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

HITE Hedge Asset Management LLC lifted its stake in shares of Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 105.2% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 58,526 shares of the company's stock after buying an additional 30,002 shares during the quarter. HITE Hedge Asset Management LLC owned about 0.17% of Sonic Automotive worth $3,708,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Barclays PLC grew its stake in Sonic Automotive by 346.1% in the third quarter. Barclays PLC now owns 24,413 shares of the company's stock valued at $1,427,000 after acquiring an additional 18,940 shares during the period. Vanguard Group Inc. grew its position in Sonic Automotive by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 1,557,344 shares of the company's stock valued at $98,658,000 after purchasing an additional 20,058 shares during the period. New York State Common Retirement Fund increased its stake in Sonic Automotive by 54.4% during the 4th quarter. New York State Common Retirement Fund now owns 45,000 shares of the company's stock valued at $2,851,000 after purchasing an additional 15,849 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Sonic Automotive by 68.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 53,231 shares of the company's stock worth $3,113,000 after acquiring an additional 21,650 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in Sonic Automotive during the 4th quarter worth approximately $244,000. Institutional investors and hedge funds own 46.92% of the company's stock.

Sonic Automotive Price Performance

Shares of SAH stock traded up $1.55 on Tuesday, reaching $59.72. The company's stock had a trading volume of 307,138 shares, compared to its average volume of 197,197. The stock's 50 day simple moving average is $63.08 and its 200-day simple moving average is $64.16. Sonic Automotive, Inc. has a 12-month low of $48.61 and a 12-month high of $76.78. The company has a market capitalization of $2.01 billion, a P/E ratio of 9.66 and a beta of 1.43. The company has a quick ratio of 0.35, a current ratio of 1.09 and a debt-to-equity ratio of 1.75.

Sonic Automotive (NYSE:SAH - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.05. Sonic Automotive had a net margin of 1.52% and a return on equity of 19.96%. As a group, equities analysts predict that Sonic Automotive, Inc. will post 6.14 earnings per share for the current fiscal year.

Sonic Automotive Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Friday, March 14th. Sonic Automotive's payout ratio is currently 22.65%.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. StockNews.com upgraded Sonic Automotive from a "hold" rating to a "buy" rating in a research note on Monday. Stephens increased their price target on Sonic Automotive from $83.00 to $92.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Needham & Company LLC cut their price objective on Sonic Automotive from $100.00 to $93.00 and set a "buy" rating on the stock in a research report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. cut their price target on shares of Sonic Automotive from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $74.80.

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.