HITE Hedge Asset Management LLC Raises Position in Sonic Automotive, Inc. (NYSE:SAH)

HITE Hedge Asset Management LLC increased its position in Sonic Automotive, Inc. (NYSE:SAH) by 49.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 28,524 shares of the company’s stock after buying an additional 9,377 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Sonic Automotive were worth $1,668,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Harbor Capital Advisors Inc. raised its stake in 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 period. Victory Capital Management Inc. raised its position in shares of 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 buying an additional 84,489 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Sonic Automotive during the third quarter worth approximately $532,000. Intech Investment Management LLC raised its holdings in Sonic Automotive by 418.9% in the third quarter. Intech Investment Management LLC now owns 21,692 shares of the company’s stock valued at $1,269,000 after acquiring an additional 17,512 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of Sonic Automotive during the third quarter worth $1,244,000. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SAH. Stephens initiated coverage on shares of Sonic Automotive in a report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price 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. Needham & Company LLC boosted 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. Seaport Res Ptn upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 21st. Finally, Bank of America reduced their price objective on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Three research 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $67.40.

Sonic Automotive Trading Up 0.3 %

Shares of Sonic Automotive stock opened at $69.36 on Tuesday. Sonic Automotive, Inc. has a fifty-two week low of $47.82 and a fifty-two week high of $70.88. The firm has a market cap of $2.37 billion, a PE ratio of 12.34 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. The business’s fifty day moving average is $59.99 and its two-hundred day moving average is $58.23.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings data 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). 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 for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the firm posted $2.02 earnings per share. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. Analysts anticipate that Sonic Automotive, Inc. will post 5.6 earnings per share for the current year.

Sonic Automotive Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.40 annualized dividend and a dividend yield of 2.02%. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s dividend payout ratio is presently 21.35%.

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.