JPMorgan Chase & Co. Grows Stock Position in Sonic Automotive, Inc. (NYSE:SAH)

JPMorgan Chase & Co. boosted its stake in shares of Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 68.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 53,231 shares of the company's stock after buying an additional 21,650 shares during the quarter. JPMorgan Chase & Co. owned 0.16% of Sonic Automotive worth $3,113,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in SAH. Squarepoint Ops LLC grew its holdings in Sonic Automotive by 679.8% in the second quarter. Squarepoint Ops LLC now owns 95,006 shares of the company's stock valued at $5,175,000 after purchasing an additional 82,823 shares during the last quarter. Phocas Financial Corp. purchased a new position in shares of Sonic Automotive during the 3rd quarter worth approximately $3,645,000. Marshall Wace LLP lifted its stake in Sonic Automotive by 831.1% in the 2nd quarter. Marshall Wace LLP now owns 35,969 shares of the company's stock valued at $1,959,000 after buying an additional 32,106 shares in the last quarter. Harbor Capital Advisors Inc. lifted its stake in Sonic Automotive by 124.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company's stock valued at $3,239,000 after buying an additional 30,731 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Sonic Automotive during the 2nd quarter valued at $1,351,000. 46.92% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Morgan Stanley upgraded Sonic Automotive from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $40.00 to $58.00 in a research report on Wednesday, September 25th. Needham & Company LLC reaffirmed a "buy" rating and set a $74.00 price target on shares of Sonic Automotive in a research note on Thursday. Bank of America lowered their price target on shares of Sonic Automotive from $67.00 to $66.00 and set a "buy" rating for the company in a report on Monday, October 14th. JPMorgan Chase & Co. reduced their price objective on shares of Sonic Automotive from $75.00 to $74.00 and set an "overweight" rating on the stock in a research note on Friday. Finally, Seaport Res Ptn raised Sonic Automotive from a "hold" rating to a "strong-buy" rating in a research report on Thursday, November 21st. Two equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $67.20.

Sonic Automotive Trading Up 0.1 %

Shares of NYSE SAH traded up $0.06 during trading on Monday, hitting $68.39. 146,398 shares of the company traded hands, compared to its average volume of 117,849. The firm has a market capitalization of $2.34 billion, a P/E ratio of 12.17 and a beta of 1.67. 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 company has a 50-day moving average price of $65.64 and a 200-day moving average price of $60.48. Sonic Automotive, Inc. has a 1 year low of $47.82 and a 1 year high of $70.88.

Sonic Automotive (NYSE:SAH - Get Free Report) 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). 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 was down 4.2% on a year-over-year basis. During the same period last year, the firm posted $2.02 EPS. On average, equities analysts predict that Sonic Automotive, Inc. will post 5.6 EPS for the current year.

Sonic Automotive Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Friday, December 13th were issued a $0.35 dividend. This is a positive change from Sonic Automotive's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.40 annualized dividend and a yield of 2.05%. Sonic Automotive's dividend payout ratio (DPR) is presently 24.91%.

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.