Sonic Automotive (NYSE:SAH) Upgraded at Seaport Res Ptn

Seaport Res Ptn upgraded shares of Sonic Automotive (NYSE:SAH) from a hold rating to a strong-buy rating in a research report report published on Thursday morning,Zacks.com reports.

Other analysts have also issued reports about the company. JPMorgan Chase & Co. raised their price objective on 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 dropped their price target 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 report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price objective for the company. Morgan Stanley upgraded shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $40.00 to $58.00 in a research report on Wednesday, September 25th. Finally, Needham & Company LLC upped their price target on shares of Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a research report 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $67.40.

Sonic Automotive Stock Up 5.3 %

Shares of SAH stock opened at $66.57 on Thursday. The company has a current ratio of 1.11, a quick ratio of 0.35 and a debt-to-equity ratio of 1.87. Sonic Automotive has a twelve month low of $47.82 and a twelve month high of $67.15. The stock has a 50 day moving average of $58.72 and a 200 day moving average of $57.84. The stock has a market cap of $2.28 billion, a P/E ratio of 11.85 and a beta of 1.61.

Sonic Automotive (NYSE:SAH) last posted its 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). The firm had revenue of $3.49 billion for the quarter, compared to analysts’ expectations 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 for the quarter was down 4.2% compared to the same quarter last year. During the same period last year, the firm earned $2.02 earnings per share. As a group, sell-side analysts expect that Sonic Automotive will post 5.63 EPS for the current 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 given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.10%. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, December 13th. Sonic Automotive’s dividend payout ratio is 21.35%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SAH. Barclays PLC grew its holdings in Sonic Automotive by 346.1% in the 3rd quarter. Barclays PLC now owns 24,413 shares of the company’s stock valued at $1,427,000 after buying an additional 18,940 shares in the last quarter. Readystate Asset Management LP purchased a new stake in shares of Sonic Automotive in the third quarter valued at about $596,000. Point72 Asset Management L.P. grew its holdings in shares of Sonic Automotive by 4.6% in the third quarter. Point72 Asset Management L.P. now owns 11,400 shares of the company’s stock valued at $667,000 after purchasing an additional 500 shares during the period. HITE Hedge Asset Management LLC increased its position in Sonic Automotive by 49.0% during the third quarter. HITE Hedge Asset Management LLC now owns 28,524 shares of the company’s stock worth $1,668,000 after purchasing an additional 9,377 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. boosted its holdings in Sonic Automotive by 100.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company’s stock valued at $70,000 after purchasing an additional 599 shares during the last quarter. 46.92% of the stock is owned by hedge funds and other institutional investors.

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.