Proficio Capital Partners LLC Acquires Shares of 24,695 Penske Automotive Group, Inc. (NYSE:PAG)

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

A number of other institutional investors have also made changes to their positions in the stock. Janus Henderson Group PLC grew its position in shares of Penske Automotive Group by 36.9% during the 3rd quarter. Janus Henderson Group PLC now owns 39,569 shares of the company's stock worth $6,426,000 after buying an additional 10,663 shares during the period. Highland Capital Management LLC bought a new position in Penske Automotive Group during the 4th quarter worth approximately $240,000. Cerity Partners LLC increased its stake in Penske Automotive Group by 176.1% in the third quarter. Cerity Partners LLC now owns 13,333 shares of the company's stock valued at $2,166,000 after purchasing an additional 8,504 shares in the last quarter. Blue Trust Inc. raised its holdings in Penske Automotive Group by 28.3% in the fourth quarter. Blue Trust Inc. now owns 1,221 shares of the company's stock worth $198,000 after purchasing an additional 269 shares during the period. Finally, Merit Financial Group LLC acquired a new stake in Penske Automotive Group in the fourth quarter worth $287,000. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Stock Down 0.4 %

Shares of NYSE:PAG traded down $0.57 during mid-day trading on Friday, reaching $149.40. 302,274 shares of the stock were exchanged, compared to its average volume of 177,860. The stock's 50 day simple moving average is $163.09 and its 200-day simple moving average is $159.90. Penske Automotive Group, Inc. has a one year low of $142.32 and a one year high of $180.12. The company has a market cap of $9.97 billion, a P/E ratio of 10.87 and a beta of 1.24. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22.

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Penske Automotive Group (NYSE:PAG - Get Free Report) last issued its quarterly earnings results on Thursday, February 13th. The company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $3.37 by $0.17. The company had revenue of $7.72 billion during the quarter, compared to analysts' expectations 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, equities research analysts predict that Penske Automotive Group, Inc. will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Monday, February 24th were paid a $1.22 dividend. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.19. This represents a $4.88 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend was Monday, February 24th. Penske Automotive Group's payout ratio is presently 35.49%.

Insiders Place Their Bets

In other 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 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. This represents a 23.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John Barr sold 1,529 shares of the business's stock in a transaction on Thursday, March 13th. The stock was 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. Insiders own 51.70% of the company's stock.

Analyst Upgrades and Downgrades

PAG has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Penske Automotive Group from $160.00 to $165.00 and gave the company an "underweight" rating in a research report on Wednesday, February 19th. StockNews.com upgraded Penske Automotive Group from a "hold" rating to a "buy" rating in a report on Monday, February 24th. Benchmark initiated coverage on Penske Automotive Group in a report on Thursday, December 12th. They set a "buy" rating on the stock. Finally, Stephens reissued an "equal weight" rating and set a $165.00 target price on shares of Penske Automotive Group in a research note on Tuesday, February 18th. 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 stock. According to data from MarketBeat, Penske Automotive Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $172.50.

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.