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

Convergence Investment Partners LLC acquired a new stake in Penske Automotive Group, Inc. (NYSE:PAG) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 6,652 shares of the company’s stock, valued at approximately $1,157,000.

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

Analysts Set New Price Targets

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

Insider Buying and Selling at Penske Automotive Group

In other news, CFO Michelle Hulgrave sold 2,100 shares of Penske Automotive Group stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $160.17, for a total value of $336,357.00. Following the completion of the transaction, the chief financial officer owned 16,822 shares in the company, valued at $2,694,379.74. This trade represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 52.40% of the stock is owned by insiders.

Penske Automotive Group Stock Performance

Shares of PAG opened at $157.41 on Tuesday. Penske Automotive Group, Inc. has a 1 year low of $134.05 and a 1 year high of $189.51. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.97 and a quick ratio of 0.21. The stock’s fifty day moving average price is $163.42 and its two-hundred day moving average price is $169.10. The firm has a market cap of $10.37 billion, a PE ratio of 11.08, a PEG ratio of 2.16 and a beta of 0.92.

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.