Zacks Research Has Positive Outlook for PAG FY2024 Earnings

Penske Automotive Group, Inc. (NYSE:PAG) – Equities research analysts at Zacks Research upped their FY2024 earnings estimates for shares of Penske Automotive Group in a report issued on Tuesday, November 12th. Zacks Research analyst L. Sahu now forecasts that the company will post earnings of $13.57 per share for the year, up from their previous estimate of $13.51. The consensus estimate for Penske Automotive Group’s current full-year earnings is $13.71 per share. Zacks Research also issued estimates for Penske Automotive Group’s Q4 2024 earnings at $3.36 EPS, Q1 2025 earnings at $3.06 EPS, Q2 2025 earnings at $3.45 EPS, Q3 2025 earnings at $3.59 EPS, Q4 2025 earnings at $3.59 EPS, FY2025 earnings at $13.69 EPS, Q1 2026 earnings at $3.32 EPS, Q2 2026 earnings at $3.57 EPS, Q3 2026 earnings at $3.64 EPS and FY2026 earnings at $14.09 EPS.

Several other research firms have also commented on PAG. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and upped their price target for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. Bank of America lifted their price target on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Stephens started coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their target price on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research note on Tuesday, September 10th.

Penske Automotive Group Price Performance

Shares of NYSE PAG opened at $162.31 on Thursday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.20. The firm has a market capitalization of $10.84 billion, a PE ratio of 12.44 and a beta of 1.17. Penske Automotive Group has a 1-year low of $142.32 and a 1-year high of $179.72. The business’s fifty day moving average price is $156.36 and its two-hundred day moving average price is $156.22.

Penske Automotive Group (NYSE:PAG) last posted its earnings results on Tuesday, October 29th. The company reported $3.39 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.02). Penske Automotive Group had a net margin of 2.91% and a return on equity of 18.38%. The company had revenue of $7.59 billion for the quarter, compared to the consensus estimate of $7.67 billion. During the same period last year, the company posted $3.90 earnings per share. The firm’s revenue for the quarter was up 1.9% compared to the same quarter last year.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be paid a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Friday, November 15th. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s dividend payout ratio (DPR) is currently 32.80%.

Institutional Investors Weigh In On Penske Automotive Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc increased its position in shares of Penske Automotive Group by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 1,946 shares of the company’s stock valued at $316,000 after purchasing an additional 69 shares during the period. Applied Capital LLC FL raised its position in Penske Automotive Group by 0.4% in the third quarter. Applied Capital LLC FL now owns 21,176 shares of the company’s stock worth $3,439,000 after acquiring an additional 77 shares in the last quarter. Arizona State Retirement System lifted its holdings in Penske Automotive Group by 1.5% in the 2nd quarter. Arizona State Retirement System now owns 5,626 shares of the company’s stock valued at $838,000 after acquiring an additional 84 shares during the last quarter. Ashton Thomas Private Wealth LLC boosted its position in shares of Penske Automotive Group by 5.2% during the 3rd quarter. Ashton Thomas Private Wealth LLC now owns 1,708 shares of the company’s stock valued at $277,000 after purchasing an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of Penske Automotive Group by 32.2% in the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after purchasing an additional 91 shares during the last quarter. Institutional investors own 77.08% of the company’s stock.

About Penske Automotive Group

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.