FY2023 EPS Estimates for Penske Automotive Group, Inc. Boosted by Seaport Res Ptn (NYSE:PAG)

Penske Automotive Group, Inc. (NYSE:PAGGet Rating) – Equities researchers at Seaport Res Ptn increased their FY2023 earnings per share (EPS) estimates for Penske Automotive Group in a research report issued on Thursday, July 28th. Seaport Res Ptn analyst G. Chin now expects that the company will post earnings per share of $15.44 for the year, up from their prior forecast of $14.40. The consensus estimate for Penske Automotive Group’s current full-year earnings is $17.33 per share.

Penske Automotive Group (NYSE:PAGGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The company reported $4.93 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.46. The firm had revenue of $6.91 billion during the quarter, compared to the consensus estimate of $7.07 billion. Penske Automotive Group had a return on equity of 35.33% and a net margin of 5.13%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same period last year, the company earned $4.47 earnings per share.

PAG has been the subject of a number of other reports. Morgan Stanley cut their price objective on Penske Automotive Group from $95.00 to $93.00 and set an “underweight” rating for the company in a research report on Thursday, July 14th. JPMorgan Chase & Co. cut their price objective on Penske Automotive Group from $120.00 to $105.00 and set a “neutral” rating for the company in a research report on Thursday, April 7th. Finally, StockNews.com raised Penske Automotive Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Penske Automotive Group has a consensus rating of “Moderate Buy” and a consensus price target of $110.25.

Penske Automotive Group Stock Performance

PAG opened at $114.49 on Monday. Penske Automotive Group has a 12-month low of $83.48 and a 12-month high of $123.60. The stock has a market cap of $8.69 billion, a price-to-earnings ratio of 6.57 and a beta of 1.24. The business has a 50 day moving average of $110.80 and a 200-day moving average of $104.76. The company has a quick ratio of 0.26, a current ratio of 0.97 and a debt-to-equity ratio of 0.33.

Hedge Funds Weigh In On Penske Automotive Group

A number of hedge funds have recently added to or reduced their stakes in PAG. Atlas Capital Advisors LLC bought a new position in Penske Automotive Group during the 1st quarter worth $26,000. First Quadrant LLC CA bought a new position in Penske Automotive Group during the 1st quarter worth $33,000. Quadrant Capital Group LLC increased its stake in Penske Automotive Group by 32.8% during the 1st quarter. Quadrant Capital Group LLC now owns 413 shares of the company’s stock worth $39,000 after acquiring an additional 102 shares during the period. Exchange Traded Concepts LLC increased its stake in Penske Automotive Group by 651.6% during the 2nd quarter. Exchange Traded Concepts LLC now owns 466 shares of the company’s stock worth $49,000 after acquiring an additional 404 shares during the period. Finally, GHP Investment Advisors Inc. bought a new position in Penske Automotive Group during the 1st quarter worth $54,000. Institutional investors own 50.13% of the company’s stock.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 1st. Investors of record on Wednesday, August 10th will be issued a dividend of $0.53 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.50. This represents a $2.12 annualized dividend and a yield of 1.85%. The ex-dividend date is Tuesday, August 9th. Penske Automotive Group’s dividend payout ratio (DPR) is presently 11.48%.

About Penske Automotive Group

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Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships. 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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