Zacks Research Has Optimistic Outlook of PAG FY2024 Earnings

Penske Automotive Group, Inc. (NYSE:PAG - Free Report) - Research analysts at Zacks Research upped their FY2024 earnings estimates for Penske Automotive Group in a report released on Tuesday, November 12th. Zacks Research analyst L. Sahu now forecasts that the company will earn $13.57 per share for the year, up from their prior estimate of $13.51. The consensus estimate for Penske Automotive Group's current full-year earnings is $13.71 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.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley upgraded shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and upped their price objective for the stock from $115.00 to $180.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. increased their target price on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an "underweight" rating in a research report on Tuesday, September 10th. 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 target price for the company. Finally, Bank of America increased their target price on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a "buy" rating in a research report on Monday, July 22nd.

Penske Automotive Group Price Performance

NYSE:PAG traded up $2.04 during trading hours on Thursday, reaching $163.21. 106,182 shares of the company were exchanged, compared to its average volume of 184,788. The company has a current ratio of 0.91, a quick ratio of 0.20 and a debt-to-equity ratio of 0.22. The stock's 50-day moving average is $156.36 and its 200-day moving average is $156.22. The firm has a market cap of $10.90 billion, a PE ratio of 12.47 and a beta of 1.17. Penske Automotive Group has a twelve month low of $142.32 and a twelve month high of $179.72.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $3.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.41 by ($0.02). The firm had revenue of $7.59 billion for the quarter, compared to analysts' expectations of $7.67 billion. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The business's quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the company posted $3.90 earnings per share.

Penske Automotive Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be given a dividend of $1.19 per share. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.07. This represents a $4.76 annualized dividend and a yield of 2.92%. The ex-dividend date is Friday, November 15th. Penske Automotive Group's dividend payout ratio (DPR) is presently 32.80%.

Institutional Investors Weigh In On Penske Automotive Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fifth Third Bancorp increased its position in Penske Automotive Group by 32.2% during the second quarter. Fifth Third Bancorp now owns 374 shares of the company's stock worth $56,000 after purchasing an additional 91 shares during the last quarter. International Assets Investment Management LLC purchased a new position in Penske Automotive Group during the second quarter worth about $69,000. Transamerica Financial Advisors Inc. boosted its stake in Penske Automotive Group by 45,300.0% during the third quarter. Transamerica Financial Advisors Inc. now owns 454 shares of the company's stock worth $74,000 after buying an additional 453 shares during the period. Capital Performance Advisors LLP purchased a new position in Penske Automotive Group during the third quarter worth about $112,000. Finally, Blue Trust Inc. boosted its stake in Penske Automotive Group by 17.5% during the second quarter. Blue Trust Inc. now owns 757 shares of the company's stock worth $123,000 after buying an additional 113 shares during the period. 77.08% of the stock is currently owned by institutional investors and hedge funds.

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.