Geode Capital Management LLC Boosts Stock Position in Sonic Automotive, Inc. (NYSE:SAH)

Geode Capital Management LLC boosted its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH) by 0.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 333,642 shares of the company’s stock after purchasing an additional 311 shares during the period. Geode Capital Management LLC’s holdings in Sonic Automotive were worth $19,515,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Millennium Management LLC lifted its position in shares of Sonic Automotive by 3.8% in the 2nd quarter. Millennium Management LLC now owns 456,588 shares of the company’s stock worth $24,870,000 after purchasing an additional 16,556 shares during the period. Victory Capital Management Inc. lifted its holdings in Sonic Automotive by 524.4% in the second quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock worth $5,480,000 after buying an additional 84,489 shares during the period. Squarepoint Ops LLC boosted its position in Sonic Automotive by 679.8% during the 2nd quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock valued at $5,175,000 after acquiring an additional 82,823 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Sonic Automotive by 26.8% during the 2nd quarter. Renaissance Technologies LLC now owns 88,826 shares of the company’s stock worth $4,838,000 after acquiring an additional 18,800 shares during the period. Finally, Phocas Financial Corp. bought a new position in shares of Sonic Automotive in the 3rd quarter worth approximately $3,645,000. Hedge funds and other institutional investors own 46.92% of the company’s stock.

Sonic Automotive Stock Performance

Shares of SAH opened at $63.59 on Friday. The firm has a market capitalization of $2.17 billion, a P/E ratio of 11.31 and a beta of 1.65. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 0.35. Sonic Automotive, Inc. has a one year low of $47.82 and a one year high of $70.88. The business has a fifty day moving average of $63.80 and a 200 day moving average of $59.46.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings results on Thursday, October 24th. The company reported $1.26 earnings per share 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 business had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the business posted $2.02 earnings per share. The firm’s revenue was down 4.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Sonic Automotive, Inc. will post 5.6 EPS for the current year.

Sonic Automotive Increases Dividend

The business also recently declared 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. This represents a $1.40 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend is Friday, December 13th. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s payout ratio is currently 24.91%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SAH. Morgan Stanley raised Sonic Automotive from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $40.00 to $58.00 in a research note on Wednesday, September 25th. Seaport Res Ptn upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. 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 research note on Monday, October 14th. Stephens initiated coverage on shares of Sonic Automotive in a research note on Thursday, September 12th. They set an “equal weight” rating and a $64.00 target price for the company. Finally, Needham & Company LLC boosted their price target on Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Sonic Automotive presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.40.

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.