Seaport Res Ptn Issues Optimistic Outlook for PAG Earnings

Penske Automotive Group, Inc. (NYSE:PAG) – Equities research analysts at Seaport Res Ptn raised their Q3 2024 EPS estimates for Penske Automotive Group in a report issued on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now expects that the company will earn $3.36 per share for the quarter, up from their prior forecast of $3.27. The consensus estimate for Penske Automotive Group’s current full-year earnings is $13.74 per share. Seaport Res Ptn also issued estimates for Penske Automotive Group’s Q4 2024 earnings at $3.41 EPS.

A number of other research analysts have also issued reports on the stock. Stephens assumed coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price target on the stock. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and upped their price target for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. increased their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 10th. Finally, Bank of America increased their price objective on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $175.40.

Penske Automotive Group Trading Down 0.1 %

Shares of Penske Automotive Group stock opened at $151.90 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. Penske Automotive Group has a 12-month low of $137.95 and a 12-month high of $179.72. The firm has a market capitalization of $10.14 billion, a price-to-earnings ratio of 11.19 and a beta of 1.16. The firm’s 50 day simple moving average is $159.92 and its two-hundred day simple moving average is $155.74.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.39 by $0.22. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. The business had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.59 billion. During the same quarter in the prior year, the business posted $4.41 EPS. Penske Automotive Group’s revenue for the quarter was up 3.1% compared to the same quarter last year.

Institutional Trading of Penske Automotive Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PAG. International Assets Investment Management LLC lifted its holdings in Penske Automotive Group by 12,674.5% during the third quarter. International Assets Investment Management LLC now owns 59,146 shares of the company’s stock valued at $9,606,000 after purchasing an additional 58,683 shares in the last quarter. Schubert & Co purchased a new position in Penske Automotive Group during the third quarter valued at $267,000. Blue Trust Inc. lifted its holdings in Penske Automotive Group by 25.8% during the third quarter. Blue Trust Inc. now owns 952 shares of the company’s stock valued at $142,000 after purchasing an additional 195 shares in the last quarter. nVerses Capital LLC purchased a new position in Penske Automotive Group during the third quarter valued at $309,000. Finally, Applied Capital LLC FL lifted its holdings in Penske Automotive Group by 0.4% during the third quarter. Applied Capital LLC FL now owns 21,176 shares of the company’s stock valued at $3,439,000 after purchasing an additional 77 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

Insider Transactions at Penske Automotive Group

In related news, Director John Barr sold 716 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $170.71, for a total transaction of $122,228.36. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 51.70% of the company’s stock.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be paid a $1.19 dividend. The ex-dividend date is Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.13%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s dividend payout ratio is presently 31.52%.

Penske Automotive Group Company 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.