Research Analysts Offer Predictions for PAG Q3 Earnings

Penske Automotive Group, Inc. (NYSE:PAG - Free Report) - Analysts at Seaport Res Ptn raised their Q3 2024 EPS estimates for Penske Automotive Group in a research report issued on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now expects that the company will post earnings of $3.36 per share for the quarter, up from their previous forecast 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.

Penske Automotive Group (NYSE:PAG - Get Free Report) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, beating analysts' consensus estimates of $3.39 by $0.22. The company had revenue of $7.70 billion for the quarter, compared to analyst estimates of $7.59 billion. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The firm's revenue for the quarter was up 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.41 EPS.

PAG has been the topic of a number of other reports. Morgan Stanley raised shares of Penske Automotive Group from an "underweight" rating to an "overweight" rating and upped their price target for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. 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 report on Monday, July 22nd. Stephens assumed coverage on Penske Automotive Group in a research note on Thursday, September 12th. They set an "equal weight" rating and a $161.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price objective on Penske Automotive Group from $140.00 to $160.00 and gave the company an "underweight" rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, Penske Automotive Group presently has an average rating of "Hold" and an average target price of $175.40.

Penske Automotive Group Price Performance

Shares of Penske Automotive Group stock traded down $0.21 during trading on Tuesday, reaching $151.90. The company's stock had a trading volume of 175,766 shares, compared to its average volume of 186,834. The business has a 50 day moving average price of $159.92 and a 200-day moving average price of $155.74. Penske Automotive Group has a 12-month low of $137.95 and a 12-month high of $179.72. The company has a market capitalization of $10.14 billion, a P/E ratio of 11.19 and a beta of 1.16. The company has a quick ratio of 0.22, a current ratio of 0.98 and a debt-to-equity ratio of 0.32.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be issued a $1.19 dividend. This represents a $4.76 annualized dividend and a dividend yield of 3.13%. The ex-dividend date of this dividend is Friday, November 15th. This is an increase from Penske Automotive Group's previous quarterly dividend of $1.07. Penske Automotive Group's dividend payout ratio is 31.52%.

Insider Activity

In other Penske Automotive Group news, Director John Barr sold 716 shares of the firm's stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $170.71, for a total transaction of $122,228.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 51.70% of the company's stock.

Institutional Investors Weigh In On Penske Automotive Group

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Penske Automotive Group by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 2,036,010 shares of the company's stock worth $326,800,000 after buying an additional 5,399 shares during the period. Burgundy Asset Management Ltd. lifted its holdings 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 acquiring an additional 13,968 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Penske Automotive Group by 31.1% during the 2nd quarter. AQR Capital Management LLC now owns 417,932 shares of the company's stock worth $62,280,000 after acquiring an additional 99,164 shares during the period. Millennium Management LLC boosted its position in shares of Penske Automotive Group by 9.1% in the second quarter. Millennium Management LLC now owns 126,278 shares of the company's stock worth $18,818,000 after acquiring an additional 10,522 shares during the last quarter. Finally, Gabelli Funds LLC grew its holdings in Penske Automotive Group by 6.2% in the first quarter. Gabelli Funds LLC now owns 85,500 shares of the company's stock valued at $13,850,000 after purchasing an additional 5,000 shares during the period. 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.