Principal Financial Group Inc. Has $4.03 Million Holdings in Sonic Automotive, Inc. (NYSE:SAH)

Principal Financial Group Inc. decreased its position in Sonic Automotive, Inc. (NYSE:SAH) by 6.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 68,839 shares of the company’s stock after selling 4,619 shares during the period. Principal Financial Group Inc. owned approximately 0.20% of Sonic Automotive worth $4,026,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of SAH. Franklin Resources Inc. lifted its stake in shares of Sonic Automotive by 6.7% in the 3rd quarter. Franklin Resources Inc. now owns 9,643 shares of the company’s stock valued at $530,000 after purchasing an additional 609 shares during the period. Barclays PLC increased its holdings in Sonic Automotive by 346.1% in the third quarter. Barclays PLC now owns 24,413 shares of the company’s stock worth $1,427,000 after purchasing an additional 18,940 shares in the last quarter. Readystate Asset Management LP bought a new position in shares of Sonic Automotive during the 3rd quarter worth approximately $596,000. Point72 Asset Management L.P. grew its position in shares of Sonic Automotive by 4.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 11,400 shares of the company’s stock worth $667,000 after buying an additional 500 shares during the period. Finally, HITE Hedge Asset Management LLC increased its stake in shares of Sonic Automotive by 49.0% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 28,524 shares of the company’s stock valued at $1,668,000 after acquiring an additional 9,377 shares in the last quarter. Institutional investors own 46.92% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Stephens initiated coverage on shares of Sonic Automotive in a report on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 price target for the company. JPMorgan Chase & Co. boosted their target price on Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $40.00 to $58.00 in a report on Wednesday, September 25th. Seaport Res Ptn upgraded Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 21st. Finally, 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. 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 company’s stock. According to MarketBeat.com, Sonic Automotive currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.40.

Sonic Automotive Stock Down 1.6 %

Shares of NYSE:SAH opened at $62.35 on Friday. The business’s 50 day moving average is $64.40 and its 200 day moving average is $59.61. Sonic Automotive, Inc. has a 12-month low of $47.82 and a 12-month high of $70.88. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of 11.09 and a beta of 1.65. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87.

Sonic Automotive (NYSE:SAH) last posted its earnings results on Thursday, October 24th. The company reported $1.26 earnings per share (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 firm 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 company earned $2.02 EPS. The business’s revenue was down 4.2% compared to the same quarter last year. On average, sell-side analysts forecast that Sonic Automotive, Inc. will post 5.6 earnings per share for the current fiscal year.

Sonic Automotive Increases Dividend

The firm 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 represents a $1.40 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s payout ratio is presently 24.91%.

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.