Q3 Earnings Forecast for PAG Issued By Seaport Res Ptn

Penske Automotive Group, Inc. (NYSE:PAG) – Stock analysts at Seaport Res Ptn raised their Q3 2024 EPS estimates for shares of Penske Automotive Group in a research report issued on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now expects that the company will post earnings per share of $3.36 for the quarter, up from their previous estimate 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.

Several other equities research analysts have also issued reports on the stock. JPMorgan Chase & Co. raised their price target 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. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. Bank of America raised their price target 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. Finally, Stephens assumed coverage on shares of 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $175.40.

Penske Automotive Group Trading Down 3.3 %

Shares of PAG stock opened at $152.11 on Tuesday. The company has a 50 day moving average of $160.14 and a 200-day moving average of $155.75. The company has a quick ratio of 0.22, a current ratio of 0.98 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 cap of $10.16 billion, a P/E ratio of 11.20 and a beta of 1.16.

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, topping the consensus estimate 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 company had revenue of $7.70 billion during the quarter, compared to analyst estimates of $7.59 billion. During the same quarter last year, the business posted $4.41 EPS. Penske Automotive Group’s quarterly revenue was up 3.1% compared to the same quarter last year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Penske Automotive Group by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 2,036,010 shares of the company’s stock valued at $326,800,000 after purchasing an additional 5,399 shares during the period. Burgundy Asset Management Ltd. lifted its holdings in shares of Penske Automotive Group by 1.8% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 777,574 shares of the company’s stock worth $115,874,000 after acquiring an additional 13,968 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Penske Automotive Group by 31.1% during the 2nd quarter. AQR Capital Management LLC now owns 417,932 shares of the company’s stock worth $62,280,000 after acquiring an additional 99,164 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Penske Automotive Group by 9.1% during the 2nd quarter. Millennium Management LLC now owns 126,278 shares of the company’s stock worth $18,818,000 after acquiring an additional 10,522 shares during the last quarter. Finally, Gabelli Funds LLC lifted its holdings in shares of Penske Automotive Group by 6.2% during the 1st quarter. Gabelli Funds LLC now owns 85,500 shares of the company’s stock worth $13,850,000 after acquiring an additional 5,000 shares during the last quarter. 77.08% of the stock is owned by institutional investors.

Insider Buying and Selling at Penske Automotive Group

In other Penske Automotive Group 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 value of $122,228.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 51.70% of the company’s stock.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be issued a $1.19 dividend. This represents a $4.76 annualized dividend and a yield of 3.13%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend is Friday, November 15th. Penske Automotive Group’s dividend payout ratio (DPR) 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.