Louisiana State Employees Retirement System Sells 500 Shares of Sonic Automotive, Inc. (NYSE:SAH)

Louisiana State Employees Retirement System lessened its stake in shares of Sonic Automotive, Inc. (NYSE:SAH) by 6.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 7,000 shares of the company’s stock after selling 500 shares during the period. Louisiana State Employees Retirement System’s holdings in Sonic Automotive were worth $409,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SAH. Allspring Global Investments Holdings LLC purchased a new position 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 in the second quarter valued at about $41,000. AM Squared Ltd purchased a new position in shares of Sonic Automotive in the second quarter valued at about $82,000. Point72 DIFC Ltd lifted its position in shares of Sonic Automotive by 6.9% in the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock valued at $158,000 after acquiring an additional 187 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Sonic Automotive in the second quarter valued at about $228,000. 46.92% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SAH has been the topic of several research analyst reports. Needham & Company LLC boosted their price objective on Sonic Automotive from $73.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. boosted their target price on Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Bank of America decreased their target price on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Finally, Stephens started coverage on Sonic Automotive in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.40.

Sonic Automotive Trading Up 10.7 %

Shares of NYSE SAH opened at $64.67 on Thursday. The business’s 50 day moving average is $57.18 and its two-hundred day moving average is $57.11. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 0.35. Sonic Automotive, Inc. has a 1-year low of $47.82 and a 1-year high of $65.64. The stock has a market capitalization of $2.21 billion, a P/E ratio of 11.51 and a beta of 1.61.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data 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 return on equity of 21.27% and a net margin of 1.41%. The company had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period in the previous year, the firm earned $2.02 earnings per share. The company’s revenue was down 4.2% compared to the same quarter last year. As a group, research analysts expect that Sonic Automotive, Inc. will post 5.62 EPS for the current year.

Sonic Automotive Increases Dividend

The firm also recently announced 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 is a boost from Sonic Automotive’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, December 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.16%. Sonic Automotive’s dividend payout ratio is currently 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.