Seaport Res Ptn Issues Positive Forecast for PAG Earnings

Penske Automotive Group, Inc. (NYSE:PAG) – Stock analysts at Seaport Res Ptn increased their Q3 2024 earnings per share estimates for shares of Penske Automotive Group in a research note issued on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now forecasts that the company will earn $3.36 per share 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 research analysts have also recently weighed in on PAG. JPMorgan Chase & Co. boosted their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a report on Tuesday, September 10th. Bank of America increased their price target on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the stock from $115.00 to $180.00 in a report on Wednesday, September 25th. Finally, Stephens started coverage on Penske Automotive Group in a research report on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price objective for the company. One 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 stock. Based on data from MarketBeat, Penske Automotive Group currently has a consensus rating of “Hold” and an average price target of $175.40.

Penske Automotive Group Price Performance

PAG opened at $151.86 on Tuesday. The company’s 50-day simple moving average is $159.71 and its two-hundred day simple moving average is $155.71. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.22 and a current ratio of 0.98. The stock has a market capitalization of $10.14 billion, a P/E ratio of 11.18 and a beta of 1.16. Penske Automotive Group has a 52-week low of $137.95 and a 52-week high of $179.72.

Penske Automotive Group (NYSE:PAG) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.59 billion. During the same period in the prior year, the company posted $4.41 earnings per share. The company’s quarterly revenue was up 3.1% on a year-over-year basis.

Penske Automotive Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be issued a $1.19 dividend. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. This represents a $4.76 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date is Friday, November 15th. Penske Automotive Group’s dividend payout ratio (DPR) is currently 31.52%.

Insider Activity at Penske Automotive Group

In related news, Director John Barr sold 716 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total transaction of $122,228.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 51.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Penske Automotive Group

A number of institutional investors have recently bought and sold shares of PAG. Fifth Third Bancorp grew its stake in Penske Automotive Group by 32.2% during the second quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock valued at $56,000 after acquiring an additional 91 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Penske Automotive Group during the second quarter valued at about $69,000. WFA Asset Management Corp bought a new stake in shares of Penske Automotive Group in the first quarter worth about $84,000. Blue Trust Inc. lifted its position in shares of Penske Automotive Group by 17.5% in the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock worth $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. Hedge funds and other institutional investors 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.