FY2024 Earnings Forecast for PAG Issued By Seaport Res Ptn

Penske Automotive Group, Inc. (NYSE:PAG - Free Report) - Investment analysts at Seaport Res Ptn dropped their FY2024 EPS estimates for Penske Automotive Group in a research note issued to investors on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now expects that the company will post earnings per share of $13.58 for the year, down from their previous estimate of $13.68. 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 FY2025 earnings at $14.13 EPS.

PAG has been the subject of several other research reports. JPMorgan Chase & Co. lifted 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. Bank of America lifted their price target on Penske Automotive Group from $175.00 to $180.00 and gave the stock a "buy" rating in a report on Monday, July 22nd. Stephens assumed coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an "equal weight" rating and a $161.00 price objective on the stock. Finally, Morgan Stanley upgraded Penske Automotive Group from an "underweight" rating to an "overweight" rating and boosted their target price for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $175.40.

Penske Automotive Group Stock Down 0.1 %

PAG traded down $0.14 on Wednesday, hitting $151.86. 132,110 shares of the company were exchanged, compared to its average volume of 186,566. The firm has a 50-day moving average price of $159.71 and a two-hundred day moving average price of $155.71. The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. Penske Automotive Group has a twelve month low of $137.95 and a twelve month high of $179.72. The company has a market cap of $10.14 billion, a price-to-earnings ratio of 11.18 and a beta of 1.16.

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

Penske Automotive Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be given a dividend of $1.19 per share. The ex-dividend date is Friday, November 15th. This is a positive change from Penske Automotive Group's previous quarterly dividend of $1.07. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.13%. Penske Automotive Group's dividend payout ratio (DPR) 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 shares were 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 SEC, which is available through this hyperlink. Corporate insiders own 51.70% of the company's stock.

Institutional Trading of Penske Automotive Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in PAG. PNC Financial Services Group Inc. increased its holdings in shares of Penske Automotive Group by 1.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,186 shares of the company's stock valued at $672,000 after purchasing an additional 73 shares during the period. Applied Capital LLC FL lifted its stake in shares of Penske Automotive Group by 0.4% in the 3rd quarter. Applied Capital LLC FL now owns 21,176 shares of the company's stock worth $3,439,000 after acquiring an additional 77 shares during the period. Arizona State Retirement System boosted its holdings in shares of Penske Automotive Group by 1.5% in the second quarter. Arizona State Retirement System now owns 5,626 shares of the company's stock valued at $838,000 after acquiring an additional 84 shares in the last quarter. Fifth Third Bancorp increased its stake in shares of 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 acquiring an additional 91 shares during the period. Finally, State of Michigan Retirement System raised its holdings in Penske Automotive Group by 2.1% during the first quarter. State of Michigan Retirement System now owns 4,800 shares of the company's stock worth $778,000 after purchasing an additional 100 shares in the last quarter. 77.08% of the stock is 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.