Penske Automotive Group (NYSE:PAG) Announces Earnings Results, Misses Estimates By $0.02 EPS

Penske Automotive Group (NYSE:PAG) released its earnings results on Tuesday. The company reported $3.39 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 19.82% and a net margin of 3.05%. The company had revenue of $7.59 billion for the quarter, compared to analyst estimates of $7.67 billion. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.90 earnings per share.

Penske Automotive Group Stock Up 0.6 %

Shares of Penske Automotive Group stock traded up $0.90 during trading hours on Wednesday, hitting $153.87. The company had a trading volume of 68,651 shares, compared to its average volume of 186,954. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.98 and a quick ratio of 0.22. The company’s 50-day moving average is $158.80 and its two-hundred day moving average is $155.80. The company has a market cap of $10.27 billion, a P/E ratio of 11.27 and a beta of 1.16. Penske Automotive Group has a twelve month low of $140.70 and a twelve month high of $179.72.

Penske Automotive Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 3rd. Shareholders of record on Friday, November 15th will be issued a dividend of $1.19 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $4.76 dividend on an annualized basis and a yield of 3.09%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.07. Penske Automotive Group’s dividend payout ratio (DPR) is presently 31.52%.

Insider Buying and Selling

In other Penske Automotive Group news, Director John Barr sold 716 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $170.71, for a total transaction of $122,228.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 52.20% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PAG. Morgan Stanley upgraded Penske Automotive Group from an “underweight” rating to an “overweight” rating and lifted their price objective for the company from $115.00 to $180.00 in a research note on Wednesday, September 25th. Bank of America lifted 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. Stephens started coverage on shares of Penske Automotive Group in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 price objective on the stock. Finally, JPMorgan Chase & Co. raised their price objective on shares of Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a report on Tuesday, September 10th.

About Penske Automotive Group

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.