Penske Automotive Group (NYSE:PAG – Get Free Report) issued 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 firm had revenue of $8.42 billion for the quarter, compared to analyst estimates of $8.14 billion. Penske Automotive Group had a return on equity of 14.78% and a net margin of 2.81%. Penske Automotive Group’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period in the previous year, the business earned $3.23 EPS.
Penske Automotive Group Stock Up 0.2%
NYSE:PAG traded up $0.44 on Thursday, reaching $212.39. The stock had a trading volume of 252,673 shares, compared to its average volume of 365,484. Penske Automotive Group has a 12-month low of $140.12 and a 12-month high of $227.00. The company has a current ratio of 0.98, a quick ratio of 0.21 and a debt-to-equity ratio of 0.36. The stock has a market cap of $13.95 billion, a P/E ratio of 15.64 and a beta of 0.92. The company has a 50-day moving average of $210.76 and a 200 day moving average of $182.28.
Penske Automotive Group Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be paid a $1.46 dividend. This represents a $5.84 annualized dividend and a dividend yield of 2.7%. 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 payout ratio is currently 43.00%.
Key Penske Automotive Group News
Here are the key news stories impacting Penske Automotive Group this week:
- Positive Sentiment: Third-quarter revenue increased approximately 5% year over year to $8.42 billion, exceeding the $8.14 billion analyst consensus. Net income was $221 million, while earnings were $3.36 per share versus $3.23 a year earlier. Penske Automotive Group Reports Quarterly Results
- Positive Sentiment: The proposed $212.00-per-share acquisition provides a clear valuation reference and may support PAG’s stock near that level while investors await completion of the deal. Penske Automotive Advances Toward Major Take-Private Transaction
- Neutral Sentiment: Although revenue surpassed expectations, quarterly EPS slightly missed estimates in several reports, with estimates ranging from $3.37 to $3.44 per share. The mixed earnings performance is less influential than the pending merger. Penske Q3 Earnings Key Metrics
- Negative Sentiment: Bleichmar Fonti & Auld and BFA Law announced investigations into whether the proposed transaction adequately serves shareholders. The reviews could create legal or closing uncertainty, although they do not indicate that the merger will necessarily be blocked. BFA Law PAG Merger Investigation
Wall Street Analysts Forecast Growth
Several equities research analysts have issued reports on PAG shares. UBS Group reaffirmed a “neutral” rating and set a $212.00 target price on shares of Penske Automotive Group in a report on Friday, October 16th. Stephens upped their price objective on shares of Penske Automotive Group from $166.00 to $210.00 and gave the stock an “equal weight” rating in a report on Monday, August 3rd. JPMorgan Chase & Co. lowered their price objective on shares of Penske Automotive Group from $215.00 to $210.00 and set a “neutral” rating for the company in a research note on Tuesday, October 6th. Benchmark lowered shares of Penske Automotive Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Finally, Citigroup cut Penske Automotive Group from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $199.00 to $210.00 in a research note on Thursday, July 23rd. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $211.43.
Get Our Latest Analysis on PAG
About Penske Automotive Group
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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