Sonic Automotive (NYSE:SAH) Upgraded 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 research note released on Thursday morning,Zacks.com reports.

Several other research analysts have also commented on SAH. Bank of America lowered their price target on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $40.00 to $58.00 in a report on Wednesday, September 25th. Stephens began coverage on shares of 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. JPMorgan Chase & Co. raised their price objective on shares of Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, Needham & Company LLC upped their target price 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 issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.40.

Sonic Automotive Stock Up 5.3 %

Shares of SAH opened at $66.57 on Thursday. The company’s 50-day moving average price is $58.72 and its 200 day moving average price is $57.84. Sonic Automotive has a 12-month low of $47.82 and a 12-month high of $67.15. 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 firm has a market cap of $2.28 billion, a P/E ratio of 11.85 and a beta of 1.61.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $3.55 billion. During the same quarter in the prior year, the company posted $2.02 earnings per share. The business’s revenue was down 4.2% compared to the same quarter last year. On average, sell-side analysts forecast that Sonic Automotive will post 5.63 earnings per share for the current year.

Sonic Automotive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.10%. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, December 13th. Sonic Automotive’s dividend payout ratio is presently 21.35%.

Institutional Investors Weigh In On Sonic Automotive

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

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.