HITE Hedge Asset Management LLC Has $1.67 Million Holdings in Sonic Automotive, Inc. (NYSE:SAH)

HITE Hedge Asset Management LLC grew its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH) by 49.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,524 shares of the company’s stock after buying an additional 9,377 shares during the period. HITE Hedge Asset Management LLC owned 0.08% of Sonic Automotive worth $1,668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SAH. Price T Rowe Associates Inc. MD boosted its position in shares of Sonic Automotive by 3.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,806 shares of the company’s stock valued at $730,000 after buying an additional 458 shares during the last quarter. Harbor Capital Advisors Inc. boosted its holdings in Sonic Automotive by 270.0% during the second quarter. Harbor Capital Advisors Inc. now owns 24,652 shares of the company’s stock worth $1,343,000 after buying an additional 17,989 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Sonic Automotive during the 2nd quarter valued at $41,000. TrueMark Investments LLC bought a new position in Sonic Automotive during the 2nd quarter valued at about $917,000. Finally, AM Squared Ltd acquired a new position in shares of Sonic Automotive in the second quarter valued at approximately $82,000. Institutional investors and hedge funds own 46.92% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SAH shares. Seaport Res Ptn upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. Stephens assumed coverage on Sonic Automotive in a report on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 price objective for the company. JPMorgan Chase & Co. upped their price target on Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Bank of America decreased their price objective on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a report on Monday, October 14th. Finally, Needham & Company LLC upped 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. Three investment 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.40.

Sonic Automotive Stock Up 0.3 %

Sonic Automotive stock opened at $69.36 on Tuesday. 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 firm has a market capitalization of $2.37 billion, a price-to-earnings ratio of 12.34 and a beta of 1.65. The stock’s fifty day moving average is $59.99 and its two-hundred day moving average is $58.23. Sonic Automotive, Inc. has a fifty-two week low of $47.82 and a fifty-two week high of $70.88.

Sonic Automotive (NYSE:SAH) last issued 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). Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The company had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the firm posted $2.02 earnings per share. Sonic Automotive’s revenue for the quarter was down 4.2% on a year-over-year basis. Analysts predict that Sonic Automotive, Inc. will post 5.6 EPS for the current fiscal year.

Sonic Automotive Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date is Friday, December 13th. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s dividend 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.