Sonic Automotive, Inc. (NYSE:SAH) Shares Sold by Valley National Advisers Inc.

Valley National Advisers Inc. cut its stake in shares of Sonic Automotive, Inc. (NYSE:SAH) by 66.0% in the third quarter, HoldingsChannel.com reports. The fund owned 1,019 shares of the company’s stock after selling 1,976 shares during the period. Valley National Advisers Inc.’s holdings in Sonic Automotive were worth $59,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Sonic Automotive in the first quarter valued at about $30,000. Innealta Capital LLC purchased a new position in shares of Sonic Automotive during the 2nd quarter worth $41,000. AM Squared Ltd acquired a new stake in shares of Sonic Automotive during the 2nd quarter worth about $82,000. Point72 DIFC Ltd raised its holdings in Sonic Automotive by 6.9% in the 2nd quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock valued at $158,000 after buying an additional 187 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in shares of Sonic Automotive in the 2nd quarter valued at approximately $228,000. 46.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Stephens began coverage on Sonic Automotive in a report on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 price objective on the stock. Morgan Stanley raised Sonic Automotive from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Bank of America lowered their target price on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Needham & Company LLC boosted their price target on shares of Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. increased their target price on Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Three 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, the company presently has an average rating of “Moderate Buy” and an average price target of $66.50.

Sonic Automotive Stock Up 4.9 %

SAH opened at $59.66 on Tuesday. Sonic Automotive, Inc. has a one year low of $46.37 and a one year high of $64.68. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.35 and a current ratio of 1.11. The stock has a market capitalization of $2.04 billion, a P/E ratio of 10.62 and a beta of 1.60. The business’s 50-day simple moving average is $57.64 and its 200-day simple moving average is $56.73.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings results on Thursday, October 24th. The company reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.17). Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The business had revenue of $3.49 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the company earned $2.02 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. Analysts anticipate that Sonic Automotive, Inc. will post 5.63 EPS for the current year.

Sonic Automotive Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.35%. The ex-dividend date is Friday, December 13th. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s dividend payout ratio is 21.35%.

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.