Chase Investment Counsel Corp Acquires New Shares in Penske Automotive Group, Inc. (NYSE:PAG)

Chase Investment Counsel Corp acquired a new stake in Penske Automotive Group, Inc. (NYSE:PAG) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,000 shares of the company’s stock, valued at approximately $802,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC grew its stake in Penske Automotive Group by 113.6% in the third quarter. Venturi Wealth Management LLC now owns 173 shares of the company’s stock valued at $29,000 after acquiring an additional 92 shares during the period. FinTrust Capital Advisors LLC acquired a new position in Penske Automotive Group in the third quarter valued at about $35,000. Grove Bank & Trust grew its stake in Penske Automotive Group by 100.0% in the third quarter. Grove Bank & Trust now owns 250 shares of the company’s stock valued at $42,000 after acquiring an additional 125 shares during the period. Blue Trust Inc. grew its stake in Penske Automotive Group by 91.2% in the fourth quarter. Blue Trust Inc. now owns 346 shares of the company’s stock valued at $58,000 after acquiring an additional 165 shares during the period. Finally, Exchange Traded Concepts LLC grew its stake in Penske Automotive Group by 155.3% in the third quarter. Exchange Traded Concepts LLC now owns 457 shares of the company’s stock valued at $76,000 after acquiring an additional 278 shares during the period. 77.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PAG. Bank of America boosted their target price on 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 increased their price target on Penske Automotive Group from $107.00 to $115.00 and gave the company an “underweight” rating in a research report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Penske Automotive Group has an average rating of “Hold” and a consensus target price of $163.20.

Penske Automotive Group Stock Performance

Shares of NYSE PAG traded up $0.22 during trading hours on Monday, reaching $155.85. 80,393 shares of the stock were exchanged, compared to its average volume of 196,682. The firm has a market capitalization of $10.45 billion, a price-to-earnings ratio of 10.05 and a beta of 1.19. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.25 and a current ratio of 1.00. Penske Automotive Group, Inc. has a 52 week low of $133.72 and a 52 week high of $180.84. The stock’s fifty day simple moving average is $153.25 and its 200 day simple moving average is $152.73.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, February 7th. The company reported $3.45 earnings per share for the quarter, missing analysts’ consensus estimates of $3.66 by ($0.21). The business had revenue of $7.27 billion during 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 company’s revenue for the quarter was up 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted $4.21 EPS. Sell-side analysts predict that Penske Automotive Group, Inc. will post 13.8 EPS for the current year.

Insider Buying and Selling at Penske Automotive Group

In related news, Director Greg C. Smith sold 1,604 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $149.38, for a total transaction of $239,605.52. Following the sale, the director now owns 51,001 shares of the company’s stock, valued at approximately $7,618,529.38. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director John Barr sold 1,600 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $154.05, for a total transaction 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Greg C. Smith sold 1,604 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $149.38, for a total value of $239,605.52. Following the transaction, the director now directly owns 51,001 shares of the company’s stock, valued at $7,618,529.38. The disclosure for this sale can be found here. Company insiders own 52.20% of the company’s stock.

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.