Zacks Research on Penske Automotive Group, Inc. Q2 Earnings 2023

(NYSE:PAG – Get Rating) – Zacks Research raised its Q2 2023 earnings per share forecasts for Penske Automotive Group in a report to clients and investors on Tuesday, May 9th. R. Singhi of Zacks Research now estimates $3.64 per share in quarterly profits, up from $3.19.

Penske Automotive Group’s consensus full-year profits prediction is $15.73 per share. Zacks Research estimated Penske Automotive Group’s Q3 2023 profits at $3.52 and FY2023 earnings at $14.86.

Other equity analysts recently commented on PAG. In a Thursday, February 9th research note, Stephens boosted Penske Automotive Group’s target price from $140.00 to $155.00.

In a research report on Tuesday, January 17th, Morgan Stanley lowered their price objective on Penske Automotive Group shares from $93.00 to $88.00 and gave the stock a “underweight” rating. In a research report on Tuesday, February 21st, JPMorgan Chase & Co. raised their target price on Penske Automotive Group from $130.00 to $135.00 and given the stock a “neutral” rating.

Penske Automotive Group Price/Performance

NYSE:PAG began Friday at $140.13. The stock has a $9.67 billion market value, 7.76 PE ratio, and 1.22 beta. Penske Automotive Group’s 52-week range is $94.49–$155.36. The stock’s 50-day and 200-day moving averages are $138.67 and $129.48. Its quick ratio is 0.25, current ratio is 1.01, and debt-to-equity ratio is 0.37.
Penske Automotive Group (NYSE:PAG – Get Rating) reported quarterly earnings on April 26th. The firm beat the average expectation of $4.03 by $0.28 with $4.31 EPS. Penske Automotive Group earned 31.14% on equity and 4.65% on net. Revenue for the quarter was $7.34 billion, compared to the average expectation of $7.02. The previous year’s quarter had $4.76 EPS. Penske Automotive Group’s quarterly revenue rose 5.2% year-over-year.

Penske Automotive Institutional Trading

Hedge funds and other institutional investors have increased or decreased their corporate interests. Ten Capital Wealth Advisors LLC invested $32,000 in Penske Automotive Group shares in the first quarter.

In the first quarter, C M Bidwell & Associates Ltd. invested $36,000 in Penske Automotive Group shares. Gradient Investments LLC invested $32,000 in Penske Automotive Group in the fourth quarter. Wipfli Financial Advisors LLC invested $32,000 in Penske Automotive Group shares in the third quarter.

In the third quarter, Huntington National Bank bought 16,800.0% more Penske Automotive Group shares. After buying 336 shares last quarter, Huntington National Bank owns 338 shares worth $33,000. Institutional investors and hedge funds control 32.66%.

Penske Automotive Group Insider Trading

On Wednesday, March 8th, Director John Barr sold 2,000 Penske Automotive Group shares. The shares sold averaged $145.31, totaling $290,620.00. The director currently owns 3,712 company shares worth $539,390.72. SEC filings reveal the deal.

On Wednesday, May 3rd, Director Kimberly J. Mcwaters sold 8,524 shares of the business. The shares sold for $1,206,401.72 at $141.53. This link shows the SEC filing that revealed the transaction.

Director John Barr sold 2,000 business shares on March 8th. The shares sold for $290,620.00 for $145.31. The director holds 3,712 business shares worth $539,390.72. Sale disclosure is here. Corporate insiders hold 46.60%.

PAG Increases Dividend

On Thursday, June 1st, the company will pay a quarterly dividend. Shareholders of record on Monday, May 22nd will get a $0.66 dividend. An yearly $2.64 dividend yields 1.88%.

This dividend becomes ex-dividend on Friday, May 19. This is up from Penske Automotive Group’s $0.61 quarterly dividend. Penske Automotive Group pays 13.51%.

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