Sonic Automotive, Inc. (NYSE:SAH) Stake Lowered by Verition Fund Management LLC

Verition Fund Management LLC trimmed its position in shares of Sonic Automotive, Inc. (NYSE:SAH) by 83.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,693 shares of the company’s stock after selling 54,321 shares during the period. Verition Fund Management LLC’s holdings in Sonic Automotive were worth $625,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Innealta Capital LLC purchased a new stake in shares of Sonic Automotive during the 2nd quarter worth about $41,000. AM Squared Ltd bought a new position in Sonic Automotive during the second quarter valued at approximately $82,000. Point72 DIFC Ltd lifted its stake in Sonic Automotive by 6.9% in the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock valued at $158,000 after acquiring an additional 187 shares during the last quarter. Intech Investment Management LLC bought a new stake in Sonic Automotive in the second quarter worth approximately $228,000. Finally, Arizona State Retirement System increased its stake in shares of Sonic Automotive by 10.8% during the 2nd quarter. Arizona State Retirement System now owns 4,324 shares of the company’s stock worth $236,000 after purchasing an additional 420 shares during the last quarter. Institutional investors and hedge funds own 46.92% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Seaport Res Ptn upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 21st. JPMorgan Chase & Co. upped their price target on Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Morgan Stanley raised Sonic Automotive from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $40.00 to $58.00 in a report on Wednesday, September 25th. Stephens assumed coverage on Sonic Automotive in a report on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 target price for the company. Finally, Needham & Company LLC increased their price target on 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, three have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $67.40.

Sonic Automotive Price Performance

NYSE SAH opened at $67.23 on Wednesday. The stock has a 50-day simple moving average of $61.41 and a 200 day simple moving average of $58.74. Sonic Automotive, Inc. has a twelve month low of $47.82 and a twelve month high of $70.88. The stock has a market capitalization of $2.30 billion, a PE ratio of 11.96 and a beta of 1.65. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.35 and a current ratio of 1.11.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings results on Thursday, October 24th. The company reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.17). The business 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 firm’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.02 earnings per share. Research analysts anticipate that Sonic Automotive, Inc. will post 5.6 EPS for the current year.

Sonic Automotive Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.08%. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, December 13th. Sonic Automotive’s dividend payout ratio (DPR) is currently 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.