Wealth Enhancement Advisory Services LLC Invests $532,000 in Sonic Automotive, Inc. (NYSE:SAH)

Wealth Enhancement Advisory Services LLC acquired a new stake in Sonic Automotive, Inc. (NYSE:SAH) during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 9,095 shares of the company’s stock, valued at approximately $532,000.

Several other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new stake in Sonic Automotive in the first quarter valued at about $30,000. Innealta Capital LLC acquired a new stake in shares of Sonic Automotive in the 2nd quarter valued at approximately $41,000. AM Squared Ltd bought a new stake in shares of Sonic Automotive during the 2nd quarter valued at approximately $82,000. Point72 DIFC Ltd increased 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 purchasing an additional 187 shares in the last quarter. Finally, Intech Investment Management LLC bought a new position in Sonic Automotive in the 2nd quarter valued at approximately $228,000. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SAH. Morgan Stanley upgraded shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $40.00 to $58.00 in a report on Wednesday, September 25th. Bank of America lowered their target price on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a report on Monday, October 14th. Stephens initiated coverage on Sonic Automotive in a research note on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target on the stock. JPMorgan Chase & Co. upped their price objective on Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, Needham & Company LLC raised their price objective on shares of Sonic Automotive from $73.00 to $74.00 and gave the company a “buy” rating in a report on Friday, October 25th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $67.40.

Sonic Automotive Price Performance

Shares of SAH opened at $64.63 on Friday. The business has a 50-day moving average of $57.33 and a 200-day moving average of $57.32. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 0.35. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 11.50 and a beta of 1.61. Sonic Automotive, Inc. has a 1 year low of $47.82 and a 1 year high of $66.25.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings results 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). Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The firm had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the previous year, the business posted $2.02 EPS. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Sonic Automotive, Inc. will post 5.73 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. Investors of record on Friday, December 13th will be issued a $0.35 dividend. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, December 13th. This represents a $1.40 annualized dividend and a yield of 2.17%. Sonic Automotive’s payout ratio is presently 24.91%.

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.