Jane Street Group LLC Reduces Position in Sonic Automotive, Inc. (NYSE:SAH)

Jane Street Group LLC lowered its position in Sonic Automotive, Inc. (NYSE:SAH) by 20.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,531 shares of the company’s stock after selling 6,755 shares during the quarter. Jane Street Group LLC owned approximately 0.07% of Sonic Automotive worth $1,493,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Victory Capital Management Inc. grew its holdings in shares of Sonic Automotive by 524.4% during 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 last quarter. Squarepoint Ops LLC lifted 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 worth $5,175,000 after acquiring an additional 82,823 shares during the period. Phocas Financial Corp. purchased a new position in shares of Sonic Automotive in the 3rd quarter valued at approximately $3,645,000. Marshall Wace LLP increased its holdings in shares of Sonic Automotive by 831.1% in the second quarter. Marshall Wace LLP now owns 35,969 shares of the company’s stock valued at $1,959,000 after purchasing an additional 32,106 shares during the period. Finally, Harbor Capital Advisors Inc. raised its stake in shares of Sonic Automotive by 124.7% during the third quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company’s stock worth $3,239,000 after purchasing an additional 30,731 shares during the last quarter. 46.92% of the stock is owned by institutional investors and hedge funds.

Sonic Automotive Stock Down 1.2 %

SAH stock opened at $63.59 on Friday. 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’s 50-day moving average price is $63.80 and its 200 day moving average price is $59.44. Sonic Automotive, Inc. has a 52 week low of $47.82 and a 52 week high of $70.88. The company has a market cap of $2.17 billion, a P/E ratio of 11.31 and a beta of 1.65.

Sonic Automotive (NYSE:SAH) last posted 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). The company had revenue of $3.49 billion for the quarter, compared to analyst estimates of $3.55 billion. Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. Sonic Automotive’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.02 earnings per share. On average, research analysts expect that Sonic Automotive, Inc. will post 5.6 earnings per share 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. Shareholders of record on Friday, December 13th will be issued a $0.35 dividend. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, December 13th. This represents a $1.40 annualized dividend and a yield of 2.20%. Sonic Automotive’s dividend payout ratio is 24.91%.

Wall Street Analyst Weigh In

SAH has been the topic of a number of analyst reports. 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. JPMorgan Chase & Co. lifted their target price 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. Bank of America cut their price target on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a report on Monday, October 14th. Needham & Company LLC raised their price objective on shares of Sonic Automotive from $73.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Three investment 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $67.40.

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.