Sonic Automotive, Inc. (NYSE:SAH) Shares Sold by Amalgamated Bank

Amalgamated Bank reduced its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH) by 4.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,336 shares of the company’s stock after selling 205 shares during the quarter. Amalgamated Bank’s holdings in Sonic Automotive were worth $254,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Sonic Automotive during the 1st quarter valued at $30,000. Innealta Capital LLC purchased a new stake in shares of Sonic Automotive in the second quarter worth about $41,000. AM Squared Ltd acquired a new stake in shares of Sonic Automotive in the second quarter valued at about $82,000. Point72 DIFC Ltd grew its stake in shares of Sonic Automotive by 6.9% in the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock valued at $158,000 after buying an additional 187 shares in the last quarter. Finally, Intech Investment Management LLC purchased a new stake in shares of Sonic Automotive during the 2nd quarter valued at about $228,000. Institutional investors and hedge funds own 46.92% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on SAH shares. Needham & Company LLC upped their price target 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 shares of Sonic Automotive in a research note on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on shares of 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 raised Sonic Automotive from an “underweight” rating to an “equal weight” rating and lifted 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 Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a report on Monday, October 14th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Sonic Automotive presently has an average rating of “Moderate Buy” and an average target price of $67.40.

Sonic Automotive Stock Performance

Shares of SAH opened at $63.95 on Monday. 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 12-month low of $47.82 and a 12-month high of $67.15. The business’s fifty day moving average price is $57.88 and its 200 day moving average price is $57.62. The stock has a market capitalization of $2.19 billion, a PE ratio of 11.38 and a beta of 1.61.

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). 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 company’s quarterly revenue was down 4.2% compared to the same quarter last year. Equities research analysts forecast that Sonic Automotive, Inc. will post 5.7 EPS for the current year.

Sonic Automotive Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.35 per share. 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. This represents a $1.40 annualized dividend and a dividend yield of 2.19%. Sonic Automotive’s dividend payout ratio is 21.35%.

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.