Meixler Investment Management Ltd. Purchases New Holdings in Penske Automotive Group, Inc. $PAG

Meixler Investment Management Ltd. purchased a new position in shares of Penske Automotive Group, Inc. (NYSE:PAG) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 6,636 shares of the company’s stock, valued at approximately $1,154,000.

A number of other institutional investors have also recently bought and sold shares of the business. Bahl & Gaynor Inc. raised its stake in shares of Penske Automotive Group by 32.7% during the 2nd quarter. Bahl & Gaynor Inc. now owns 127,776 shares of the company’s stock worth $21,953,000 after purchasing an additional 31,463 shares during the period. Ethic Inc. increased its holdings in Penske Automotive Group by 5.3% during the second quarter. Ethic Inc. now owns 2,110 shares of the company’s stock worth $366,000 after buying an additional 106 shares during the last quarter. Convergence Investment Partners LLC bought a new stake in Penske Automotive Group in the third quarter worth about $1,157,000. Campbell & CO Investment Adviser LLC boosted its stake in Penske Automotive Group by 296.3% in the third quarter. Campbell & CO Investment Adviser LLC now owns 27,481 shares of the company’s stock valued at $4,779,000 after acquiring an additional 20,547 shares during the last quarter. Finally, AlphaQuest LLC grew its position in shares of Penske Automotive Group by 1,292.7% during the 3rd quarter. AlphaQuest LLC now owns 21,071 shares of the company’s stock valued at $3,664,000 after acquiring an additional 19,558 shares during the period. Institutional investors own 77.08% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Penske Automotive Group Stock Up 3.0%

Shares of NYSE PAG opened at $166.69 on Monday. The company has a quick ratio of 0.21, a current ratio of 0.97 and a debt-to-equity ratio of 0.22. The company has a market cap of $10.98 billion, a P/E ratio of 11.73, a P/E/G ratio of 2.29 and a beta of 0.92. Penske Automotive Group, Inc. has a 52 week low of $134.05 and a 52 week high of $189.51. The business has a 50-day simple moving average of $163.49 and a two-hundred day simple moving average of $168.94.

Insider Buying and Selling

In related news, CFO Michelle Hulgrave sold 2,100 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $160.17, for a total transaction of $336,357.00. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate 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.