Brokers Set Expectations for Penske Automotive Group, Inc.’s Q3 2024 Earnings (NYSE:PAG)

Penske Automotive Group, Inc. (NYSE:PAG) – Stock analysts at Zacks Research upped their Q3 2024 earnings per share (EPS) estimates for shares of Penske Automotive Group in a report released on Tuesday, June 25th. Zacks Research analyst L. Shahu now anticipates that the company will post earnings of $3.38 per share for the quarter, up from their previous estimate of $3.37. The consensus estimate for Penske Automotive Group’s current full-year earnings is $13.37 per share. Zacks Research also issued estimates for Penske Automotive Group’s Q4 2024 earnings at $3.20 EPS, Q1 2025 earnings at $3.09 EPS, Q2 2025 earnings at $3.55 EPS, Q3 2025 earnings at $3.73 EPS, Q4 2025 earnings at $3.30 EPS, FY2025 earnings at $13.67 EPS, Q1 2026 earnings at $3.38 EPS and FY2026 earnings at $14.10 EPS.

Separately, Bank of America raised their price target on Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $163.20.

Penske Automotive Group Stock Up 0.6 %

Shares of NYSE PAG opened at $149.02 on Thursday. The company has a market cap of $9.97 billion, a P/E ratio of 10.36 and a beta of 1.19. The firm has a 50-day simple moving average of $151.97 and a two-hundred day simple moving average of $153.22. Penske Automotive Group has a 1 year low of $137.95 and a 1 year high of $180.84. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.98 and a quick ratio of 0.23.

Penske Automotive Group (NYSE:PAG) last released its earnings results on Tuesday, April 30th. The company reported $3.21 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $7.45 billion during the quarter, compared to the consensus estimate of $7.52 billion. During the same quarter last year, the business posted $4.31 EPS. Penske Automotive Group’s revenue was up 1.5% compared to the same quarter last year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Cetera Advisors LLC purchased a new stake in shares of Penske Automotive Group in the 1st quarter worth $230,000. Tidal Investments LLC bought a new position in Penske Automotive Group during the 1st quarter worth about $954,000. Janus Henderson Group PLC grew its holdings in Penske Automotive Group by 4.8% during the 1st quarter. Janus Henderson Group PLC now owns 30,736 shares of the company’s stock worth $4,980,000 after acquiring an additional 1,405 shares in the last quarter. Hyperion Capital Advisors LP purchased a new position in Penske Automotive Group during the 1st quarter valued at about $279,000. Finally, Gabelli Funds LLC raised its holdings 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 valued at $13,850,000 after purchasing an additional 5,000 shares in the last quarter. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Investors of record on Monday, May 20th were issued a $0.96 dividend. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $0.87. The ex-dividend date was Friday, May 17th. This represents a $3.84 dividend on an annualized basis and a dividend yield of 2.58%. Penske Automotive Group’s payout ratio is presently 26.70%.

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.