Readystate Asset Management LP Invests $596,000 in Sonic Automotive, Inc. (NYSE:SAH)

Readystate Asset Management LP bought a new stake in Sonic Automotive, Inc. (NYSE:SAH - Free Report) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 10,183 shares of the company's stock, valued at approximately $596,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SAH. Innealta Capital LLC purchased a new position in Sonic Automotive in the second quarter valued at $41,000. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Sonic Automotive by 100.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company's stock valued at $70,000 after purchasing an additional 599 shares during the period. AM Squared Ltd purchased a new stake in Sonic Automotive during the 2nd quarter worth about $82,000. Point72 DIFC Ltd lifted its holdings 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 during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in Sonic Automotive during the 2nd quarter worth about $228,000. 46.92% of the stock is currently owned by hedge funds and other institutional investors.

Sonic Automotive Stock Performance

Shares of NYSE SAH traded down $0.16 during trading hours on Friday, reaching $67.51. The stock had a trading volume of 122,070 shares, compared to its average volume of 193,661. The firm has a market cap of $2.31 billion, a price-to-earnings ratio of 12.02 and a beta of 1.65. The company has a current ratio of 1.11, a quick ratio of 0.35 and a debt-to-equity ratio of 1.87. Sonic Automotive, Inc. has a fifty-two week low of $47.82 and a fifty-two week high of $70.88. The firm has a 50-day moving average of $60.88 and a 200-day moving average of $58.50.

Sonic Automotive (NYSE:SAH - Get Free Report) last announced its 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 during the quarter, compared to analyst estimates of $3.55 billion. Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. The firm's revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period last year, the company earned $2.02 earnings per share. Equities research analysts predict that Sonic Automotive, Inc. will post 5.6 earnings per share for the current year.

Sonic Automotive Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 13th. This is an increase from Sonic Automotive's previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 2.07%. Sonic Automotive's dividend payout ratio is currently 24.91%.

Analysts Set New Price Targets

A number of analysts have issued reports on SAH shares. Needham & Company LLC lifted their price target on Sonic Automotive from $73.00 to $74.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Morgan Stanley raised Sonic Automotive from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $40.00 to $58.00 in a report on Wednesday, September 25th. Seaport Res Ptn raised Sonic Automotive from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 21st. Stephens started coverage on Sonic Automotive in a report on Thursday, September 12th. They set an "equal weight" rating and a $64.00 price target for the company. Finally, JPMorgan Chase & Co. lifted their price target on Sonic Automotive from $63.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $67.40.

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.