Penske Automotive Group (NYSE:PAG) Issues Earnings Results, Misses Estimates By $0.01 EPS

Key Points

• Penske Automotive Group reported quarterly EPS of $3.36, narrowly missing analysts’ $3.37 estimate by $0.01, while revenue increased 4.5% year over year.
• The company raised its quarterly dividend to $1.46 per share, equivalent to $5.84 annually and a 2.8% yield.
• Analyst sentiment remains moderately positive, with five Buy and five Hold ratings and a consensus price target of $211.43; shares recently traded near $212.17.

Penske Automotive Group (NYSE:PAG - Get Free Report) released its quarterly earnings data on Wednesday. The company reported $3.36 EPS for the quarter, missing analysts' consensus estimates of $3.37 by ($0.01), Briefing.com reports. The company's quarterly revenue was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business posted $3.23 earnings per share.

Penske Automotive Group Stock Performance

Shares of PAG traded up $0.02 during mid-day trading on Wednesday, hitting $212.17. The company's stock had a trading volume of 39,669 shares, compared to its average volume of 363,221. Penske Automotive Group has a one year low of $140.12 and a one year high of $227.00. The firm has a market capitalization of $13.93 billion, a PE ratio of 15.62 and a beta of 0.92. The stock's 50-day moving average is $210.85 and its two-hundred day moving average is $182.04.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be issued a dividend of $1.46 per share. This represents a $5.84 dividend on an annualized basis and a dividend yield of 2.8%. This is a boost from Penske Automotive Group's previous quarterly dividend of $1.44. The ex-dividend date is Friday, November 13th. Penske Automotive Group's dividend payout ratio is presently 43.00%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on PAG shares. Stephens increased their price target on shares of Penske Automotive Group from $166.00 to $210.00 and gave the stock an "equal weight" rating in a research note on Monday, August 3rd. Benchmark lowered shares of Penske Automotive Group from a "buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Barclays reduced their price objective on shares of Penske Automotive Group from $225.00 to $210.00 and set an "overweight" rating for the company in a research note on Tuesday, October 6th. UBS Group reiterated a "neutral" rating and issued a $212.00 price objective on shares of Penske Automotive Group in a report on Friday, October 16th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Penske Automotive Group from $215.00 to $210.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 6th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $211.43.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc is a diversified international transportation services company that operates automotive and commercial vehicle dealerships. Through its retail automotive operations, the company sells new and used cars and trucks representing a range of manufacturers and provides related services, including vehicle maintenance and repair, parts, collision repair, financing, insurance products and extended service contracts.

The company also operates commercial truck dealerships that sell and service new and used trucks and offer parts and maintenance services to commercial customers.

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