What is Seaport Res Ptn’s Estimate for PAG FY2024 Earnings?

Penske Automotive Group, Inc. (NYSE:PAG) – Equities researchers at Seaport Res Ptn cut their FY2024 earnings estimates for shares of Penske Automotive Group in a research note issued to investors on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now anticipates that the company will post earnings per share of $13.58 for the year, down from their prior 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.

A number of other equities analysts have also issued reports on PAG. Bank of America raised their target price on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Morgan Stanley raised 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 report on Wednesday, September 25th. 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 report on Tuesday, September 10th. Finally, Stephens assumed coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price target on the stock. 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 company. Based on data from MarketBeat, Penske Automotive Group presently has a consensus rating of “Hold” and an average target price of $175.40.

Penske Automotive Group Trading Down 0.1 %

NYSE PAG opened at $151.90 on Wednesday. Penske Automotive Group has a 12-month low of $137.95 and a 12-month high of $179.72. The company has a fifty day simple moving average of $159.92 and a two-hundred day simple moving average of $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 stock has a market cap of $10.14 billion, a P/E ratio of 11.19 and a beta of 1.16.

Penske Automotive Group (NYSE:PAG) last issued 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 business had revenue of $7.70 billion during the quarter, compared to the consensus estimate of $7.59 billion. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The company’s quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter last year, the company earned $4.41 earnings per share.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be given a dividend of $1.19 per share. This represents a $4.76 annualized dividend and a dividend yield of 3.13%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend is Friday, November 15th. Penske Automotive Group’s payout ratio is presently 31.52%.

Insider Activity at Penske Automotive Group

In other news, Director John Barr sold 716 shares of the company’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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 51.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Penske Automotive Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Gabelli Funds LLC increased its stake in shares of Penske Automotive Group by 6.2% in the 1st quarter. Gabelli Funds LLC now owns 85,500 shares of the company’s stock worth $13,850,000 after acquiring an additional 5,000 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in Penske Automotive Group by 15.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 30,466 shares of the company’s stock worth $4,935,000 after purchasing an additional 4,057 shares during the last quarter. OFI Invest Asset Management purchased a new position in Penske Automotive Group during the second quarter worth about $1,516,000. Manning & Napier Advisors LLC acquired a new position in Penske Automotive Group in the 2nd quarter valued at about $3,742,000. Finally, Vanguard Group Inc. grew its stake in shares of Penske Automotive Group by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 2,036,010 shares of the company’s stock valued at $326,800,000 after buying an additional 5,399 shares during the period. Institutional investors and hedge funds 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.