Renaissance Technologies LLC Trims Holdings in Penske Automotive Group (PAG)
Renaissance Technologies LLC trimmed its holdings in shares of Penske Automotive Group (NYSE:PAG) by 50.3% during the fourth quarter, Holdings Channel reports. The fund owned 105,200 shares of the company’s stock after selling 106,500 shares during the quarter. Renaissance Technologies LLC’s holdings in Penske Automotive Group were worth $5,034,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of PAG. BlackRock Inc. grew its holdings in Penske Automotive Group by 118.2% during the 4th quarter. BlackRock Inc. now owns 3,733,276 shares of the company’s stock worth $178,636,000 after acquiring an additional 2,022,283 shares during the last quarter. Deprince Race & Zollo Inc. grew its holdings in Penske Automotive Group by 81.6% during the 4th quarter. Deprince Race & Zollo Inc. now owns 681,008 shares of the company’s stock worth $32,586,000 after acquiring an additional 305,934 shares during the last quarter. Cambiar Investors LLC grew its holdings in Penske Automotive Group by 34.8% during the 4th quarter. Cambiar Investors LLC now owns 393,438 shares of the company’s stock worth $18,826,000 after acquiring an additional 101,570 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Penske Automotive Group by 23.7% during the 4th quarter. Bank of New York Mellon Corp now owns 421,324 shares of the company’s stock worth $20,160,000 after acquiring an additional 80,823 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Penske Automotive Group by 12.6% during the 4th quarter. Victory Capital Management Inc. now owns 637,110 shares of the company’s stock worth $30,486,000 after acquiring an additional 71,330 shares during the last quarter. 41.30% of the stock is currently owned by hedge funds and other institutional investors.
NYSE:PAG opened at $44.15 on Tuesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.22 and a current ratio of 1.01. Penske Automotive Group has a 52 week low of $38.33 and a 52 week high of $54.83. The firm has a market capitalization of $3,706.00, a PE ratio of 10.24, a PEG ratio of 1.08 and a beta of 1.47.
In related news, major shareholder & Co Ltd Mitsui sold 1,133,016 shares of the business’s stock in a transaction on Tuesday, March 27th. The shares were sold at an average price of $44.13, for a total transaction of $49,999,996.08. Following the transaction, the insider now owns 10,658,163 shares in the company, valued at approximately $470,344,733.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 41.60% of the stock is owned by insiders.
A number of equities research analysts have weighed in on PAG shares. Bank of America boosted their target price on shares of Penske Automotive Group from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, February 9th. Morgan Stanley upped their price objective on shares of Penske Automotive Group from $50.00 to $54.00 and gave the company an “overweight” rating in a research note on Wednesday, March 14th. Zacks Investment Research raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Tuesday, December 26th. ValuEngine lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Monday, April 2nd. Finally, Guggenheim assumed coverage on shares of Penske Automotive Group in a research note on Monday. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $56.14.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc operates as a transportation services company. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates automotive and commercial truck dealerships principally in the United States, Canada, and Western Europe; and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services primarily in Australia and New Zealand.
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