Sonic Automotive (NYSE:SAH) Trading Down 3% - Here's What Happened

Shares of Sonic Automotive, Inc. (NYSE:SAH - Get Free Report) traded down 3% during trading on Monday . The stock traded as low as $57.99 and last traded at $58.26. 47,133 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 195,623 shares. The stock had previously closed at $60.08.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SAH. JPMorgan Chase & Co. reduced their price objective on Sonic Automotive from $80.00 to $65.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. StockNews.com lowered Sonic Automotive from a "buy" rating to a "hold" rating in a research report on Monday, March 24th. Stephens boosted their price objective on Sonic Automotive from $83.00 to $92.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC reduced their target price on shares of Sonic Automotive from $100.00 to $93.00 and set a "buy" rating on the stock in a report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Sonic Automotive currently has a consensus rating of "Moderate Buy" and an average price target of $74.80.

Sonic Automotive Stock Performance

The stock has a market cap of $1.99 billion, a PE ratio of 9.53 and a beta of 1.43. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.09 and a quick ratio of 0.35. The firm has a 50 day moving average of $63.35 and a two-hundred day moving average of $64.04.

Sonic Automotive (NYSE:SAH - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.46 by $0.05. Sonic Automotive had a return on equity of 19.96% and a net margin of 1.52%. Research analysts predict that Sonic Automotive, Inc. will post 6.14 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th were paid a dividend of $0.35 per share. The ex-dividend date was Friday, March 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.38%. Sonic Automotive's dividend payout ratio (DPR) is 22.65%.

Institutional Trading of Sonic Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC raised its stake in Sonic Automotive by 515.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 480 shares of the company's stock valued at $30,000 after purchasing an additional 402 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Sonic Automotive in the 4th quarter worth approximately $51,000. R Squared Ltd acquired a new stake in shares of Sonic Automotive during the fourth quarter worth $72,000. Aster Capital Management DIFC Ltd lifted its position in Sonic Automotive by 1,429.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,545 shares of the company's stock worth $98,000 after buying an additional 1,444 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in Sonic Automotive in the 4th quarter valued at about $185,000. Institutional investors and hedge funds own 46.92% of the company's stock.

About Sonic Automotive

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.