Sonic Automotive (NYSE:SAH) Hits New 52-Week High Following Earnings Beat

Sonic Automotive, Inc. (NYSE:SAH)’s share price reached a new 52-week high on Friday following a better than expected earnings announcement. The stock traded as high as $60.88 and last traded at $60.88, with a volume of 128011 shares. The stock had previously closed at $56.67.

The company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.23 by $0.13. Sonic Automotive had a return on equity of 28.06% and a net margin of 1.24%. The business had revenue of $3.40 billion for the quarter, compared to analysts’ expectations of $3.45 billion. During the same quarter in the prior year, the firm earned $1.33 earnings per share. The firm’s revenue was down 2.6% on a year-over-year basis.

Sonic Automotive Announces Dividend

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 dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.92%. Sonic Automotive’s dividend payout ratio (DPR) is currently 24.14%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SAH. TheStreet raised Sonic Automotive from a “c+” rating to a “b” rating in a research note on Wednesday, March 6th. Morgan Stanley raised their price objective on Sonic Automotive from $35.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, February 29th. Bank of America raised Sonic Automotive from an “underperform” rating to a “buy” rating and raised their price objective for the company from $55.00 to $68.00 in a research note on Friday. Finally, StockNews.com cut Sonic Automotive from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Sonic Automotive presently has an average rating of “Hold” and an average price target of $56.00.

Institutional Trading of Sonic Automotive

Several large investors have recently modified their holdings of SAH. Allspring Global Investments Holdings LLC bought a new stake in shares of Sonic Automotive in the first quarter worth about $30,000. TFO Wealth Partners LLC lifted its holdings in Sonic Automotive by 35,366.7% in the fourth 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 period. SG Americas Securities LLC purchased a new stake in Sonic Automotive in the third quarter worth about $135,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Sonic Automotive by 16.6% in the fourth 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 period. Finally, Quest Partners LLC purchased a new stake in Sonic Automotive in the fourth quarter worth about $185,000. 46.92% of the stock is owned by institutional investors.

Sonic Automotive Stock Up 10.0 %

The company has a quick ratio of 0.41, a current ratio of 1.10 and a debt-to-equity ratio of 2.10. The company’s fifty day simple moving average is $52.53 and its 200 day simple moving average is $52.00. The firm has a market capitalization of $2.12 billion, a PE ratio of 12.55 and a beta of 1.82.

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.