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

by · The Cerbat Gem

Penske Automotive Group (NYSE:PAG – Get Free Report) released its quarterly earnings results on Tuesday. The company reported $3.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.02), Briefing.com reports. The company had revenue of $7.59 billion for the quarter, compared to analysts’ expectations of $7.67 billion. Penske Automotive Group had a return on equity of 19.82% and a net margin of 3.05%. The business’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the business earned $3.90 EPS.

Penske Automotive Group Price Performance

NYSE PAG traded down $1.86 during mid-day trading on Thursday, hitting $150.57. The stock had a trading volume of 171,201 shares, compared to its average volume of 187,555. The company has a 50 day simple moving average of $158.50 and a 200 day simple moving average of $155.77. The company has a market cap of $10.05 billion, a price-to-earnings ratio of 11.09 and a beta of 1.16. Penske Automotive Group has a 52-week low of $140.70 and a 52-week high of $179.72. The company has a quick ratio of 0.22, a current ratio of 0.98 and a debt-to-equity ratio of 0.32.

Penske Automotive Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 3rd. Stockholders of record on Friday, November 15th will be paid a dividend of $1.19 per share. This is a positive change from Penske Automotive Group’s previous quarterly dividend of $1.07. The ex-dividend date is Friday, November 15th. This represents a $4.76 annualized dividend and a dividend yield of 3.16%. Penske Automotive Group’s payout ratio is 31.52%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PAG shares. Stephens initiated coverage on Penske Automotive Group in a report on Thursday, September 12th. They issued an “equal weight” rating and a $161.00 target price on the stock. Bank of America raised their price objective on shares of Penske Automotive Group from $175.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. raised their price target on Penske Automotive Group from $140.00 to $160.00 and gave the company an “underweight” rating in a report on Tuesday, September 10th. Finally, Morgan Stanley raised Penske Automotive Group from an “underweight” rating to an “overweight” rating and upped their price objective for the stock from $115.00 to $180.00 in a report on Wednesday, September 25th.

Get Our Latest Stock Analysis on Penske Automotive Group

About Penske Automotive Group

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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.

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