Assenagon Asset Management S.A. Makes New $1.24 Million Investment in Sonic Automotive, Inc. (NYSE:SAH)

Assenagon Asset Management S.A. bought a new stake in Sonic Automotive, Inc. (NYSE:SAH - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 21,265 shares of the company's stock, valued at approximately $1,244,000. Assenagon Asset Management S.A. owned about 0.06% of Sonic Automotive as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of the company. Inspire Investing LLC raised its holdings in shares of Sonic Automotive by 8.7% in the third quarter. Inspire Investing LLC now owns 7,036 shares of the company's stock valued at $411,000 after purchasing an additional 561 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Sonic Automotive during the 2nd quarter worth about $1,351,000. Point72 DIFC Ltd lifted its position in Sonic Automotive by 6.9% during the 2nd quarter. Point72 DIFC Ltd now owns 2,900 shares of the company's stock worth $158,000 after buying an additional 187 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Sonic Automotive during the 2nd quarter worth about $645,000. Finally, Millennium Management LLC grew its holdings in shares of Sonic Automotive by 3.8% in 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. Institutional investors own 46.92% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on SAH. Morgan Stanley raised Sonic Automotive from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $40.00 to $58.00 in a research report on Wednesday, September 25th. JPMorgan Chase & Co. raised their target price on shares of Sonic Automotive from $63.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, September 10th. Bank of America dropped their price target on shares of Sonic Automotive from $67.00 to $66.00 and set a "buy" rating on the stock in a research report on Monday, October 14th. Needham & Company LLC boosted their price objective on shares of Sonic Automotive from $73.00 to $74.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Finally, 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. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $67.40.

Sonic Automotive Stock Performance

Shares of SAH stock traded up $0.38 during midday trading on Friday, hitting $57.11. 149,375 shares of the company were exchanged, compared to its average volume of 170,745. Sonic Automotive, Inc. has a 52 week low of $47.82 and a 52 week high of $64.68. The firm has a market capitalization of $1.95 billion, a P/E ratio of 10.16 and a beta of 1.61. The firm's 50 day moving average price is $57.38 and its two-hundred day moving average price is $56.86. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.35 and a current ratio of 1.11.

Sonic Automotive (NYSE:SAH - Get Free Report) last issued its quarterly earnings data 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 the consensus estimate of $3.55 billion. Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The company's revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.02 EPS. As a group, equities research analysts anticipate that Sonic Automotive, Inc. will post 5.62 earnings per share for the current year.

Sonic Automotive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.45%. This is an increase from Sonic Automotive's previous quarterly dividend of $0.30. Sonic Automotive's dividend payout ratio (DPR) is currently 21.35%.

Sonic Automotive 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.