Sonic Automotive (NYSE:SAH) Reaches New 52-Week High on Strong Earnings

Shares of Sonic Automotive, Inc. (NYSE:SAH) hit a new 52-week high on Friday following a stronger than expected earnings report. The stock traded as high as $60.88 and last traded at $60.88, with a volume of 128011 shares trading hands. The stock had previously closed at $56.67.

The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.13. The company had revenue of $3.40 billion during the quarter, compared to analyst estimates of $3.45 billion. Sonic Automotive had a net margin of 1.24% and a return on equity of 28.06%. Sonic Automotive’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.33 EPS.

Sonic Automotive Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 14th will be paid a $0.30 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.20 annualized dividend and a dividend yield of 1.90%. Sonic Automotive’s dividend payout ratio is currently 24.14%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SAH. StockNews.com downgraded shares of Sonic Automotive from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. TheStreet raised shares of Sonic Automotive from a “c+” rating to a “b” rating in a research report on Wednesday, March 6th. Bank of America raised shares of Sonic Automotive from an “underperform” rating to a “buy” rating and lifted their price target for the company from $55.00 to $68.00 in a research report on Friday. Finally, Morgan Stanley lifted their price target on shares of Sonic Automotive from $35.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday, February 29th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $56.00.

Hedge Funds Weigh In On Sonic Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Sonic Automotive in the 1st quarter worth about $30,000. TFO Wealth Partners LLC boosted its holdings in shares of Sonic Automotive by 35,366.7% in the 4th quarter. TFO Wealth Partners LLC now owns 2,128 shares of the company’s stock worth $120,000 after buying an additional 2,122 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Sonic Automotive in the 3rd quarter worth about $135,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Sonic Automotive by 16.6% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,132 shares of the company’s stock worth $176,000 after buying an additional 447 shares during the last quarter. Finally, Quest Partners LLC bought a new stake in Sonic Automotive in the 4th quarter valued at about $185,000. 46.92% of the stock is owned by hedge funds and other institutional investors.

Sonic Automotive Stock Up 11.4 %

The stock has a 50 day moving average of $52.33 and a 200-day moving average of $51.86. The firm has a market capitalization of $2.15 billion, a P/E ratio of 12.70 and a beta of 1.82. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.41 and a current ratio of 1.10.

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.