Seaport Res Ptn Issues Pessimistic Estimate for SAH Earnings

Sonic Automotive, Inc. (NYSE:SAH) – Research analysts at Seaport Res Ptn reduced their FY2024 EPS estimates for Sonic Automotive in a research note issued to investors on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now forecasts that the company will earn $5.70 per share for the year, down from their previous estimate of $5.97. The consensus estimate for Sonic Automotive’s current full-year earnings is $5.63 per share.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings data on Monday, August 5th. The company reported $1.47 earnings per share for the quarter, topping analysts’ consensus estimates of $1.38 by $0.09. The business had revenue of $3.45 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Sonic Automotive had a net margin of 1.35% and a return on equity of 25.31%. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.83 EPS.

A number of other analysts have also issued reports on SAH. Morgan Stanley raised shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Needham & Company LLC began coverage on Sonic Automotive in a report on Tuesday, August 20th. They set a “buy” rating and a $73.00 price target on the stock. Bank of America lowered their price target on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Stephens began coverage on Sonic Automotive in a report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Sonic Automotive currently has a consensus rating of “Moderate Buy” and an average target price of $66.33.

Sonic Automotive Stock Performance

NYSE:SAH opened at $57.37 on Wednesday. The company has a current ratio of 1.10, a quick ratio of 0.36 and a debt-to-equity ratio of 2.04. Sonic Automotive has a twelve month low of $42.57 and a twelve month high of $64.68. The firm has a market cap of $1.96 billion, a price-to-earnings ratio of 10.60 and a beta of 1.60. The company has a 50-day moving average of $57.74 and a 200-day moving average of $56.57.

Sonic Automotive Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.44%. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s payout ratio is currently 22.18%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SAH. Allspring Global Investments Holdings LLC bought a new position in shares of Sonic Automotive in the first quarter valued at about $30,000. Denali Advisors LLC raised its holdings in shares of Sonic Automotive by 32.0% in the first quarter. Denali Advisors LLC now owns 36,700 shares of the company’s stock valued at $2,090,000 after buying an additional 8,900 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in shares of Sonic Automotive in the first quarter valued at about $515,000. Quantbot Technologies LP increased its position in Sonic Automotive by 109.1% in the first quarter. Quantbot Technologies LP now owns 17,623 shares of the company’s stock worth $1,003,000 after purchasing an additional 9,193 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its position in Sonic Automotive by 85.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 8,298 shares of the company’s stock worth $451,000 after purchasing an additional 3,820 shares during the period. 46.92% of the stock is owned by institutional investors.

Sonic Automotive Company Profile

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.