Seaport Res Ptn Has Pessimistic View of SAH FY2024 Earnings

Sonic Automotive, Inc. (NYSE:SAH) – Equities researchers at Seaport Res Ptn cut their FY2024 earnings estimates for Sonic Automotive in a report issued on Thursday, January 16th. Seaport Res Ptn analyst G. Chin now forecasts that the company will earn $5.49 per share for the year, down from their previous estimate of $5.50. Seaport Res Ptn currently has a “Strong-Buy” rating on the stock. The consensus estimate for Sonic Automotive’s current full-year earnings is $5.61 per share. Seaport Res Ptn also issued estimates for Sonic Automotive’s Q4 2024 earnings at $1.40 EPS and FY2025 earnings at $6.11 EPS.

Several other equities analysts have also recently issued reports on the stock. JPMorgan Chase & Co. decreased their price target on shares of Sonic Automotive from $75.00 to $74.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $74.00 target price on shares of Sonic Automotive in a research report on Thursday, January 16th. 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. Finally, Bank of America decreased their price target on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Two 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.20.

Sonic Automotive Stock Up 2.7 %

Shares of NYSE SAH opened at $70.19 on Monday. The company has a 50 day simple moving average of $65.79 and a 200 day simple moving average of $60.71. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 0.35. Sonic Automotive has a 1 year low of $47.82 and a 1 year high of $70.88. The firm has a market cap of $2.40 billion, a PE ratio of 12.49 and a beta of 1.67.

Sonic Automotive (NYSE:SAH) last posted its earnings results on Thursday, October 24th. The company reported $1.26 EPS for the quarter, missing the consensus estimate of $1.43 by ($0.17). The firm had revenue of $3.49 billion during 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%. Sonic Automotive’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.02 earnings per share.

Sonic Automotive Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.99%. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, December 13th. Sonic Automotive’s payout ratio is currently 24.91%.

Institutional Investors Weigh In On Sonic Automotive

Several large investors have recently added to or reduced their stakes in SAH. Millennium Management LLC grew its position in shares of Sonic Automotive by 3.8% during the 2nd quarter. Millennium Management LLC now owns 456,588 shares of the company’s stock worth $24,870,000 after buying an additional 16,556 shares during the period. Squarepoint Ops LLC boosted its stake in Sonic Automotive by 679.8% during the second quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock worth $5,175,000 after acquiring an additional 82,823 shares in the last quarter. Renaissance Technologies LLC grew its holdings in Sonic Automotive by 26.8% in the second quarter. Renaissance Technologies LLC now owns 88,826 shares of the company’s stock worth $4,838,000 after purchasing an additional 18,800 shares during the period. Phocas Financial Corp. bought a new stake in Sonic Automotive in the third quarter valued at $3,645,000. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Sonic Automotive by 1.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 56,361 shares of the company’s stock valued at $3,570,000 after purchasing an additional 978 shares during the period. Institutional investors and hedge funds own 46.92% of the company’s stock.

About Sonic Automotive

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.