Sonic Automotive (NYSE:SAH) Stock Price Down 1.8% – Here’s What Happened

Shares of Sonic Automotive, Inc. (NYSE:SAH) dropped 1.8% during mid-day trading on Friday . The company traded as low as $58.50 and last traded at $58.24. Approximately 23,743 shares traded hands during trading, a decline of 87% from the average daily volume of 177,496 shares. The stock had previously closed at $59.32.

Analysts Set New Price Targets

A number of analysts recently weighed in on SAH shares. Needham & Company LLC lifted their price target on Sonic Automotive from $74.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. StockNews.com raised shares of Sonic Automotive from a “hold” rating to a “buy” rating in a research note on Wednesday, February 12th. Seaport Res Ptn raised shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 21st. Stephens increased their target price on shares of Sonic Automotive from $83.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. boosted their price target on Sonic Automotive from $74.00 to $80.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $79.20.

Sonic Automotive Stock Down 1.3 %

The company has a current ratio of 1.09, a quick ratio of 0.35 and a debt-to-equity ratio of 1.75. The firm has a 50 day moving average of $69.23 and a two-hundred day moving average of $63.91. The stock has a market capitalization of $1.99 billion, a PE ratio of 9.53 and a beta of 1.70.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.51 earnings per share 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%. Equities research analysts anticipate that Sonic Automotive, Inc. will post 6.14 earnings per share for the current year.

Sonic Automotive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Friday, March 14th. Sonic Automotive’s payout ratio is 22.65%.

Hedge Funds Weigh In On Sonic Automotive

Several hedge funds have recently bought and sold shares of the stock. Phocas Financial Corp. purchased a new stake in shares of Sonic Automotive in the third quarter valued at $3,645,000. Denali Advisors LLC grew its position in shares of Sonic Automotive by 111.2% in the fourth quarter. Denali Advisors LLC now owns 87,100 shares of the company’s stock valued at $5,518,000 after purchasing an additional 45,857 shares during the period. Voloridge Investment Management LLC grew its position in shares of Sonic Automotive by 110.9% in the fourth quarter. Voloridge Investment Management LLC now owns 69,766 shares of the company’s stock valued at $4,420,000 after purchasing an additional 36,691 shares during the period. HITE Hedge Asset Management LLC grew its position in shares of Sonic Automotive by 105.2% in the fourth quarter. HITE Hedge Asset Management LLC now owns 58,526 shares of the company’s stock valued at $3,708,000 after purchasing an additional 30,002 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Sonic Automotive by 52.1% in the fourth quarter. JPMorgan Chase & Co. now owns 80,957 shares of the company’s stock valued at $5,129,000 after purchasing an additional 27,726 shares during the period. Hedge funds and other 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.