Seaport Res Ptn Issues Pessimistic Forecast for SAH Earnings

Sonic Automotive, Inc. (NYSE:SAHFree Report) – Equities research analysts at Seaport Res Ptn reduced their FY2024 earnings per share estimates for Sonic Automotive in a report issued on Thursday, January 16th. Seaport Res Ptn analyst G. Chin now anticipates that the company will post earnings of $5.49 per share for the year, down from their prior estimate of $5.50. Seaport Res Ptn has a “Strong-Buy” rating on the stock. The consensus estimate for Sonic Automotive’s current full-year earnings is $5.60 per share. Seaport Res Ptn also issued estimates for Sonic Automotive’s Q4 2024 earnings at $1.40 EPS and FY2025 earnings at $6.11 EPS.

Sonic Automotive (NYSE:SAHGet Free Report) last issued its quarterly earnings data on Thursday, October 24th. The company reported $1.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.17). Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The business had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period in the previous year, the business posted $2.02 earnings per share. The company’s revenue for the quarter was down 4.2% on a year-over-year basis.

Several other research analysts also recently weighed in on the company. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $40.00 to $58.00 in a research note on Wednesday, September 25th. JPMorgan Chase & Co. cut their price objective on shares of Sonic Automotive from $75.00 to $74.00 and set an “overweight” rating for the company in a research report on Friday. Needham & Company LLC reaffirmed a “buy” rating and issued a $74.00 target price on shares of Sonic Automotive in a report on Thursday, January 16th. Finally, Bank of America cut their price target on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a report on Monday, October 14th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.20.

Check Out Our Latest Analysis on SAH

Sonic Automotive Stock Performance

NYSE SAH opened at $68.39 on Monday. The business’s 50-day moving average price is $65.68 and its 200 day moving average price is $60.59. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The firm has a market cap of $2.34 billion, a P/E ratio of 12.17 and a beta of 1.67. Sonic Automotive has a 52-week low of $47.82 and a 52-week high of $70.88.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SAH. Millennium Management LLC grew its holdings in shares of Sonic Automotive by 3.8% in the 2nd quarter. Millennium Management LLC now owns 456,588 shares of the company’s stock worth $24,870,000 after acquiring an additional 16,556 shares during the period. Squarepoint Ops LLC increased its position in shares of Sonic Automotive by 679.8% in the second quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock valued at $5,175,000 after buying an additional 82,823 shares in the last quarter. Renaissance Technologies LLC raised its stake in shares of Sonic Automotive by 26.8% during the 2nd quarter. Renaissance Technologies LLC now owns 88,826 shares of the company’s stock worth $4,838,000 after buying an additional 18,800 shares during the last quarter. Phocas Financial Corp. purchased a new stake in shares of Sonic Automotive in the 3rd quarter worth about $3,645,000. Finally, Harbor Capital Advisors Inc. grew its stake in Sonic Automotive by 1.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 56,361 shares of the company’s stock valued at $3,570,000 after acquiring an additional 978 shares during the last quarter. 46.92% of the stock is owned by hedge funds and other institutional investors.

Sonic Automotive Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Friday, December 13th were issued a dividend of $0.35 per share. The ex-dividend date was Friday, December 13th. This represents a $1.40 dividend on an annualized basis and a yield of 2.05%. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s payout ratio is currently 24.91%.

About Sonic Automotive

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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.

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