Meritage Portfolio Management Raises Stake in Penske Automotive Group, Inc. (NYSE:PAG)

Meritage Portfolio Management grew its holdings in Penske Automotive Group, Inc. (NYSE:PAG) by 6.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 67,149 shares of the company’s stock after buying an additional 4,238 shares during the period. Penske Automotive Group accounts for approximately 0.7% of Meritage Portfolio Management’s portfolio, making the stock its 27th largest position. Meritage Portfolio Management owned about 0.10% of Penske Automotive Group worth $10,778,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PAG. Invesco Ltd. raised its stake in shares of Penske Automotive Group by 164.3% during the third quarter. Invesco Ltd. now owns 292,758 shares of the company’s stock worth $48,908,000 after purchasing an additional 181,995 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Penske Automotive Group by 43.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 289,854 shares of the company’s stock worth $48,423,000 after acquiring an additional 87,590 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Penske Automotive Group by 4,712.6% in the third quarter. Principal Financial Group Inc. now owns 72,044 shares of the company’s stock valued at $12,036,000 after acquiring an additional 70,547 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Penske Automotive Group by 15,960.7% during the fourth quarter. International Assets Investment Management LLC now owns 66,973 shares of the company’s stock worth $10,750,000 after acquiring an additional 66,556 shares during the period. Finally, Qube Research & Technologies Ltd raised its holdings in Penske Automotive Group by 206.5% during the third quarter. Qube Research & Technologies Ltd now owns 73,531 shares of the company’s stock worth $12,284,000 after purchasing an additional 49,544 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Penske Automotive Group Trading Up 1.6 %

Shares of Penske Automotive Group stock traded up $2.50 during mid-day trading on Friday, hitting $155.95. 121,905 shares of the stock were exchanged, compared to its average volume of 196,871. The company has a 50-day simple moving average of $153.12 and a 200 day simple moving average of $152.80. The company has a current ratio of 1.00, a quick ratio of 0.25 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $10.46 billion, a price-to-earnings ratio of 9.91 and a beta of 1.19. Penske Automotive Group, Inc. has a twelve month low of $133.72 and a twelve month high of $180.84.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Wednesday, February 7th. The company reported $3.45 EPS for the quarter, missing the consensus estimate of $3.66 by ($0.21). Penske Automotive Group had a return on equity of 24.19% and a net margin of 3.57%. The firm had revenue of $7.27 billion during the quarter, compared to analysts’ expectations of $7.18 billion. During the same period in the previous year, the firm posted $4.21 earnings per share. The firm’s revenue was up 3.7% on a year-over-year basis. Research analysts forecast that Penske Automotive Group, Inc. will post 13.8 EPS for the current year.

Insider Activity at Penske Automotive Group

In other Penske Automotive Group news, Director John Barr sold 1,600 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $154.05, for a total value of $246,480.00. Following the sale, the director now directly owns 716 shares of the company’s stock, valued at approximately $110,299.80. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Penske Automotive Group news, Director John Barr sold 1,600 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $154.05, for a total transaction of $246,480.00. Following the transaction, the director now owns 716 shares of the company’s stock, valued at $110,299.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Greg C. Smith sold 1,604 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $149.38, for a total transaction of $239,605.52. Following the sale, the director now directly owns 51,001 shares of the company’s stock, valued at $7,618,529.38. The disclosure for this sale can be found here. Insiders own 51.70% of the company’s stock.

Analysts Set New Price Targets

PAG has been the topic of several recent analyst reports. Morgan Stanley boosted their target price on Penske Automotive Group from $107.00 to $115.00 and gave the stock an “underweight” rating in a research report on Thursday, February 29th. Bank of America increased their price objective on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $163.20.

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.