6,636 Shares in Penske Automotive Group, Inc. $PAG Bought by Meixler Investment Management Ltd.

Meixler Investment Management Ltd. acquired a new stake in shares of Penske Automotive Group, Inc. (NYSE:PAG) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 6,636 shares of the company’s stock, valued at approximately $1,154,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Penske Automotive Group during the 2nd quarter valued at about $32,425,000. AQR Capital Management LLC increased its position in shares of Penske Automotive Group by 21.1% in the second quarter. AQR Capital Management LLC now owns 681,741 shares of the company’s stock worth $116,953,000 after purchasing an additional 118,976 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Penske Automotive Group by 28.4% in the first quarter. Goldman Sachs Group Inc. now owns 380,267 shares of the company’s stock valued at $54,751,000 after purchasing an additional 84,045 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Penske Automotive Group by 4,364.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 84,865 shares of the company’s stock valued at $14,581,000 after purchasing an additional 82,964 shares during the last quarter. Finally, Allworth Financial LP grew its stake in Penske Automotive Group by 3,351.1% in the 2nd quarter. Allworth Financial LP now owns 49,247 shares of the company’s stock worth $8,461,000 after buying an additional 47,820 shares in the last quarter. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PAG has been the topic of several research reports. Bank of America initiated coverage on shares of Penske Automotive Group in a research report on Tuesday, December 9th. They set a “buy” rating and a $195.00 price objective on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Penske Automotive Group in a research note on Friday, October 31st. JPMorgan Chase & Co. dropped their price target on 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. Barclays reduced their price objective on Penske Automotive Group from $195.00 to $190.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 21st. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Penske Automotive Group in a research report on Monday, December 8th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $183.71.

Penske Automotive Group Trading Up 3.0%

Shares of PAG stock opened at $166.69 on Monday. The business has a 50-day moving average of $163.49 and a 200 day moving average of $168.94. 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 1-year low of $134.05 and a 1-year high of $189.51. The stock has a market capitalization of $10.98 billion, a PE ratio of 11.73, a P/E/G ratio of 2.29 and a beta of 0.92.

Insider Buying and Selling at Penske Automotive Group

In other news, CFO Michelle Hulgrave sold 2,100 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer owned 16,822 shares of the company’s stock, valued at approximately $2,694,379.74. This represents a 11.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 52.40% of the company’s stock.

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.