG - Get Free Report) last released its 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 business had revenue of $7.72 billion for the quarter, compared to analyst estimates of $7.56 billion. As a group, sell-side analysts expect that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Investors of record on Monday, February 24th were given 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 of this dividend was Monday, February 24th. This represents a $4.88 annualized dividend and a dividend yield of 2.91%. Penske Automotive Group's dividend payout ratio is presently 35.49%.

Insider Buying and Selling

In other Penske Automotive Group news, EVP Claude H. Denker III sold 8,746 shares of the stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $173.03, for a total transaction of $1,513,320.38. Following the transaction, the executive vice president now directly owns 28,917 shares in the company, valued at approximately $5,003,508.51. This represents a 23.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 51.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PAG shares. Stephens reiterated 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. JPMorgan Chase & Co. raised their price target 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. Benchmark started coverage on shares of Penske Automotive Group in a research note on Thursday, December 12th. They issued a "buy" rating on the stock. Finally, StockNews.com raised Penske Automotive Group from a "hold" rating to a "buy" rating in a research report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Penske Automotive Group has a consensus rating of "Moderate Buy" and an average target price 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.