Geode Capital Management LLC Acquires 311 Shares of Sonic Automotive, Inc. (NYSE:SAH)

Geode Capital Management LLC increased its stake in Sonic Automotive, Inc. (NYSE:SAH) by 0.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 333,642 shares of the company’s stock after acquiring an additional 311 shares during the quarter. Geode Capital Management LLC owned 0.98% of Sonic Automotive worth $19,515,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of SAH. Victory Capital Management Inc. increased its stake in Sonic Automotive by 524.4% in the second quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock valued at $5,480,000 after purchasing an additional 84,489 shares in the last quarter. Squarepoint Ops LLC increased its position in Sonic Automotive by 679.8% in the 2nd quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock valued at $5,175,000 after buying an additional 82,823 shares in the last quarter. Phocas Financial Corp. acquired a new position in Sonic Automotive during the 3rd quarter worth approximately $3,645,000. Marshall Wace LLP boosted its holdings in Sonic Automotive by 831.1% in the second quarter. Marshall Wace LLP now owns 35,969 shares of the company’s stock worth $1,959,000 after acquiring an additional 32,106 shares in the last quarter. Finally, Harbor Capital Advisors Inc. grew its stake in Sonic Automotive by 124.7% in the third quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company’s stock valued at $3,239,000 after acquiring an additional 30,731 shares during the period. Institutional investors and hedge funds own 46.92% of the company’s stock.

Sonic Automotive Stock Down 1.2 %

SAH opened at $63.59 on Friday. Sonic Automotive, Inc. has a 12 month low of $47.82 and a 12 month high of $70.88. The company has a market cap of $2.17 billion, a PE ratio of 11.31 and a beta of 1.65. 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 has a 50 day moving average of $63.80 and a 200 day moving average of $59.46.

Sonic Automotive (NYSE:SAH) last announced 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 firm had revenue of $3.49 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.02 earnings per share. On average, sell-side analysts expect that Sonic Automotive, Inc. will post 5.6 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. Shareholders of record on Friday, December 13th will be given a dividend of $0.35 per share. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.40 dividend on an annualized basis and a yield of 2.20%. Sonic Automotive’s dividend payout ratio (DPR) is presently 24.91%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SAH. Stephens assumed coverage on Sonic Automotive in a research report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 target price on the stock. Seaport Res Ptn raised shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. JPMorgan Chase & Co. boosted their target price on shares of Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Morgan Stanley upgraded shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and upped their target price for the stock from $40.00 to $58.00 in a report on Wednesday, September 25th. Finally, Needham & Company LLC lifted their price target on Sonic Automotive from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus 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.