Sonic Automotive (NYSE:SAH) Stock Price Up 5.1%

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Sonic Automotive Inc (NYSE:SAH)’s share price rose 5.1% during mid-day trading on Thursday . The company traded as high as $35.00 and last traded at $34.44, approximately 504,671 shares changed hands during mid-day trading. An increase of 85% from the average daily volume of 273,200 shares. The stock had previously closed at $32.78.

SAH has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised shares of Sonic Automotive from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $23.00 to $30.00 in a research report on Tuesday, September 10th. ValuEngine downgraded shares of Sonic Automotive from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Bank of America downgraded shares of Sonic Automotive from a “neutral” rating to an “underperform” rating in a research report on Friday, September 13th. Stephens set a $40.00 price objective on shares of Sonic Automotive and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Morgan Stanley raised shares of Sonic Automotive from an “underweight” rating to an “equal” rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $26.50.

The company has a market cap of $1.43 billion, a PE ratio of 19.46, a P/E/G ratio of 4.47 and a beta of 1.90. The company has a current ratio of 1.04, a quick ratio of 0.25 and a debt-to-equity ratio of 1.31. The firm’s 50-day simple moving average is $30.91 and its two-hundred day simple moving average is $25.75.

Sonic Automotive (NYSE:SAH) last released its earnings results on Thursday, October 24th. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.09. The company had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.60 billion. Sonic Automotive had a net margin of 1.16% and a return on equity of 12.20%. Sonic Automotive’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.43 EPS. As a group, analysts predict that Sonic Automotive Inc will post 2.46 EPS for the current year.

The business 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 dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Thursday, December 12th. Sonic Automotive’s dividend payout ratio is presently 22.60%.

In other Sonic Automotive news, CEO Jeff Dyke sold 6,924 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $15.83, for a total transaction of $109,606.92. In the last three months, insiders have sold 56,924 shares of company stock worth $1,734,607. 31.60% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Northern Trust Corp lifted its stake in Sonic Automotive by 0.9% during the 2nd quarter. Northern Trust Corp now owns 1,226,566 shares of the company’s stock valued at $28,639,000 after acquiring an additional 11,440 shares during the period. Invesco Ltd. increased its holdings in Sonic Automotive by 72.1% in the 2nd quarter. Invesco Ltd. now owns 567,155 shares of the company’s stock worth $13,243,000 after acquiring an additional 237,690 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Sonic Automotive by 3.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 499,834 shares of the company’s stock worth $11,671,000 after acquiring an additional 18,926 shares in the last quarter. Marshall Wace LLP increased its holdings in Sonic Automotive by 158.6% in the 2nd quarter. Marshall Wace LLP now owns 253,175 shares of the company’s stock worth $5,912,000 after acquiring an additional 155,281 shares in the last quarter. Finally, Morgan Stanley increased its holdings in Sonic Automotive by 18.5% in the 2nd quarter. Morgan Stanley now owns 245,896 shares of the company’s stock worth $5,742,000 after acquiring an additional 38,362 shares in the last quarter. Institutional investors and hedge funds own 60.31% of the company’s stock.

Sonic Automotive Company Profile (NYSE:SAH)

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and EchoPark. 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.

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