6,652 Shares in Penske Automotive Group, Inc. $PAG Purchased by Convergence Investment Partners LLC

Convergence Investment Partners LLC bought a new stake in Penske Automotive Group, Inc. (NYSE:PAG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,652 shares of the company’s stock, valued at approximately $1,157,000.

Other large investors have also recently bought and sold shares of the company. Root Financial Partners LLC acquired a new stake in shares of Penske Automotive Group in the third quarter valued at approximately $33,000. Acadian Asset Management LLC acquired a new stake in Penske Automotive Group in the 1st quarter valued at $42,000. Blue Trust Inc. lifted its position in Penske Automotive Group by 12.1% during the 2nd quarter. Blue Trust Inc. now owns 785 shares of the company’s stock worth $135,000 after buying an additional 85 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Penske Automotive Group by 506.9% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 880 shares of the company’s stock worth $151,000 after buying an additional 735 shares during the last quarter. Finally, Bayforest Capital Ltd grew its holdings in shares of Penske Automotive Group by 64.1% in the 3rd quarter. Bayforest Capital Ltd now owns 1,001 shares of the company’s stock valued at $174,000 after acquiring an additional 391 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Analysts Set New Price Targets

PAG has been the topic of several analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Penske Automotive Group in a report on Friday, October 31st. Barclays cut their price objective on Penske Automotive Group from $195.00 to $190.00 and set an “overweight” rating for the company in a report on Wednesday, January 21st. Bank of America assumed coverage on shares of Penske Automotive Group in a research report on Tuesday, December 9th. They issued a “buy” rating and a $195.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on shares of Penske Automotive Group from $180.00 to $175.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Penske Automotive Group in a report on Monday, December 8th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $183.71.

Insider Activity

In related news, CFO Michelle Hulgrave sold 2,100 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $160.17, for a total transaction of $336,357.00. Following the sale, the chief financial officer owned 16,822 shares of the company’s stock, valued at $2,694,379.74. This trade represents a 11.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 52.40% of the company’s stock.

Penske Automotive Group Price Performance

Shares of NYSE PAG opened at $157.41 on Tuesday. The business has a fifty day moving average price of $163.42 and a two-hundred day moving average price of $169.10. The stock has a market capitalization of $10.37 billion, a PE ratio of 11.08, a P/E/G ratio of 2.16 and a beta of 0.92. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.21. Penske Automotive Group, Inc. has a fifty-two week low of $134.05 and a fifty-two week high of $189.51.

Penske Automotive Group Profile

Penske Automotive Group, Inc (NYSE: PAG), headquartered in Bloomfield Township, Michigan, is an international transportation services company primarily focused on automotive and commercial truck dealerships. The company retails new and pre-owned vehicles across a broad spectrum of brands, while offering parts, maintenance, collision repair and reconditioning services. In addition, Penske provides financing and insurance products through its integrated finance and insurance operations, supporting both retail customers and commercial clients.

Formed in 1990 as United Auto Group and publicly traded since 1999, Penske Automotive Group has grown through organic expansion and strategic acquisitions to establish a network of dealerships and service centers across the United States and Europe.