Assenagon Asset Management S.A. Purchases New Holdings in Sonic Automotive, Inc. (NYSE:SAH)

Assenagon Asset Management S.A. purchased a new stake in Sonic Automotive, Inc. (NYSE:SAH) during the third quarter, Holdings Channel.com reports. The institutional investor purchased 21,265 shares of the company’s stock, valued at approximately $1,244,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new position in Sonic Automotive in the 1st quarter valued at about $30,000. Innealta Capital LLC purchased a new position in Sonic Automotive in the 2nd quarter worth approximately $41,000. AM Squared Ltd purchased a new position in Sonic Automotive in the 2nd quarter worth approximately $82,000. Point72 DIFC Ltd lifted its stake in Sonic Automotive by 6.9% in the 2nd quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock worth $158,000 after purchasing an additional 187 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in Sonic Automotive in the 2nd quarter worth approximately $228,000. 46.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Needham & Company LLC raised their target price on shares of Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Morgan Stanley raised shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $40.00 to $58.00 in a research report on Wednesday, September 25th. Bank of America reduced their price target on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Stephens assumed coverage on shares of Sonic Automotive in a research report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price target on shares of Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.40.

Sonic Automotive Stock Up 0.7 %

Sonic Automotive stock opened at $57.13 on Friday. Sonic Automotive, Inc. has a fifty-two week low of $47.82 and a fifty-two week 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 firm has a 50 day moving average price of $57.38 and a 200 day moving average price of $56.86. The company has a market capitalization of $1.95 billion, a PE ratio of 10.17 and a beta of 1.60.

Sonic Automotive (NYSE:SAH) last posted its earnings results on Thursday, October 24th. The company reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.17). Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. The company had revenue of $3.49 billion during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the business posted $2.02 EPS. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. Research analysts expect that Sonic Automotive, Inc. will post 5.62 earnings per share for the current year.

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 $0.35 dividend. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.40 annualized dividend and a dividend yield of 2.45%. Sonic Automotive’s 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.