Meritage Portfolio Management Has $10.78 Million Position in Penske Automotive Group, Inc. (NYSE:PAG)

Meritage Portfolio Management grew its stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) by 6.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 67,149 shares of the company’s stock after acquiring an additional 4,238 shares during the period. Penske Automotive Group accounts for 0.7% of Meritage Portfolio Management’s investment portfolio, making the stock its 27th biggest holding. Meritage Portfolio Management’s holdings in Penske Automotive Group were worth $10,778,000 as of its most recent filing with the Securities & Exchange Commission.

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

Analysts Set New Price Targets

A number of research firms have issued reports on PAG. Bank of America lifted their target price on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Morgan Stanley lifted their price objective on shares of Penske Automotive Group from $107.00 to $115.00 and gave the company an “underweight” rating in a research note on Thursday, February 29th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Penske Automotive Group currently has a consensus rating of “Hold” and a consensus target price of $163.20.

Insider Activity

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

Penske Automotive Group Stock Performance

Shares of PAG stock traded up $2.50 during trading hours on Friday, reaching $155.95. 121,905 shares of the company’s stock were exchanged, compared to its average volume of 196,871. Penske Automotive Group, Inc. has a fifty-two week low of $133.72 and a fifty-two week high of $180.84. The company has a quick ratio of 0.25, a current ratio of 1.00 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $10.46 billion, a P/E ratio of 9.91 and a beta of 1.19. The business has a fifty day moving average price of $153.12 and a 200-day moving average price of $152.80.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings data on Wednesday, February 7th. The company reported $3.45 EPS for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.21). The company had revenue of $7.27 billion for the quarter, compared to analyst estimates of $7.18 billion. Penske Automotive Group had a net margin of 3.57% and a return on equity of 24.19%. The firm’s quarterly revenue was up 3.7% on a year-over-year basis. During the same period in the prior year, the company posted $4.21 EPS. Analysts predict that Penske Automotive Group, Inc. will post 13.8 EPS for the current fiscal year.

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.