Zacks Research Has Bullish Forecast for PAG FY2024 Earnings

Penske Automotive Group, Inc. (NYSE:PAG) – Equities researchers at Zacks Research upped their FY2024 earnings per share (EPS) estimates for shares of Penske Automotive Group in a research report issued on Tuesday, November 12th. Zacks Research analyst L. Sahu now anticipates that the company will earn $13.57 per share for the year, up from their prior forecast of $13.51. The consensus estimate for Penske Automotive Group’s current full-year earnings is $13.72 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.

Penske Automotive Group (NYSE:PAG) last released its quarterly 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 firm had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. During the same period in the previous year, the company posted $3.90 earnings per share. The business’s quarterly revenue was up 1.9% compared to the same quarter last year.

Other analysts have also issued research reports about the company. Bank of America increased their price objective on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a report on Monday, July 22nd. JPMorgan Chase & Co. raised their price target on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a report on Tuesday, September 10th. Morgan Stanley upgraded 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 note on Wednesday, September 25th. Finally, Stephens initiated coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price objective for the company.

Penske Automotive Group Price Performance

Shares of PAG opened at $160.23 on Thursday. The company has a 50 day moving average of $156.44 and a two-hundred day moving average of $156.29. The company has a quick ratio of 0.20, a current ratio of 0.91 and a debt-to-equity ratio of 0.22. Penske Automotive Group has a twelve month low of $142.32 and a twelve month high of $179.72. The company has a market cap of $10.70 billion, a price-to-earnings ratio of 12.28 and a beta of 1.17.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be given a $1.19 dividend. The ex-dividend date is Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a yield of 2.97%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s dividend payout ratio is currently 32.80%.

Institutional Trading of Penske Automotive Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Burgundy Asset Management Ltd. grew its stake 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 purchasing an additional 13,968 shares during the period. AQR Capital Management LLC grew its position in Penske Automotive Group by 31.1% during the second quarter. AQR Capital Management LLC now owns 417,932 shares of the company’s stock valued at $62,280,000 after buying an additional 99,164 shares during the period. Millennium Management LLC increased its holdings in Penske Automotive Group by 9.1% in the second quarter. Millennium Management LLC now owns 126,278 shares of the company’s stock valued at $18,818,000 after buying an additional 10,522 shares in the last quarter. Gabelli Funds LLC raised its position in shares of Penske Automotive Group by 6.2% in the first 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 period. Finally, Bahl & Gaynor Inc. boosted its stake in shares of Penske Automotive Group by 7.8% during the 1st quarter. Bahl & Gaynor Inc. now owns 67,779 shares of the company’s stock worth $10,980,000 after acquiring an additional 4,912 shares in the last quarter. Institutional investors and hedge funds own 77.08% of the company’s stock.

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.