BNP Paribas Financial Markets decreased its position in shares of Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 14.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 77,817 shares of the company's stock after selling 12,854 shares during the period. BNP Paribas Financial Markets owned 0.23% of Sonic Automotive worth $4,551,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Innealta Capital LLC acquired a new stake in Sonic Automotive during the second quarter valued at $41,000. AM Squared Ltd acquired a new stake in shares of Sonic Automotive in the second quarter worth about $82,000. Point72 DIFC Ltd lifted its position 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 worth $158,000 after buying an additional 187 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Sonic Automotive in the second quarter worth about $228,000. Finally, Arizona State Retirement System lifted its position in shares of Sonic Automotive by 10.8% in the second quarter. Arizona State Retirement System now owns 4,324 shares of the company's stock worth $236,000 after buying an additional 420 shares during the last quarter. Institutional investors and hedge funds own 46.92% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have weighed in on SAH shares. Seaport Res Ptn raised Sonic Automotive from a "hold" rating to a "strong-buy" rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. lifted their price objective on Sonic Automotive from $63.00 to $75.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 10th. Stephens assumed coverage on Sonic Automotive in a research note on Thursday, September 12th. They issued an "equal weight" rating and a $64.00 price objective on the stock. Morgan Stanley upgraded Sonic Automotive from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $40.00 to $58.00 in a research note on Wednesday, September 25th. Finally, Bank of America dropped their price objective on Sonic Automotive from $67.00 to $66.00 and set a "buy" rating on the stock in a research note on Monday, October 14th. Three investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $67.40.
Check Out Our Latest Report on Sonic Automotive
Sonic Automotive Stock Performance
SAH traded down $1.38 on Wednesday, hitting $67.73. 45,903 shares of the stock traded hands, compared to its average volume of 194,023. Sonic Automotive, Inc. has a 52 week low of $47.82 and a 52 week high of $70.88. 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 firm has a market capitalization of $2.32 billion, a PE ratio of 12.30 and a beta of 1.65. The business has a fifty day moving average price of $60.46 and a two-hundred day moving average price of $58.36.
Sonic Automotive (NYSE:SAH - Get Free Report) last issued its quarterly 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 net margin of 1.41% and a return on equity of 21.27%. The firm had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the firm earned $2.02 earnings per share. The company's revenue was down 4.2% on a year-over-year basis. On average, research analysts predict that Sonic Automotive, Inc. will post 5.6 EPS for the current fiscal year.
Sonic Automotive Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.07%. This is a positive change from Sonic Automotive's previous quarterly dividend of $0.30. The ex-dividend date is Friday, December 13th. Sonic Automotive's payout ratio is currently 21.35%.
About Sonic Automotive
(
Free Report)
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.
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