AM Squared Ltd Cuts Holdings in Sonic Automotive, Inc. (NYSE:SAH)

AM Squared Ltd trimmed its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH) by 26.7% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,100 shares of the company’s stock after selling 400 shares during the quarter. AM Squared Ltd’s holdings in Sonic Automotive were worth $64,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of SAH. Allspring Global Investments Holdings LLC purchased a new position in Sonic Automotive in the first quarter worth $30,000. Innealta Capital LLC purchased a new position in Sonic Automotive in the second quarter worth $41,000. Point72 DIFC Ltd grew its holdings in Sonic Automotive by 6.9% in the second 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. Intech Investment Management LLC purchased a new position in Sonic Automotive in the second quarter worth $228,000. Finally, Arizona State Retirement System grew its holdings in Sonic Automotive by 10.8% in the second quarter. Arizona State Retirement System now owns 4,324 shares of the company’s stock worth $236,000 after purchasing an additional 420 shares during the last quarter. 46.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Sonic Automotive Trading Down 1.2 %

NYSE:SAH opened at $63.95 on Friday. Sonic Automotive, Inc. has a 12 month low of $47.82 and a 12 month high of $67.15. The firm has a fifty day simple moving average of $57.88 and a 200-day simple moving average of $57.62. The company has a current ratio of 1.11, a quick ratio of 0.35 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $2.19 billion, a P/E ratio of 11.38 and a beta of 1.61.

Sonic Automotive (NYSE:SAH) last posted its earnings results 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 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 revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.02 earnings per share. On average, equities research analysts anticipate that Sonic Automotive, Inc. will post 5.7 earnings per share for the current year.

Sonic Automotive Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, December 13th. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 2.19%. Sonic Automotive’s payout ratio is currently 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.