Penske Automotive Group, Inc. (NYSE:PAG - Free Report) - Investment analysts at Zacks Research reduced their Q2 2024 earnings estimates for shares of Penske Automotive Group in a note issued to investors on Monday, May 13th. Zacks Research analyst L. Shahu now forecasts that the company will earn $3.34 per share for the quarter, down from their prior forecast of $3.37. The consensus estimate for Penske Automotive Group's current full-year earnings is $13.49 per share. Zacks Research also issued estimates for Penske Automotive Group's Q3 2024 earnings at $3.37 EPS, Q4 2024 earnings at $3.21 EPS, FY2024 earnings at $13.14 EPS, Q1 2025 earnings at $3.16 EPS and FY2026 earnings at $14.23 EPS.
Penske Automotive Group (NYSE:PAG - Get Free Report) last posted its earnings results on Tuesday, April 30th. The company reported $3.21 earnings per share for the quarter, missing analysts' consensus estimates of $3.35 by ($0.14). Penske Automotive Group had a return on equity of 21.72% and a net margin of 3.27%. The business had revenue of $7.45 billion during the quarter, compared to analyst estimates of $7.52 billion. During the same quarter in the prior year, the company earned $4.31 EPS. The company's revenue was up 1.5% on a year-over-year basis.
Several other equities research analysts have also commented on the stock. Bank of America increased their price objective on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a "buy" rating in a research note on Wednesday, April 10th. Morgan Stanley increased their price objective on shares of Penske Automotive Group from $107.00 to $115.00 and gave the company an "underweight" rating in a research note on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Penske Automotive Group currently has a consensus rating of "Hold" and an average price target of $163.20.
Check Out Our Latest Stock Report on Penske Automotive Group
Penske Automotive Group Stock Up 0.8 %
Shares of PAG traded up $1.34 on Tuesday, reaching $161.63. The company's stock had a trading volume of 218,767 shares, compared to its average volume of 200,625. The company has a current ratio of 0.98, a quick ratio of 0.23 and a debt-to-equity ratio of 0.30. Penske Automotive Group has a twelve month low of $136.45 and a twelve month high of $180.84. The stock has a market capitalization of $10.81 billion, a PE ratio of 11.24 and a beta of 1.21. The firm has a fifty day moving average of $154.23 and a 200-day moving average of $153.38.
Hedge Funds Weigh In On Penske Automotive Group
A number of large investors have recently modified their holdings of PAG. Venturi Wealth Management LLC grew its position in Penske Automotive Group by 113.6% during the third quarter. Venturi Wealth Management LLC now owns 173 shares of the company's stock worth $29,000 after buying an additional 92 shares in the last quarter. Blue Trust Inc. grew its position in Penske Automotive Group by 91.2% during the fourth quarter. Blue Trust Inc. now owns 346 shares of the company's stock worth $58,000 after buying an additional 165 shares in the last quarter. Gradient Investments LLC grew its position in Penske Automotive Group by 35.2% during the first quarter. Gradient Investments LLC now owns 380 shares of the company's stock worth $62,000 after buying an additional 99 shares in the last quarter. WFA Asset Management Corp purchased a new position in Penske Automotive Group during the first quarter worth about $84,000. Finally, C M Bidwell & Associates Ltd. grew its position in Penske Automotive Group by 305.5% during the third quarter. C M Bidwell & Associates Ltd. now owns 1,038 shares of the company's stock worth $173,000 after buying an additional 782 shares in the last quarter. 77.08% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Penske Automotive Group
In other news, Director Greg C. Smith sold 1,604 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $149.38, for a total transaction of $239,605.52. Following the completion of the transaction, the director now owns 51,001 shares in the company, valued at approximately $7,618,529.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Penske Automotive Group news, Director Greg C. Smith sold 1,604 shares of the business's stock in a transaction on Friday, February 16th. The shares were sold at an average price of $149.38, for a total transaction of $239,605.52. Following the sale, the director now owns 51,001 shares of the company's stock, valued at approximately $7,618,529.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John Barr sold 1,600 shares of the firm's stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $154.05, for a total value of $246,480.00. Following the completion of the transaction, the director now directly owns 716 shares of the company's stock, valued at $110,299.80. The disclosure for this sale can be found here. Corporate insiders own 52.20% of the company's stock.
Penske Automotive Group Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 4th. Shareholders of record on Monday, May 20th will be given a $0.96 dividend. This is an increase from Penske Automotive Group's previous quarterly dividend of $0.87. This represents a $3.84 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date of this dividend is Friday, May 17th. Penske Automotive Group's dividend payout ratio (DPR) is currently 24.20%.
Penske Automotive Group Company Profile
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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.
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