Verition Fund Management LLC Has $625,000 Stock Holdings in Sonic Automotive, Inc. (NYSE:SAH)

Verition Fund Management LLC decreased its position in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 83.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,693 shares of the company's stock after selling 54,321 shares during the quarter. Verition Fund Management LLC's holdings in Sonic Automotive were worth $625,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Harbor Capital Advisors Inc. raised its position 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 during the last quarter. Intech Investment Management LLC lifted its position in shares of Sonic Automotive by 418.9% in the third quarter. Intech Investment Management LLC now owns 21,692 shares of the company's stock worth $1,269,000 after purchasing an additional 17,512 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Sonic Automotive by 524.4% during the second 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. Wealth Enhancement Advisory Services LLC bought a new position in Sonic Automotive in the third quarter valued at $532,000. Finally, Assenagon Asset Management S.A. acquired a new stake in Sonic Automotive in the 3rd quarter valued at $1,244,000. 46.92% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SAH. 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 report on Monday, October 14th. Morgan Stanley upgraded Sonic Automotive from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $40.00 to $58.00 in a research note on Wednesday, September 25th. Seaport Res Ptn raised Sonic Automotive from a "hold" rating to a "strong-buy" rating in a research report on Thursday, November 21st. Needham & Company LLC increased their price objective on Sonic Automotive from $73.00 to $74.00 and gave the company a "buy" rating in a report on Friday, October 25th. Finally, JPMorgan Chase & Co. boosted their target price on shares of 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 issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Sonic Automotive has an average rating of "Moderate Buy" and a consensus price target of $67.40.

Sonic Automotive Stock Performance

Shares of SAH traded down $0.03 during trading hours on Wednesday, hitting $67.20. The company had a trading volume of 127,070 shares, compared to its average volume of 192,916. The business has a fifty day moving average of $61.62 and a 200-day moving average of $58.80. 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 firm has a market cap of $2.30 billion, a price-to-earnings ratio of 11.96 and a beta of 1.65. Sonic Automotive, Inc. has a 12 month low of $47.82 and a 12 month high of $70.88.

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 the consensus estimate of $1.43 by ($0.17). The company had revenue of $3.49 billion for the quarter, compared to analyst estimates 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 last year, the business earned $2.02 earnings per share. Equities analysts anticipate that Sonic Automotive, Inc. will post 5.6 EPS for the current fiscal year.

Sonic Automotive Increases Dividend

The firm 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 is a boost from Sonic Automotive's previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a dividend yield of 2.08%. Sonic Automotive's dividend payout ratio (DPR) is currently 24.91%.

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.