HITE Hedge Asset Management LLC Purchases 30,002 Shares of Sonic Automotive, Inc. (NYSE:SAH)

HITE Hedge Asset Management LLC boosted its holdings in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 105.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,526 shares of the company's stock after purchasing an additional 30,002 shares during the quarter. HITE Hedge Asset Management LLC owned about 0.17% of Sonic Automotive worth $3,708,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of SAH. Canada Pension Plan Investment Board acquired a new position in shares of Sonic Automotive during the fourth quarter valued at about $51,000. XTX Topco Ltd bought a new stake in Sonic Automotive during the 4th quarter worth approximately $242,000. Mariner LLC purchased a new stake in shares of Sonic Automotive in the fourth quarter worth approximately $225,000. Barclays PLC lifted its stake in Sonic Automotive by 50.8% during the 4th quarter. Barclays PLC now owns 36,807 shares of the company's stock valued at $2,332,000 after acquiring an additional 12,394 shares in the last quarter. Finally, Legal & General Group Plc boosted its holdings in Sonic Automotive by 7.5% during the fourth quarter. Legal & General Group Plc now owns 42,401 shares of the company's stock worth $2,686,000 after purchasing an additional 2,967 shares during the last quarter. Institutional investors own 46.92% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. JPMorgan Chase & Co. dropped their target price on shares of Sonic Automotive from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Stephens boosted their price objective on Sonic Automotive from $83.00 to $92.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Citigroup assumed coverage on Sonic Automotive in a research report on Wednesday. They set a "neutral" rating and a $64.00 target price for the company. Needham & Company LLC cut their price target on shares of Sonic Automotive from $100.00 to $93.00 and set a "buy" rating on the stock in a report on Wednesday, March 19th. Finally, StockNews.com upgraded shares of Sonic Automotive from a "hold" rating to a "buy" rating in a report on Monday. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $73.00.

Sonic Automotive Stock Performance

Shares of SAH traded up $1.27 during trading hours on Wednesday, hitting $61.02. The company's stock had a trading volume of 77,824 shares, compared to its average volume of 196,263. The business has a 50 day simple moving average of $62.80 and a two-hundred day simple moving average of $64.13. Sonic Automotive, Inc. has a 52-week low of $49.77 and a 52-week high of $76.78. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.09 and a quick ratio of 0.35. The company has a market cap of $2.06 billion, a price-to-earnings ratio of 9.87 and a beta of 1.43.

Sonic Automotive (NYSE:SAH - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $1.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.46 by $0.05. Sonic Automotive had a net margin of 1.52% and a return on equity of 19.96%. On average, equities analysts expect that Sonic Automotive, Inc. will post 6.14 earnings per share for the current fiscal year.

Sonic Automotive Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.40 annualized dividend and a yield of 2.29%. Sonic Automotive's dividend payout ratio is currently 22.65%.

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.