What is Seaport Res Ptn’s Forecast for SAH FY2024 Earnings?

Sonic Automotive, Inc. (NYSE:SAH) – Equities research analysts at Seaport Res Ptn dropped their FY2024 EPS estimates for shares of Sonic Automotive in a report issued on Thursday, November 21st. Seaport Res Ptn analyst G. Chin now forecasts that the company will post earnings of $5.50 per share for the year, down from their prior forecast of $5.70. Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for Sonic Automotive’s current full-year earnings is $5.60 per share. Seaport Res Ptn also issued estimates for Sonic Automotive’s Q4 2024 earnings at $1.41 EPS and FY2025 earnings at $6.15 EPS.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings data on Thursday, October 24th. The company reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.17). Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. The company had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the company posted $2.02 EPS. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year.

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

Sonic Automotive Stock Performance

Sonic Automotive stock opened at $69.63 on Monday. The stock’s 50 day simple moving average is $59.00 and its two-hundred day simple moving average is $57.92. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.35 and a current ratio of 1.11. The stock has a market cap of $2.38 billion, a price-to-earnings ratio of 12.39 and a beta of 1.61. Sonic Automotive has a fifty-two week low of $47.82 and a fifty-two week high of $70.88.

Sonic Automotive Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be given a $0.35 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.01%. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s payout ratio is presently 24.91%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Westwood Holdings Group Inc. increased its holdings in Sonic Automotive by 12.6% in the first quarter. Westwood Holdings Group Inc. now owns 630,450 shares of the company’s stock valued at $35,898,000 after buying an additional 70,540 shares in the last quarter. Millennium Management LLC lifted its position in Sonic Automotive by 3.8% during the second quarter. Millennium Management LLC now owns 456,588 shares of the company’s stock worth $24,870,000 after buying an additional 16,556 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Sonic Automotive by 524.4% during the 2nd quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock valued at $5,480,000 after acquiring an additional 84,489 shares during the last quarter. Squarepoint Ops LLC boosted its holdings in Sonic Automotive by 679.8% in the 2nd quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock valued at $5,175,000 after purchasing an additional 82,823 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in Sonic Automotive by 26.8% in the second quarter. Renaissance Technologies LLC now owns 88,826 shares of the company’s stock worth $4,838,000 after acquiring an additional 18,800 shares during the period. Institutional investors and hedge funds 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.