Penske Automotive Group, Inc. (NYSE:PAG) – Gabelli increased their FY2018 EPS estimates for shares of Penske Automotive Group in a report issued on Monday. Gabelli analyst B. Sponheimer now anticipates that the company will earn $5.10 per share for the year, up from their previous forecast of $4.90. Gabelli currently has a “Buy” rating and a $69.00 target price on the stock. Gabelli also issued estimates for Penske Automotive Group’s FY2019 earnings at $5.45 EPS.
Other equities analysts have also recently issued reports about the stock. Bank of America lifted their price target on shares of Penske Automotive Group from $58.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, February 9th. Zacks Investment Research raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating and set a $54.00 price target for the company in a research note on Tuesday, December 26th. Finally, ValuEngine raised shares of Penske Automotive Group from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Penske Automotive Group currently has a consensus rating of “Buy” and an average price target of $55.57.
Penske Automotive Group (NYSE:PAG) last released its quarterly earnings results on Thursday, February 8th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.01. Penske Automotive Group had a net margin of 2.87% and a return on equity of 17.67%. The firm had revenue of $5.40 billion during the quarter, compared to analysts’ expectations of $5.27 billion. During the same period in the previous year, the company earned $0.91 EPS. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year.
A number of institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its position in Penske Automotive Group by 7.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,499 shares of the company’s stock valued at $110,000 after buying an additional 175 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in Penske Automotive Group by 5.8% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 15,390 shares of the company’s stock valued at $676,000 after buying an additional 850 shares during the period. Pacer Advisors Inc. boosted its position in Penske Automotive Group by 19.9% in the 3rd quarter. Pacer Advisors Inc. now owns 7,017 shares of the company’s stock valued at $334,000 after buying an additional 1,163 shares during the period. Commonwealth Bank of Australia boosted its position in Penske Automotive Group by 7.0% in the 3rd quarter. Commonwealth Bank of Australia now owns 18,302 shares of the company’s stock valued at $867,000 after buying an additional 1,200 shares during the period. Finally, Advisor Group Inc. boosted its position in Penske Automotive Group by 17.7% in the 3rd quarter. Advisor Group Inc. now owns 8,607 shares of the company’s stock valued at $410,000 after buying an additional 1,292 shares during the period. 41.71% of the stock is owned by institutional investors.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Monday, February 12th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.83%. This is a boost from Penske Automotive Group’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, February 9th. Penske Automotive Group’s payout ratio is 19.02%.
Penske Automotive Group announced that its board has initiated a stock repurchase plan on Wednesday, October 25th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
Penske Automotive Group Company Profile
Penske Automotive Group, Inc is an international transportation services company. The Company operates automotive and commercial truck dealerships principally in the United States, Canada and Western Europe, and distributes commercial vehicles, diesel engines, gas engines, power systems, and related parts and services principally in Australia and New Zealand.
Receive News & Ratings for Penske Automotive Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Penske Automotive Group and related companies with MarketBeat.com's FREE daily email newsletter.