Seaport Res Ptn Issues Optimistic Outlook for PAG Earnings

Penske Automotive Group, Inc. (NYSE:PAG) – Analysts at Seaport Res Ptn raised their Q3 2024 earnings estimates for Penske Automotive Group in a research report issued on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now anticipates that the company will post earnings per share of $3.36 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.

Penske Automotive Group (NYSE:PAG) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, topping the consensus estimate of $3.39 by $0.22. The firm had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.59 billion. Penske Automotive Group had a net margin of 3.05% and a return on equity of 19.82%. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period last year, the firm posted $4.41 earnings per share.

PAG has been the topic of several other reports. Bank of America raised their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Stephens started coverage on shares of 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. JPMorgan Chase & Co. raised their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research report on Tuesday, September 10th. Finally, Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their price target for the company from $115.00 to $180.00 in a research report on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $175.40.

Penske Automotive Group Stock Performance

NYSE:PAG opened at $151.90 on Tuesday. The company’s 50-day moving average price is $159.92 and its 200-day moving average price is $155.74. The company has a current ratio of 0.98, a quick ratio of 0.22 and a debt-to-equity ratio of 0.32. The company has a market cap of $10.14 billion, a P/E ratio of 11.19 and a beta of 1.16. Penske Automotive Group has a twelve month low of $137.95 and a twelve month high of $179.72.

Institutional Investors Weigh In On Penske Automotive Group

A number of hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of Penske Automotive Group by 31.1% during the second quarter. AQR Capital Management LLC now owns 417,932 shares of the company’s stock valued at $62,280,000 after purchasing an additional 99,164 shares during the period. International Assets Investment Management LLC increased its stake in Penske Automotive Group by 12,674.5% during the third quarter. International Assets Investment Management LLC now owns 59,146 shares of the company’s stock valued at $9,606,000 after purchasing an additional 58,683 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in shares of Penske Automotive Group during the second quarter valued at $3,742,000. Susquehanna Fundamental Investments LLC boosted its holdings in shares of Penske Automotive Group by 720.6% during the second quarter. Susquehanna Fundamental Investments LLC now owns 23,796 shares of the company’s stock valued at $3,546,000 after acquiring an additional 20,896 shares during the period. Finally, Edgestream Partners L.P. boosted its holdings in shares of Penske Automotive Group by 133.9% during the first quarter. Edgestream Partners L.P. now owns 30,048 shares of the company’s stock valued at $4,867,000 after acquiring an additional 17,204 shares during the period. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Penske Automotive Group

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

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be paid 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 a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s dividend payout ratio (DPR) is 31.52%.

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.