Sonic Automotive, Inc. (NYSE:SAH) Stock Holdings Increased by HITE Hedge Asset Management LLC

HITE Hedge Asset Management LLC raised its stake in Sonic Automotive, Inc. (NYSE:SAH) by 49.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 approximately 0.08% of Sonic Automotive worth $1,668,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in Sonic Automotive in the second quarter valued at approximately $41,000. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Sonic Automotive by 100.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company’s stock valued at $70,000 after acquiring an additional 599 shares during the last quarter. AM Squared Ltd purchased a new stake in Sonic Automotive in the 2nd quarter worth approximately $82,000. Point72 DIFC Ltd lifted its position in Sonic Automotive by 6.9% during the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock worth $158,000 after buying an additional 187 shares during the period. Finally, Intech Investment Management LLC purchased a new position in shares of Sonic Automotive in the 2nd quarter worth about $228,000. 46.92% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Stephens initiated coverage on Sonic Automotive in a research report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target on the stock. Morgan Stanley upgraded shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $40.00 to $58.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. lifted their price target 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. 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. Finally, Bank of America dropped 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. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Sonic Automotive presently has a consensus rating of “Moderate Buy” and an average price target of $67.40.

Sonic Automotive Trading Up 0.3 %

NYSE SAH opened at $69.36 on Tuesday. 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 fifty day simple moving average of $59.99 and a two-hundred day simple moving average of $58.23. Sonic Automotive, Inc. has a 12-month low of $47.82 and a 12-month high of $70.88. The stock has a market cap of $2.37 billion, a P/E ratio of 12.34 and a beta of 1.65.

Sonic Automotive (NYSE:SAH) last released 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). Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. The company had revenue of $3.49 billion during 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% compared to the same quarter last year. On average, analysts forecast that Sonic Automotive, Inc. will post 5.6 earnings per share for the current year.

Sonic Automotive Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.02%. Sonic Automotive’s dividend payout ratio (DPR) is presently 21.35%.

Sonic Automotive Company 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.