6,705 Shares in Sonic Automotive, Inc. (NYSE:SAH) Bought by Martingale Asset Management L P

Martingale Asset Management L P purchased a new position in shares of Sonic Automotive, Inc. (NYSE:SAHGet Rating) in the second quarter, HoldingsChannel.com reports. The firm purchased 6,705 shares of the company’s stock, valued at approximately $246,000.

A number of other large investors have also recently bought and sold shares of SAH. Goldman Sachs Group Inc. boosted its stake in Sonic Automotive by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 250,978 shares of the company’s stock worth $10,669,000 after purchasing an additional 76,157 shares during the period. Royce & Associates LP lifted its stake in shares of Sonic Automotive by 76.1% in the 1st quarter. Royce & Associates LP now owns 174,306 shares of the company’s stock worth $7,410,000 after acquiring an additional 75,297 shares during the period. Invesco Ltd. lifted its stake in shares of Sonic Automotive by 21.2% in the 1st quarter. Invesco Ltd. now owns 333,343 shares of the company’s stock worth $14,171,000 after acquiring an additional 58,218 shares during the period. Vident Investment Advisory LLC acquired a new stake in shares of Sonic Automotive in the 1st quarter worth $1,433,000. Finally, Vanguard Group Inc. lifted its stake in shares of Sonic Automotive by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 2,312,003 shares of the company’s stock worth $98,283,000 after acquiring an additional 33,306 shares during the period. Institutional investors and hedge funds own 57.10% of the company’s stock.

Sonic Automotive Stock Performance

Shares of SAH opened at $51.15 on Thursday. The company has a 50-day simple moving average of $46.36 and a 200-day simple moving average of $44.87. The company has a quick ratio of 0.33, a current ratio of 1.02 and a debt-to-equity ratio of 1.51. The company has a market capitalization of $2.01 billion, a PE ratio of 5.59 and a beta of 1.90. Sonic Automotive, Inc. has a 52-week low of $34.17 and a 52-week high of $59.19.

Sonic Automotive (NYSE:SAHGet Rating) last announced its quarterly earnings results on Thursday, October 27th. The company reported $2.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.47 by ($0.24). Sonic Automotive had a net margin of 2.71% and a return on equity of 35.42%. The company had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.67 billion. During the same quarter in the prior year, the business earned $1.96 EPS. The business’s revenue for the quarter was up 12.2% compared to the same quarter last year. Equities research analysts predict that Sonic Automotive, Inc. will post 9.43 earnings per share for the current fiscal year.

Sonic Automotive Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Thursday, December 15th will be issued a dividend of $0.28 per share. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.25. This represents a $1.12 annualized dividend and a yield of 2.19%. The ex-dividend date is Wednesday, December 14th. Sonic Automotive’s dividend payout ratio (DPR) is 10.93%.

Wall Street Analyst Weigh In

Several analysts have recently commented on SAH shares. Bank of America cut shares of Sonic Automotive from a “buy” rating to an “underperform” rating in a research note on Friday, September 9th. StockNews.com started coverage on shares of Sonic Automotive in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. Benchmark reduced their target price on shares of Sonic Automotive from $71.00 to $62.00 and set a “buy” rating for the company in a research note on Monday, October 31st. Morgan Stanley increased their price target on shares of Sonic Automotive from $33.00 to $35.00 and gave the company an “underweight” rating in a report on Thursday, September 1st. Finally, JPMorgan Chase & Co. upgraded shares of Sonic Automotive from a “neutral” rating to an “overweight” rating and set a $60.00 price target for the company in a report on Thursday, October 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Sonic Automotive has a consensus rating of “Hold” and an average price target of $52.33.

About Sonic Automotive

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Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and EchoPark. 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.

Further Reading

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Institutional Ownership by Quarter for Sonic Automotive (NYSE:SAH)

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