Zacks Research Equities Analysts Raise Earnings Estimates for Penske Automotive Group, Inc. (NYSE:PAG)

Penske Automotive Group, Inc. (NYSE:PAG) – Analysts at Zacks Research upped their Q2 2024 EPS estimates for Penske Automotive Group in a report issued on Tuesday, June 25th. Zacks Research analyst L. Shahu now forecasts that the company will post earnings per share of $3.42 for the quarter, up from their prior estimate of $3.34. 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 FY2024 earnings at $13.21 EPS.

Separately, 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 Wednesday, April 10th. Two 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, the company currently has a consensus rating of “Hold” and a consensus target price of $163.20.

Penske Automotive Group Stock Performance

PAG opened at $149.02 on Friday. 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 has a 52-week low of $137.95 and a 52-week high of $180.84. The company has a market cap of $9.97 billion, a P/E ratio of 10.36 and a beta of 1.19. The firm’s 50-day moving average price is $151.97 and its 200-day moving average price is $153.22.

Penske Automotive Group (NYSE:PAG) last announced its earnings results on Tuesday, April 30th. The company reported $3.21 earnings per share 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 firm had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.52 billion. During the same quarter last year, the business earned $4.31 earnings per share. Penske Automotive Group’s revenue was up 1.5% on a year-over-year basis.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in Penske Automotive Group by 91.2% in the 4th quarter. Blue Trust Inc. now owns 346 shares of the company’s stock valued at $58,000 after purchasing an additional 165 shares during the last quarter. Gradient Investments LLC increased its position in shares of 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 period. WFA Asset Management Corp acquired a new stake in Penske Automotive Group in the first quarter valued at approximately $84,000. NDVR Inc. acquired a new stake in shares of Penske Automotive Group in the 4th quarter valued at $203,000. Finally, TFO Wealth Partners LLC lifted its holdings in Penske Automotive Group by 35,100.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,408 shares of the company’s stock worth $226,000 after buying an additional 1,404 shares during the last quarter. 77.08% of the stock is owned by institutional investors and hedge funds.

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Monday, May 20th were given a dividend of $0.96 per share. The ex-dividend date was Friday, May 17th. This is a boost 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 2.58%. Penske Automotive Group’s dividend payout ratio (DPR) is 26.70%.

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.