Citigroup Inc. Has $6.04 Million Stake in Sonic Automotive, Inc. (NYSE:SAH)

Citigroup Inc. cut its holdings in Sonic Automotive, Inc. (NYSE:SAH) by 0.9% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 103,252 shares of the company’s stock after selling 953 shares during the quarter. Citigroup Inc.’s holdings in Sonic Automotive were worth $6,038,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SAH. Victory Capital Management Inc. increased its stake in shares of Sonic Automotive by 524.4% in the 2nd quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock valued at $5,480,000 after acquiring an additional 84,489 shares in the last quarter. Squarepoint Ops LLC increased its position in shares of Sonic Automotive by 679.8% during the 2nd quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock valued at $5,175,000 after purchasing an additional 82,823 shares during the last quarter. Phocas Financial Corp. bought a new stake in shares of Sonic Automotive in the 3rd quarter worth approximately $3,645,000. Marshall Wace LLP raised its stake in Sonic Automotive by 831.1% in the 2nd quarter. Marshall Wace LLP now owns 35,969 shares of the company’s stock valued at $1,959,000 after acquiring an additional 32,106 shares during the period. Finally, Harbor Capital Advisors Inc. grew its stake in Sonic Automotive by 124.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company’s stock valued at $3,239,000 after buying an additional 30,731 shares in the last quarter. Institutional investors own 46.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on SAH shares. Needham & Company LLC upped their target price on shares of Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America decreased their price target on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. upped their target price on Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Seaport Res Ptn upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 21st. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Sonic Automotive presently has a consensus rating of “Moderate Buy” and an average target price of $67.40.

Sonic Automotive Stock Performance

Shares of NYSE SAH opened at $69.14 on Monday. The firm’s 50-day moving average price is $59.99 and its 200-day moving average price is $58.23. The company has a market cap of $2.36 billion, a PE ratio of 12.30 and a beta of 1.61. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. Sonic Automotive, Inc. has a 52-week low of $47.82 and a 52-week high of $70.88.

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 analysts’ consensus estimates of $1.43 by ($0.17). The business had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.55 billion. Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. The company’s revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.02 EPS. As a group, analysts anticipate that Sonic Automotive, Inc. will post 5.6 EPS for the current year.

Sonic Automotive Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.35 per share. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend is Friday, December 13th. Sonic Automotive’s dividend payout ratio (DPR) is 21.35%.

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.