What is Seaport Res Ptn's Estimate for SAH FY2024 Earnings?

Sonic Automotive, Inc. (NYSE:SAH - Free Report) - Equities researchers at Seaport Res Ptn reduced their FY2024 earnings estimates for shares of Sonic Automotive in a research note issued on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now expects that the company will post earnings of $5.70 per share for the year, down from their previous estimate of $5.97. The consensus estimate for Sonic Automotive's current full-year earnings is $5.67 per share.

Sonic Automotive (NYSE:SAH - Get Free Report) last posted its earnings results on Monday, August 5th. The company reported $1.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.38 by $0.09. The company had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.56 billion. Sonic Automotive had a net margin of 1.35% and a return on equity of 25.31%. The firm's quarterly revenue was down 5.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.83 earnings per share.

Several other equities research analysts have also commented on the company. Morgan Stanley upgraded Sonic Automotive from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Stephens began coverage on shares of Sonic Automotive in a report on Thursday, September 12th. They set an "equal weight" rating and a $64.00 price target on the stock. Bank of America cut their price objective 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. Needham & Company LLC began coverage on shares of Sonic Automotive in a research note on Tuesday, August 20th. They set a "buy" rating and a $73.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Sonic Automotive from $63.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, September 10th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Sonic Automotive has a consensus rating of "Moderate Buy" and an average price target of $66.33.

Sonic Automotive Stock Performance

Shares of SAH traded up $1.20 during mid-day trading on Wednesday, reaching $55.47. The company had a trading volume of 251,871 shares, compared to its average volume of 196,005. The stock has a market capitalization of $1.88 billion, a P/E ratio of 11.37 and a beta of 1.60. Sonic Automotive has a 52-week low of $42.57 and a 52-week high of $64.68. The stock has a 50 day moving average of $57.82 and a two-hundred day moving average of $56.57. The company has a quick ratio of 0.36, a current ratio of 1.10 and a debt-to-equity ratio of 2.04.

Sonic Automotive Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.16%. The ex-dividend date was Friday, September 13th. Sonic Automotive's payout ratio is 24.59%.

Hedge Funds Weigh In On Sonic Automotive

A number of hedge funds have recently made changes to their positions in SAH. Westwood Holdings Group Inc. increased its position in shares of Sonic Automotive by 12.6% during the first quarter. Westwood Holdings Group Inc. now owns 630,450 shares of the company's stock worth $35,898,000 after purchasing an additional 70,540 shares in the last quarter. Millennium Management LLC grew its stake in Sonic Automotive by 3.8% during the 2nd quarter. Millennium Management LLC now owns 456,588 shares of the company's stock valued at $24,870,000 after acquiring an additional 16,556 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Sonic Automotive by 524.4% during the 2nd quarter. Victory Capital Management Inc. now owns 100,602 shares of the company's stock worth $5,480,000 after purchasing an additional 84,489 shares during the last quarter. Squarepoint Ops LLC grew its position in shares of 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 in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Sonic Automotive by 26.8% during the second quarter. Renaissance Technologies LLC now owns 88,826 shares of the company's stock worth $4,838,000 after buying an additional 18,800 shares in the last quarter. Institutional investors and hedge funds own 46.92% of the company's stock.

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.