State of Alaska Department of Revenue Lowers Stock Holdings in Sonic Automotive, Inc. (NYSE:SAH)

State of Alaska Department of Revenue cut its holdings in Sonic Automotive, Inc. (NYSE:SAH) by 4.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,322 shares of the company’s stock after selling 407 shares during the quarter. State of Alaska Department of Revenue’s holdings in Sonic Automotive were worth $486,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SAH. Wealth Enhancement Advisory Services LLC purchased a new stake in Sonic Automotive during the 3rd quarter worth approximately $532,000. Assenagon Asset Management S.A. purchased a new stake in shares of Sonic Automotive during the third quarter worth approximately $1,244,000. Inspire Investing LLC raised its stake in Sonic Automotive by 8.7% in the 3rd quarter. Inspire Investing LLC now owns 7,036 shares of the company’s stock valued at $411,000 after purchasing an additional 561 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Sonic Automotive in the 2nd quarter valued at $1,351,000. Finally, Point72 DIFC Ltd boosted its stake in Sonic Automotive by 6.9% during 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 during the last quarter. 46.92% of the stock is owned by institutional investors and hedge funds.

Sonic Automotive Price Performance

SAH stock opened at $64.63 on Friday. Sonic Automotive, Inc. has a 52-week low of $47.82 and a 52-week high of $66.25. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 11.50 and a beta of 1.61. The business has a fifty day moving average of $57.33 and a two-hundred day moving average of $57.32.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data on Thursday, October 24th. The company reported $1.26 earnings per share (EPS) 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 analysts’ expectations of $3.55 billion. During the same quarter last year, the firm posted $2.02 earnings per share. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. As a group, research analysts anticipate that Sonic Automotive, Inc. will post 5.73 earnings per share for the current year.

Sonic Automotive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be given a $0.35 dividend. This is a positive change 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 dividend on an annualized basis and a yield of 2.17%. Sonic Automotive’s payout ratio is presently 24.91%.

Analyst Ratings Changes

Several brokerages recently issued reports on SAH. Bank of America dropped their price objective on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $40.00 to $58.00 in a research report on Wednesday, September 25th. Stephens initiated coverage on Sonic Automotive in a research report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price objective on the stock. JPMorgan Chase & Co. upped 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. Finally, Needham & Company LLC lifted their price target on Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $67.40.

Sonic Automotive 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.