Sonic Automotive (NYSE:SAH) Trading Up 3.6% - Here's What Happened

Sonic Automotive, Inc. (NYSE:SAH - Get Free Report)'s stock price rose 3.6% on Wednesday . The company traded as high as $56.29 and last traded at $56.22. Approximately 7,124 shares were traded during mid-day trading, a decline of 96% from the average daily volume of 194,811 shares. The stock had previously closed at $54.27.

Analysts Set New Price Targets

Several equities research analysts have commented on SAH shares. Stephens began coverage on shares of Sonic Automotive in a research note on Thursday, September 12th. They issued an "equal weight" rating and a $64.00 target price for the company. JPMorgan Chase & Co. lifted their target price on Sonic Automotive from $63.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, September 10th. Morgan Stanley raised Sonic Automotive from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Bank of America decreased their price objective on Sonic Automotive from $67.00 to $66.00 and set a "buy" rating for the company in a research report on Monday, October 14th. Finally, Needham & Company LLC began coverage on shares of Sonic Automotive in a research note on Tuesday, August 20th. They issued a "buy" rating and a $73.00 price target on the stock. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Sonic Automotive currently has a consensus rating of "Moderate Buy" and a consensus target price of $66.33.

Sonic Automotive Stock Up 2.2 %

The company has a quick ratio of 0.36, a current ratio of 1.10 and a debt-to-equity ratio of 2.04. The firm has a 50 day simple moving average of $57.82 and a 200-day simple moving average of $56.57. The stock has a market cap of $1.89 billion, a P/E ratio of 10.19 and a beta of 1.60.

Sonic Automotive (NYSE:SAH - Get Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported $1.47 EPS for the quarter, topping analysts' consensus estimates of $1.38 by $0.09. Sonic Automotive had a net margin of 1.35% and a return on equity of 25.31%. The firm had revenue of $3.45 billion during the quarter, compared to analysts' expectations of $3.56 billion. During the same period in the previous year, the business posted $1.83 earnings per share. The company's revenue for the quarter was down 5.5% compared to the same quarter last year. On average, equities research analysts forecast that Sonic Automotive, Inc. will post 5.67 earnings per share for the current fiscal year.

Sonic Automotive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 2.16%. Sonic Automotive's dividend payout ratio is presently 22.18%.

Hedge Funds Weigh In On Sonic Automotive

Several large investors have recently modified their holdings of the business. Victory Capital Management Inc. boosted its holdings in 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 acquiring an additional 84,489 shares during the last quarter. Squarepoint Ops LLC increased its position in shares of Sonic Automotive by 679.8% during the second quarter. Squarepoint Ops LLC now owns 95,006 shares of the company's stock worth $5,175,000 after buying an additional 82,823 shares during the period. Westwood Holdings Group Inc. raised its stake in 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 buying an additional 70,540 shares during the last quarter. Marshall Wace LLP lifted its holdings in Sonic Automotive by 831.1% in the second 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 during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Sonic Automotive during the second quarter valued at $1,351,000. Institutional investors 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.