Q3 2023 EPS Estimates for Penske Automotive Group, Inc. (NYSE:PAG) Increased by Zacks Research

Penske Automotive Group, Inc. (NYSE:PAG) – Research analysts at Zacks Research upped their Q3 2023 earnings per share (EPS) estimates for Penske Automotive Group in a report issued on Monday, September 11th. Zacks Research analyst R. Singhi now anticipates that the company will post earnings of $4.00 per share for the quarter, up from their prior forecast of $3.99. The consensus estimate for Penske Automotive Group’s current full-year earnings is $16.57 per share.

Penske Automotive Group (NYSE:PAG) last issued its earnings results on Wednesday, July 26th. The company reported $4.41 EPS for the quarter, beating analysts’ consensus estimates of $3.98 by $0.43. Penske Automotive Group had a return on equity of 29.07% and a net margin of 4.30%. The firm had revenue of $7.47 billion for the quarter, compared to the consensus estimate of $7.20 billion. During the same quarter in the previous year, the company posted $4.93 earnings per share. The business’s quarterly revenue was up 8.1% compared to the same quarter last year.

A number of other brokerages also recently commented on PAG. StockNews.com downgraded Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. downgraded Penske Automotive Group from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $150.00 to $140.00 in a research note on Monday, July 31st. Benchmark boosted their price target on Penske Automotive Group from $175.00 to $196.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Morgan Stanley boosted their price target on Penske Automotive Group from $88.00 to $107.00 and gave the stock an “underweight” rating in a research report on Wednesday, August 9th. Finally, Bank of America boosted their price target on Penske Automotive Group from $175.00 to $205.00 in a research report on Thursday, July 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $166.60.

Penske Automotive Group Stock Performance

Shares of NYSE PAG opened at $161.34 on Wednesday. The business’s 50-day moving average price is $168.02 and its two-hundred day moving average price is $152.39. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.00 and a quick ratio of 0.24. Penske Automotive Group has a one year low of $94.49 and a one year high of $180.84. The company has a market capitalization of $10.86 billion, a P/E ratio of 9.20 and a beta of 1.23.

Penske Automotive Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 1st. Investors of record on Thursday, August 10th were given a dividend of $0.72 per share. This represents a $2.88 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend was Wednesday, August 9th. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.66. Penske Automotive Group’s payout ratio is currently 16.42%.

Insider Buying and Selling

In related news, President Robert H. Kurnick, Jr. sold 10,997 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $166.12, for a total transaction of $1,826,821.64. Following the completion of the transaction, the president now owns 36,181 shares of the company’s stock, valued at approximately $6,010,387.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, President Robert H. Kurnick, Jr. sold 10,997 shares of the business’s stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $166.12, for a total transaction of $1,826,821.64. Following the completion of the transaction, the president now owns 36,181 shares of the company’s stock, valued at approximately $6,010,387.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Barr sold 3,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $163.49, for a total value of $490,470.00. Following the transaction, the director now directly owns 712 shares of the company’s stock, valued at approximately $116,404.88. The disclosure for this sale can be found here. 51.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Penske Automotive Group

Several large investors have recently added to or reduced their stakes in the company. Moneta Group Investment Advisors LLC acquired a new position in Penske Automotive Group in the 4th quarter valued at approximately $260,702,000. BlackRock Inc. grew its stake in shares of Penske Automotive Group by 4.6% in the 3rd quarter. BlackRock Inc. now owns 1,404,836 shares of the company’s stock valued at $138,279,000 after purchasing an additional 61,972 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Penske Automotive Group by 24.7% in the 2nd quarter. Goldman Sachs Group Inc. now owns 827,445 shares of the company’s stock valued at $86,625,000 after purchasing an additional 164,060 shares during the period. Bank of America Corp DE grew its stake in shares of Penske Automotive Group by 0.6% in the 1st quarter. Bank of America Corp DE now owns 665,868 shares of the company’s stock valued at $94,427,000 after purchasing an additional 3,745 shares during the period. Finally, Envestnet Asset Management Inc. grew its stake in shares of Penske Automotive Group by 3,459.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 618,926 shares of the company’s stock valued at $1,783,000 after purchasing an additional 601,536 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

About Penske Automotive Group

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships in the United States and internationally. 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.