Penske Automotive Group (NYSE:PAG) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Penske Automotive Group (NYSE:PAG) announced its earnings results on Tuesday. The company reported $3.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.02), Briefing.com reports. Penske Automotive Group had a return on equity of 18.38% and a net margin of 2.91%. The business had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. During the same period last year, the firm earned $3.90 EPS. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year.

Penske Automotive Group Stock Up 0.0 %

Shares of PAG stock traded up $0.01 during trading hours on Friday, reaching $150.58. 19,380 shares of the stock were exchanged, compared to its average volume of 186,762. The business’s fifty day moving average is $158.21 and its two-hundred day moving average is $155.74. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.91 and a quick ratio of 0.22. Penske Automotive Group has a 12-month low of $142.32 and a 12-month high of $179.72. The firm has a market capitalization of $10.05 billion, a P/E ratio of 11.56 and a beta of 1.16.

Penske Automotive Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 3rd. Investors of record on Friday, November 15th will be paid a dividend of $1.19 per share. This represents a $4.76 dividend on an annualized basis and a dividend yield of 3.16%. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date of this dividend is Friday, November 15th. Penske Automotive Group’s dividend payout ratio is presently 32.80%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PAG. JPMorgan Chase & Co. boosted their price target on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a research report on Tuesday, September 10th. Bank of America boosted their price target on shares of Penske Automotive Group from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Morgan Stanley upgraded shares of Penske Automotive Group from an “underweight” rating to an “overweight” rating and boosted their price target for the stock from $115.00 to $180.00 in a research note on Wednesday, September 25th. Finally, Stephens assumed coverage on shares of Penske Automotive Group in a research note on Thursday, September 12th. They set an “equal weight” rating and a $161.00 price target on the stock.

Penske Automotive Group Company Profile

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.