Penske Automotive Group, Inc., a diversified transportation services company, operates automotive and commercial truck dealerships. 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. The company engages in the sale of new and used motor vehicles, and related products and services comprise vehicle and collision repair services, as well as placement of finance and lease contracts, third-party insurance products, and other aftermarket products; and wholesale of parts. It also operates a heavy and medium duty truck dealership, which offers Freightliner and Western Star branded trucks, as well as a range of used trucks, and maintenance and repair services. In addition, it imports and distributes Western Star heavy-duty trucks, MAN heavy and medium duty trucks, buses, and Dennis Eagle refuse collection vehicles with associated parts in Australia, New Zealand, and portions of the Pacific. Further, the company distributes diesel and gas engines, and power systems. The company operates 304 retail automotive franchises, including 142 franchises located in the United States and 162 franchises located outside of the United States; 17 used vehicle supercenters in the United States and the United Kingdom; and 25 commercial truck dealerships in Texas, Oklahoma, Tennessee, Georgia, Utah, and Idaho, the United States, as well as Canada. Penske Automotive Group, Inc. was incorporated in 1990 and is headquartered in Bloomfield Hills, Michigan.
IPO Year:
Exchange: NYSE
Website: penskeautomotive.com
Date | Price Target | Rating | Analyst |
---|---|---|---|
9/12/2024 | $161.00 | Equal-Weight | Stephens |
7/31/2023 | $150.00 → $140.00 | Neutral → Underweight | JP Morgan |
7/19/2023 | $156.00 → $185.00 | Overweight → Equal-Weight | Stephens |
3/8/2022 | $90.00 → $95.00 | Underweight | Morgan Stanley |
11/17/2021 | $90.00 | Equal-Weight → Underweight | Morgan Stanley |
10/28/2021 | $108.00 → $123.00 | Overweight | Stephens & Co. |
10/7/2021 | $100.00 → $120.00 | Buy | Truist Securities |
8/5/2021 | $94.00 → $98.00 | Equal-Weight | Morgan Stanley |
7/26/2021 | $94.00 | Overweight → Equal-Weight | Morgan Stanley |
7/16/2021 | $119.00 → $141.00 | Buy | B of A Securities |
Revenue Increases 3% to $7.7 Billion, a Quarterly Record Record Retail Automotive Service and Parts Revenue of $753 Million, up 10% Earnings Before Taxes of $326 Million and Earnings Per Share of $3.61 Sequential Improvement in Earnings Before Taxes and Earnings Per Share of 10% and 12%, Respectively, from First Quarter of 2024 BLOOMFIELD HILLS, Mich., July 31, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced quarterly results for the second quarter of 2024. For the quarter, revenue increased 3% from the second quarter of 2023 to
Represents 15th Consecutive Quarterly Increase Increase Highlights Strength of Balance Sheet and Low Leverage BLOOMFIELD HILLS, Mich., July 24, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that its Board of Directors has approved a quarterly dividend of $1.07 per share, representing an 11% or $0.11 per share increase. This represents the third increase to the Company's dividend in 2024 and the 15th consecutive quarterly increase. Including this dividend distribution and the Company's securities repurchases, the Company will
BLOOMFIELD HILLS, Mich., July 18, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers today announced it will release financial results for the three months and six months ended June 30, 2024, on the morning of Wednesday, July 31, 2024. A conference call to discuss these results will be held later that day as follows: WHEN: Wednesday, July 31, 2024 TIME: 2:00 p.m. Eastern PHONE: United States, please dial (877) 692-8955 (access code 8247256) International, please dial (234) 720-6979 (access code 8247256) Note: Callers should dial-in approximately
Haig Partners LLC, the leading buy-sell advisory firm to auto, heavy truck and RV dealers in the U.S., served as the exclusive sell-side advisor on the sale of La Crosse Truck Center Ford and La Crosse Truck Center Mack-Isuzu. La Crosse Truck Center Ford was sold to Dahl Automotive, which has 13 franchised auto dealerships throughout Minnesota and Wisconsin, and La Crosse Truck Center Mack-Isuzu was sold to Kriete Truck Centers, which has 11 Volvo and Mack locations throughout Wisconsin. La Crosse Truck Center Ford and Mack-Isuzu were previously part of River States Truck and Trailer. Last month, in a separate transaction, Haig Partners advised on the sale of its three Freightliner-Wester
The Presidio Group LLC ("Presidio"), an independent merchant banking firm focused on mergers and acquisitions, capital raising and investments in the automotive retail and consumer mobility sectors, exclusively advised the Brown family on the sale of Bill Brown Ford of Livonia, Mich., to Penske Automotive Group, Inc. "After nearly a century in the greater Detroit community, it was essential to find a buyer who values the culture we've created at Bill Brown Ford and would carry on our family's legacy as a top-notch employer and a trusted provider of vehicle sales and service to customers throughout Southeast Michigan," said Tom Brown, owner of Bill Brown Ford. "We found just that steward i
Expands North America Retail Operations Presence in the Midwest Expected to Add $550 Million in Estimated Annualized Revenue BLOOMFIELD HILLS, Mich., July 16, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and nine countries, announced today the acquisition of Bill Brown Ford in southeastern Michigan. Located in Livonia, the dealership operations serve Michigan's largest county by population. The acquisition is expected to add $550 million in estimated annualized revenue. As part of the acquisition, the C
Haig Partners LLC, the leading buy-sell advisory firm to auto, heavy truck and RV dealers in the U.S., served as the exclusive sell-side advisor on the sale of River States Truck and Trailer ("River States") to Premier Truck Group ("PTG"), an international medium-duty and heavy-duty commercial truck dealership group and a Penske Automotive Group, Inc. company (NYSE:PAG). The acquisition is expected to add $200 million of estimated annualized revenue to Premier Truck Group, which has 48 locations throughout Texas, Oklahoma, Kansas, Missouri, Tennessee, Georgia, Utah, Idaho, Wisconsin, Minnesota and Oregon, as well as Ontario and Manitoba in Canada. River States operates five facilities thr
Expands North American Operations to New Market Areas in Wisconsin and Minnesota Expected to Add $200 Million in Estimated Annualized Revenue BLOOMFIELD HILLS, Mich., June 10, 2024 /PRNewswire/ -- Premier Truck Group, an international medium-duty and heavy-duty commercial truck dealership group and a Penske Automotive Group, Inc. company (NYSE:PAG), announced today the acquisition of River States Truck and Trailer, Inc. (RSTT) headquartered in La Crosse, WI. The acquisition is expected to add $200 million of estimated annualized revenue for Premier Truck Group. River States operates five facilities strategically located in western Wisconsin and eastern Minnesota along the key trucking lanes
BLOOMFIELD HILLS, Mich., June 4, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and nine countries, has completed its acquisition of Porsche Centre Brighton and Porsche Centre Doncaster located in Melbourne, Australia, expanding its portfolio to 24 Porsche dealerships worldwide. The acquisition is expected to add $130 million in estimated annualized revenue. Commenting on the acquisition, Penske Automotive Group Head of International Operations Randall Seymore said, "We are delighted to grow our presence
BLOOMFIELD HILLS, Mich., May 9, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that its Board of Directors has approved a quarterly dividend of $0.96 per share. "Based on the strength of our balance sheet and continued strong cash flow, we are pleased to provide our shareholders with a 10% increase in the cash dividend," said Penske Automotive Group President, Robert Kurnick, Jr. The dividend is payable June 4, 2024, to shareholders of record as of May 20, 2024. About Penske Automotive Penske Automotive Group, Inc., (NYSE:PAG)
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Revenue Increases 3% to $7.7 Billion, a Quarterly Record Record Retail Automotive Service and Parts Revenue of $753 Million, up 10% Earnings Before Taxes of $326 Million and Earnings Per Share of $3.61 Sequential Improvement in Earnings Before Taxes and Earnings Per Share of 10% and 12%, Respectively, from First Quarter of 2024 BLOOMFIELD HILLS, Mich., July 31, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced quarterly results for the second quarter of 2024. For the quarter, revenue increased 3% from the second quarter of 2023 to
Represents 15th Consecutive Quarterly Increase Increase Highlights Strength of Balance Sheet and Low Leverage BLOOMFIELD HILLS, Mich., July 24, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that its Board of Directors has approved a quarterly dividend of $1.07 per share, representing an 11% or $0.11 per share increase. This represents the third increase to the Company's dividend in 2024 and the 15th consecutive quarterly increase. Including this dividend distribution and the Company's securities repurchases, the Company will
BLOOMFIELD HILLS, Mich., July 18, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers today announced it will release financial results for the three months and six months ended June 30, 2024, on the morning of Wednesday, July 31, 2024. A conference call to discuss these results will be held later that day as follows: WHEN: Wednesday, July 31, 2024 TIME: 2:00 p.m. Eastern PHONE: United States, please dial (877) 692-8955 (access code 8247256) International, please dial (234) 720-6979 (access code 8247256) Note: Callers should dial-in approximately
Expands North America Retail Operations Presence in the Midwest Expected to Add $550 Million in Estimated Annualized Revenue BLOOMFIELD HILLS, Mich., July 16, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and nine countries, announced today the acquisition of Bill Brown Ford in southeastern Michigan. Located in Livonia, the dealership operations serve Michigan's largest county by population. The acquisition is expected to add $550 million in estimated annualized revenue. As part of the acquisition, the C
Expands North American Operations to New Market Areas in Wisconsin and Minnesota Expected to Add $200 Million in Estimated Annualized Revenue BLOOMFIELD HILLS, Mich., June 10, 2024 /PRNewswire/ -- Premier Truck Group, an international medium-duty and heavy-duty commercial truck dealership group and a Penske Automotive Group, Inc. company (NYSE:PAG), announced today the acquisition of River States Truck and Trailer, Inc. (RSTT) headquartered in La Crosse, WI. The acquisition is expected to add $200 million of estimated annualized revenue for Premier Truck Group. River States operates five facilities strategically located in western Wisconsin and eastern Minnesota along the key trucking lanes
BLOOMFIELD HILLS, Mich., May 9, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that its Board of Directors has approved a quarterly dividend of $0.96 per share. "Based on the strength of our balance sheet and continued strong cash flow, we are pleased to provide our shareholders with a 10% increase in the cash dividend," said Penske Automotive Group President, Robert Kurnick, Jr. The dividend is payable June 4, 2024, to shareholders of record as of May 20, 2024. About Penske Automotive Penske Automotive Group, Inc., (NYSE:PAG)
Retail Automotive Revenue Increased 3% Gross Margin of 16.7% Increased 40 Basis Points Sequentially Selling, General, & Administrative Expenses as a Percentage of Gross Profit Improved Sequentially By 30 Basis Points to 70.7% Profitability Impacted by Lower Equity Earnings from PTS and Higher Interest Expense BLOOMFIELD HILLS, Mich., April 30, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced quarterly results for the first quarter of 2024. For the quarter, revenue increased 1.5% to $7.4 billion. Net income attributable to common s
BLOOMFIELD HILLS, Mich., April 16, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers today announced it will release financial results for the first quarter ended March 31, 2024, on the morning of Tuesday, April 30, 2024. A conference call to discuss these results will be held later that day as follows: WHEN: Tuesday, April 30, 2024 TIME: 2:00 p.m. Eastern PHONE: United States, please dial (877) 692-8955 (access code 7045090) International, please dial (234) 720-6979 (access code 7045090) Note: Callers should dial-in approximately
Completes Third Most Profitable Year in Company History Fourth Quarter Revenue Increased 4% to $7.3 Billion Fourth Quarter Retail Automotive Same-Store Revenue Increased 4%, Including a 7% Increase in Service & Parts Fourth Quarter Profitability Impacted by Non-Cash Impairment Charge, Lower Equity Earnings From PTS, and Higher Interest Expense BLOOMFIELD HILLS, Mich., Feb. 7, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced fourth quarter and twelve months 2023 results. For the quarter, revenue increased 4% to $7.3 billion. Income
BLOOMFIELD HILLS, Mich., Jan. 25, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers today announced it will release financial results for the fourth quarter and full-year ended December 31, 2023, before the market opens on Wednesday, February 7, 2024. An investor presentation and earnings press release will be accessible beginning the morning of the conference call in the Investors section of the Penske Automotive Group website at www.penskeautomotive.com.
Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers, today announced that its Board of Directors has approved a quarterly dividend of $1.07 per share, representing an 11% or $0.11 per share increase. This represents the third increase to the Company's dividend in 2024 and the 15th consecutive quarterly increase.
B of A Securities analyst John Murphy maintains Penske Automotive Group (NYSE:PAG) with a Buy and raises the price target from $175 to $180.
Expands North America Retail Operations Presence in the MidwestExpected to Add $550 Million in Estimated Annualized RevenueBLOOMFIELD HILLS, Mich., July 16, 2024 /PRNewswire/ -- Penske Automotive Group, Inc. (NYSE:PAG), a diversified international transportation services company and one of the world's premier automotive and commercial truck retailers with operations across four continents and nine countries, announced today the acquisition of Bill Brown Ford in southeastern Michigan. Located in Livonia, the dealership operations serve Michigan's largest county by population. The acquisition is expected to add $550 million in estimated annualized revenue.As part of the acquisition, the Comp
CDK statement: 'We are ahead of the anticipated schedule, and as of this morning, substantially all dealer connections are live on the Dealer Management System.'https://www.autonews.com/retail/cdk-outage-reboot-substantially-all-dealer-connections-are-live
- Bloomberg
Expands North American Operations to New Market Areas in Wisconsin and MinnesotaExpected to Add $200 Million in Estimated Annualized RevenueBLOOMFIELD HILLS, Mich., June 10, 2024 /PRNewswire/ -- Premier Truck Group, an international medium-duty and heavy-duty commercial truck dealership group and a Penske Automotive Group, Inc. company (NYSE:PAG), announced today the acquisition of River States Truck and Trailer, Inc. (RSTT) headquartered in La Crosse, WI. The acquisition is expected to add $200 million of estimated annualized revenue for Premier Truck Group.
Penske Automotive Group's (NYSE:PAG) short percent of float has fallen 4.75% since its last report. The company recently reported that it has 2.50 million shares sold short, which is 13.44% of all regular shares that are available for trading. Based on its trading volume, it would take traders 13.34 days to cover their short positions on average. Why Short Interest Matters Short interest is the number of shares that have been sold short but have not yet been covered or closed out. Short selling is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises. Sho
Stephens initiated coverage of Penske Auto with a rating of Equal-Weight and set a new price target of $161.00
JP Morgan downgraded Penske Auto from Neutral to Underweight and set a new price target of $140.00 from $150.00 previously
Stephens downgraded Penske Auto from Overweight to Equal-Weight and set a new price target of $185.00 from $156.00 previously
Morgan Stanley reiterated coverage of Penske Automotive Group with a rating of Underweight and set a new price target of $95.00 from $90.00 previously
Morgan Stanley downgraded Penske Automotive Group from Equal-Weight to Underweight and set a new price target of $90.00
Stephens & Co. reiterated coverage of Penske Automotive Group with a rating of Overweight and set a new price target of $123.00 from $108.00 previously
Truist Securities reiterated coverage of Penske Automotive Group with a rating of Buy and set a new price target of $120.00 from $100.00 previously
Morgan Stanley reiterated coverage of Penske Automotive Group with a rating of Equal-Weight and set a new price target of $98.00 from $94.00 previously
Morgan Stanley downgraded Penske Automotive Group from Overweight to Equal-Weight and set a new price target of $94.00
B of A Securities reiterated coverage of Penske Automotive Group with a rating of Buy and set a new price target of $141.00 from $119.00 previously