FY2024 Earnings Forecast for PAG Issued By Seaport Res Ptn

Penske Automotive Group, Inc. (NYSE:PAG) – Equities researchers at Seaport Res Ptn dropped their FY2024 earnings per share (EPS) estimates for Penske Automotive Group in a research report issued to clients and investors on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now anticipates that the company will post earnings of $13.58 per share for the year, down from their prior forecast of $13.68. 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 FY2025 earnings at $14.13 EPS.

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

Several other equities research analysts also recently issued reports on the stock. JPMorgan Chase & Co. boosted 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. Stephens began coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target for the company. Bank of America boosted their price objective on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $175.40.

Penske Automotive Group Price Performance

PAG stock opened at $151.86 on Wednesday. The stock has a 50-day moving average price of $159.71 and a two-hundred day moving average price of $155.71. The company has a market cap of $10.14 billion, a PE ratio of 11.18 and a beta of 1.16. 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.

Penske Automotive Group Increases Dividend

The firm 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 is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend is Friday, November 15th. This represents a $4.76 annualized dividend and a yield of 3.13%. Penske Automotive Group’s dividend payout ratio is 31.52%.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group news, Director John Barr sold 716 shares of the business’s stock in a transaction dated 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 Securities & Exchange Commission, which can be accessed through this hyperlink. 51.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp increased its stake in 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 in the last quarter. International Assets Investment Management LLC acquired a new position in Penske Automotive Group in the 2nd quarter valued at approximately $69,000. WFA Asset Management Corp acquired a new position in shares of Penske Automotive Group in the first quarter worth $84,000. Blue Trust Inc. grew its stake in shares of Penske Automotive Group by 17.5% in the 2nd quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after buying an additional 113 shares in the last quarter. Finally, Brighton Jones LLC bought a new position in Penske Automotive Group during the third quarter valued at approximately $209,000. 77.08% of the stock is owned by institutional investors and hedge funds.

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.