What is Seaport Res Ptn’s Estimate for PAG Q3 Earnings?

Penske Automotive Group, Inc. (NYSE:PAG) – Stock analysts at Seaport Res Ptn lifted their Q3 2024 earnings per share 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.

Other research analysts have also recently issued research reports about the company. Bank of America upped their target price on Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Stephens initiated coverage on Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price objective on the stock. JPMorgan Chase & Co. increased their target price on Penske Automotive Group from $140.00 to $160.00 and gave the stock an “underweight” rating in a research note on Tuesday, September 10th. Finally, Morgan Stanley raised shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their target price for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Penske Automotive Group currently has a consensus rating of “Hold” and an average price target of $175.40.

Penske Automotive Group Price Performance

Penske Automotive Group stock opened at $151.86 on Tuesday. Penske Automotive Group has a 12-month low of $137.95 and a 12-month high of $179.72. 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 firm has a 50-day moving average price of $159.71 and a 200-day moving average price of $155.71. The firm has a market capitalization of $10.14 billion, a PE ratio of 11.18 and a beta of 1.16.

Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Wednesday, July 31st. The company reported $3.61 earnings per share for the quarter, beating the consensus estimate 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%. Penske Automotive Group’s quarterly revenue was up 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.41 EPS.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders 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 yield of 3.13%. Penske Automotive Group’s payout ratio is 31.52%.

Insiders Place Their Bets

In other Penske Automotive Group news, Director John Barr sold 716 shares of the firm’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 filing with the SEC, which is available at the SEC website. Company insiders own 51.70% of the company’s stock.

Institutional Trading of Penske Automotive Group

Several hedge funds and other institutional investors have recently bought and sold shares of PAG. Fifth Third Bancorp lifted its stake in shares of Penske Automotive Group by 32.2% during the 2nd 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 in the second quarter valued at about $69,000. WFA Asset Management Corp bought a new position in Penske Automotive Group in the first quarter worth about $84,000. Blue Trust Inc. raised its holdings in Penske Automotive Group by 17.5% in the second quarter. Blue Trust Inc. now owns 757 shares of the company’s stock worth $123,000 after purchasing an additional 113 shares in the last quarter. Finally, Brighton Jones LLC purchased a new stake in shares of Penske Automotive Group during the third quarter valued at about $209,000. Institutional investors own 77.08% of the company’s stock.

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.