Sonic Automotive (NYSE:SAH) Raised to “Strong-Buy” at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Sonic Automotive (NYSE:SAH) from a hold rating to a strong-buy rating in a report issued on Thursday,Zacks.com reports.

A number of other brokerages have also issued reports on SAH. Morgan Stanley upgraded shares of 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 note on Wednesday, September 25th. Bank of America dropped their price objective on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Needham & Company LLC upped their price objective on shares of Sonic Automotive from $73.00 to $74.00 and gave the company a “buy” rating in a report on Friday, October 25th. 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 objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on shares of Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.40.

Sonic Automotive Trading Up 5.3 %

Shares of Sonic Automotive stock opened at $66.57 on Thursday. The company has a current ratio of 1.11, a quick ratio of 0.35 and a debt-to-equity ratio of 1.87. Sonic Automotive has a 12-month low of $47.82 and a 12-month high of $67.15. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 11.85 and a beta of 1.61. The firm’s 50 day simple moving average is $58.72 and its two-hundred day simple moving average is $57.84.

Sonic Automotive (NYSE:SAH) last issued its quarterly 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 for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the previous year, the company posted $2.02 EPS. The company’s revenue for the quarter was down 4.2% compared to the same quarter last year. Analysts predict that Sonic Automotive will post 5.63 EPS for the current year.

Sonic Automotive Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be issued 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 2.10%. Sonic Automotive’s dividend payout ratio is 21.35%.

Institutional Trading of Sonic Automotive

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

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.