Zacks Research Comments on Penske Automotive Group, Inc.’s Q3 2024 Earnings (NYSE:PAG)

Penske Automotive Group, Inc. (NYSE:PAG) – Equities research analysts at Zacks Research lifted their Q3 2024 earnings per share (EPS) estimates for Penske Automotive Group in a note issued to investors on Tuesday, June 25th. Zacks Research analyst L. Shahu now anticipates that the company will post earnings of $3.38 per share for the quarter, up from their previous forecast of $3.37. The consensus estimate for Penske Automotive Group’s current full-year earnings is $13.37 per share. Zacks Research also issued estimates for Penske Automotive Group’s Q4 2024 earnings at $3.20 EPS, Q1 2025 earnings at $3.09 EPS, Q2 2025 earnings at $3.55 EPS, Q3 2025 earnings at $3.73 EPS, Q4 2025 earnings at $3.30 EPS, FY2025 earnings at $13.67 EPS, Q1 2026 earnings at $3.38 EPS and FY2026 earnings at $14.10 EPS.

Several other equities analysts also recently commented on the company. Morgan Stanley boosted their price objective on Penske Automotive Group from $107.00 to $115.00 and gave the company an “underweight” rating in a research report on Thursday, February 29th. Bank of America boosted their price objective on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Penske Automotive Group currently has an average rating of “Hold” and an average price target of $163.20.

Penske Automotive Group Price Performance

Shares of Penske Automotive Group stock opened at $148.13 on Thursday. The stock’s 50-day simple moving average is $151.95 and its 200-day simple moving average is $153.24. Penske Automotive Group has a 52 week low of $137.95 and a 52 week high of $180.84. The company has a market capitalization of $9.91 billion, a price-to-earnings ratio of 10.30 and a beta of 1.19. The company has a quick ratio of 0.23, a current ratio of 0.98 and a debt-to-equity ratio of 0.30.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Tuesday, April 30th. The company reported $3.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.35 by ($0.14). Penske Automotive Group had a net margin of 3.27% and a return on equity of 21.72%. The company had revenue of $7.45 billion for the quarter, compared to the consensus estimate of $7.52 billion. During the same period in the prior year, the firm posted $4.31 EPS. The business’s revenue for the quarter was up 1.5% on a year-over-year basis.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Monday, May 20th were given a $0.96 dividend. This is an increase from Penske Automotive Group’s previous quarterly dividend of $0.87. This represents a $3.84 dividend on an annualized basis and a dividend yield of 2.59%. The ex-dividend date of this dividend was Friday, May 17th. Penske Automotive Group’s payout ratio is currently 26.70%.

Institutional Investors Weigh In On Penske Automotive Group

Hedge funds have recently made changes to their positions in the company. Blue Trust Inc. lifted its position in shares of Penske Automotive Group by 91.2% in the fourth quarter. Blue Trust Inc. now owns 346 shares of the company’s stock worth $58,000 after buying an additional 165 shares in the last quarter. Gradient Investments LLC increased its stake in Penske Automotive Group by 35.2% during the first quarter. Gradient Investments LLC now owns 380 shares of the company’s stock worth $62,000 after acquiring an additional 99 shares during the last quarter. WFA Asset Management Corp bought a new stake in Penske Automotive Group during the first quarter worth approximately $84,000. NDVR Inc. bought a new stake in Penske Automotive Group during the fourth quarter worth approximately $203,000. Finally, TFO Wealth Partners LLC increased its stake in Penske Automotive Group by 35,100.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,408 shares of the company’s stock worth $226,000 after acquiring an additional 1,404 shares during the last quarter. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

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.