Principal Financial Group Inc. Raises Holdings in Sonic Automotive, Inc. $SAH

Principal Financial Group Inc. boosted its position in Sonic Automotive, Inc. (NYSE:SAH) by 19.3% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 85,680 shares of the company’s stock after purchasing an additional 13,869 shares during the quarter. Principal Financial Group Inc. owned about 0.25% of Sonic Automotive worth $6,519,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. lifted its stake in shares of Sonic Automotive by 124.9% in the first quarter. Goldman Sachs Group Inc. now owns 355,328 shares of the company’s stock worth $20,239,000 after buying an additional 197,336 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Sonic Automotive by 79.2% in the 2nd quarter. Squarepoint Ops LLC now owns 126,740 shares of the company’s stock valued at $10,130,000 after acquiring an additional 56,027 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Sonic Automotive by 7.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 120,949 shares of the company’s stock valued at $9,668,000 after acquiring an additional 8,246 shares during the last quarter. Brandywine Global Investment Management LLC boosted its holdings in shares of Sonic Automotive by 30.3% during the 2nd quarter. Brandywine Global Investment Management LLC now owns 94,468 shares of the company’s stock worth $7,551,000 after purchasing an additional 21,960 shares during the last quarter. Finally, ProShare Advisors LLC acquired a new position in shares of Sonic Automotive during the 2nd quarter worth approximately $6,564,000. Institutional investors and hedge funds own 46.92% of the company’s stock.

Sonic Automotive Stock Down 1.0%

Shares of SAH opened at $60.06 on Friday. The company has a current ratio of 1.02, a quick ratio of 0.27 and a debt-to-equity ratio of 1.68. The firm has a market cap of $2.05 billion, a P/E ratio of 16.23 and a beta of 0.93. The company’s 50-day moving average price is $62.93 and its 200 day moving average price is $69.16. Sonic Automotive, Inc. has a 12-month low of $52.00 and a 12-month high of $89.62.

Analyst Ratings Changes

SAH has been the subject of several recent research reports. JPMorgan Chase & Co. cut their price target on Sonic Automotive from $70.00 to $67.00 and set an “underweight” rating for the company in a report on Friday, January 16th. Needham & Company LLC cut their target price on Sonic Automotive from $95.00 to $90.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Zacks Research upgraded Sonic Automotive from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 13th. Citigroup raised shares of Sonic Automotive from a “neutral” rating to a “buy” rating and set a $82.00 price objective for the company in a report on Thursday, November 6th. Finally, Morgan Stanley set a $68.00 target price on shares of Sonic Automotive in a research note on Monday, December 8th. Four investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $79.63.

Sonic Automotive Profile

Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive’s dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.

In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.