Axxcess Wealth Management LLC Takes $1.83 Million Position in Penske Automotive Group, Inc. (NYSE:PAG)

Axxcess Wealth Management LLC purchased a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 11,993 shares of the company’s stock, valued at approximately $1,828,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Horizon Kinetics Asset Management LLC raised its stake in shares of Penske Automotive Group by 0.8% during the fourth 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 in the last quarter. Vestcor Inc increased 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 valued at $1,423,000 after buying an additional 5,351 shares during the period. Swiss National Bank increased its holdings in Penske Automotive Group by 0.5% during the fourth quarter. Swiss National Bank now owns 39,400 shares of the company’s stock valued at $6,006,000 after buying an additional 200 shares during the period. HighTower Advisors LLC increased its holdings in Penske Automotive Group by 43.5% during 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 purchased a new position in Penske Automotive Group during the fourth quarter valued at approximately $14,157,000. Institutional investors own 77.08% of the company’s stock.

Analyst Upgrades and Downgrades

PAG has been the topic of several research reports. Benchmark initiated coverage on shares of Penske Automotive Group in a 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 report on Monday, February 24th. JPMorgan Chase & Co. lifted their price target on shares of Penske Automotive Group from $160.00 to $165.00 and gave the stock an “underweight” rating in a report on Wednesday, February 19th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $165.00 price target on shares of Penske Automotive Group in a report on Tuesday, February 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Penske Automotive Group has a consensus rating of “Moderate Buy” and a consensus target price of $172.50.

Insider Transactions at Penske Automotive Group

In related news, Director John Barr sold 1,529 shares of the business’s stock in a transaction on Thursday, March 13th. The shares were sold at an average price of $155.45, for a total transaction of $237,683.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Claude H. Denker III sold 8,746 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 28,917 shares of the company’s stock, valued at $5,003,508.51. This represents a 23.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 51.70% of the company’s stock.

Penske Automotive Group Trading Up 1.4 %

NYSE:PAG opened at $150.49 on Thursday. Penske Automotive Group, Inc. has a 12 month low of $142.32 and a 12 month high of $180.12. The firm has a fifty day simple moving average of $163.18 and a 200-day simple moving average of $160.04. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $10.04 billion, a P/E ratio of 10.94 and a beta of 1.24.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings data on Thursday, February 13th. The company reported $3.54 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $7.56 billion. On average, equities research analysts anticipate that Penske Automotive Group, Inc. will post 13.86 earnings per share for the current year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Monday, February 24th were paid a dividend of $1.22 per share. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.19. This represents a $4.88 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Monday, February 24th. Penske Automotive Group’s 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.