Seaport Res Ptn Has Negative Outlook for PAG FY2024 Earnings

Penske Automotive Group, Inc. (NYSE:PAG) – Research analysts at Seaport Res Ptn cut their FY2024 earnings estimates for shares of Penske Automotive Group in a note issued to investors on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now anticipates that the company will post earnings of $13.58 per share for the year, down from their previous estimate of $13.68. The consensus estimate for Penske Automotive Group’s current full-year earnings is $13.72 per share. Seaport Res Ptn also issued estimates for Penske Automotive Group’s FY2025 earnings at $14.13 EPS.

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

Several other brokerages also recently weighed in on PAG. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and increased their target price for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. Bank of America raised their target price on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Stephens initiated coverage on shares of Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their target price 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. One investment 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 data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $175.40.

Penske Automotive Group Stock Performance

NYSE PAG opened at $153.96 on Wednesday. Penske Automotive Group has a 1 year low of $137.95 and a 1 year high of $179.72. The company has a market capitalization of $10.28 billion, a PE ratio of 11.34 and a beta of 1.16. The company has a fifty day moving average of $159.48 and a two-hundred day moving average of $155.70. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.98 and a quick ratio of 0.22.

Institutional Trading of Penske Automotive Group

A number of institutional investors have recently made changes to their positions in PAG. Fifth Third Bancorp raised its holdings in shares of Penske Automotive Group by 32.2% in the 2nd quarter. Fifth Third Bancorp now owns 374 shares of the company’s stock worth $56,000 after purchasing an additional 91 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Penske Automotive Group during the second quarter valued at approximately $69,000. WFA Asset Management Corp acquired a new position in Penske Automotive Group in the 1st quarter valued at approximately $84,000. Blue Trust Inc. increased its stake in Penske Automotive Group by 17.5% in the 2nd quarter. Blue Trust Inc. now owns 757 shares of the company’s stock valued at $123,000 after buying an additional 113 shares during the period. Finally, Brighton Jones LLC bought a new stake in Penske Automotive Group in the third quarter worth approximately $209,000. 77.08% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Penske Automotive Group news, Director John Barr sold 716 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $170.71, for a total transaction of $122,228.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 51.70% of the company’s stock.

Penske Automotive Group Increases Dividend

The business 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 $1.19 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $4.76 annualized dividend and a dividend yield of 3.09%. This is an increase from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s payout ratio is presently 31.52%.

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.