Verition Fund Management LLC Has $625,000 Holdings in Sonic Automotive, Inc. (NYSE:SAH)

Verition Fund Management LLC trimmed its position in Sonic Automotive, Inc. (NYSE:SAH) by 83.6% in the third quarter, HoldingsChannel.com reports. The firm owned 10,693 shares of the company’s stock after selling 54,321 shares during the period. Verition Fund Management LLC’s holdings in Sonic Automotive were worth $625,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of Sonic Automotive in the 2nd quarter valued at $41,000. AM Squared Ltd bought a new stake in Sonic Automotive in the second quarter valued at about $82,000. Point72 DIFC Ltd raised its position in Sonic Automotive by 6.9% in the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock worth $158,000 after purchasing an additional 187 shares in the last quarter. Intech Investment Management LLC bought a new position in Sonic Automotive during the second quarter worth about $228,000. Finally, Arizona State Retirement System boosted its holdings in Sonic Automotive by 10.8% during the second quarter. Arizona State Retirement System now owns 4,324 shares of the company’s stock valued at $236,000 after purchasing an additional 420 shares in the last quarter. 46.92% of the stock is owned by institutional investors.

Sonic Automotive Stock Up 0.1 %

Shares of NYSE:SAH opened at $67.23 on Wednesday. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The firm has a market cap of $2.30 billion, a P/E ratio of 11.96 and a beta of 1.65. Sonic Automotive, Inc. has a 12 month low of $47.82 and a 12 month high of $70.88. The company’s 50-day moving average price is $61.41 and its two-hundred day moving average price is $58.74.

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

Sonic Automotive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be paid a $0.35 dividend. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 2.08%. The ex-dividend date of this dividend is Friday, December 13th. Sonic Automotive’s dividend payout ratio (DPR) is 24.91%.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SAH shares. Needham & Company LLC increased their target price on Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Stephens started coverage on Sonic Automotive in a research note on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price objective for the company. JPMorgan Chase & Co. upped their target price on shares of Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Morgan Stanley upgraded shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Finally, Bank of America reduced their price target on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a research report 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 given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $67.40.

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.