Fmr LLC Grows Stock Position in Sonic Automotive, Inc. (NYSE:SAH)

Fmr LLC grew its position in shares of Sonic Automotive, Inc. (NYSE:SAH) by 15.0% during the third quarter, Holdings Channel reports. The firm owned 52,259 shares of the company’s stock after acquiring an additional 6,822 shares during the quarter. Fmr LLC’s holdings in Sonic Automotive were worth $3,056,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SAH. Innealta Capital LLC purchased a new position in shares of Sonic Automotive in the 2nd quarter valued at about $41,000. AM Squared Ltd acquired a new position in shares of Sonic Automotive in the 2nd quarter valued at $82,000. Point72 DIFC Ltd raised 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 valued at $158,000 after acquiring an additional 187 shares during the last quarter. Intech Investment Management LLC purchased a new position in Sonic Automotive in the 2nd quarter valued at $228,000. Finally, Arizona State Retirement System increased its stake in shares of Sonic Automotive by 10.8% during the second quarter. Arizona State Retirement System now owns 4,324 shares of the company’s stock worth $236,000 after acquiring an additional 420 shares during the period. Institutional investors and hedge funds own 46.92% of the company’s stock.

Wall Street Analyst Weigh In

SAH has been the subject of several recent analyst reports. Seaport Res Ptn upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. Bank of America dropped their price objective on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Stephens began coverage on Sonic Automotive in a report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price objective on the stock. Morgan Stanley upgraded 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 report on Wednesday, September 25th. Finally, Needham & Company LLC increased their target price on shares of Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Three equities research 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 company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.40.

Sonic Automotive Trading Down 1.1 %

Shares of NYSE:SAH opened at $66.52 on Friday. 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’s 50-day moving average is $62.04 and its 200-day moving average is $58.95. The company has a market cap of $2.27 billion, a P/E ratio of 11.84 and a beta of 1.65. Sonic Automotive, Inc. has a 52-week low of $47.82 and a 52-week high of $70.88.

Sonic Automotive (NYSE:SAH) last announced 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 during the quarter, compared to analyst estimates of $3.55 billion. Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.02 EPS. Equities research analysts predict that Sonic Automotive, Inc. will post 5.6 earnings per share for the current year.

Sonic Automotive Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be given 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 annualized dividend and a dividend yield of 2.10%. The ex-dividend date is Friday, December 13th. Sonic Automotive’s payout ratio is presently 24.91%.

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.