Sonic Automotive, Inc. (NYSE:SAH - Get Free Report) shares hit a new 52-week high on Friday following a better than expected earnings announcement. The company traded as high as $60.88 and last traded at $60.88, with a volume of 128011 shares trading hands. The stock had previously closed at $56.67.
The company reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.23 by $0.13. The company had revenue of $3.40 billion for the quarter, compared to analysts' expectations of $3.45 billion. Sonic Automotive had a net margin of 1.24% and a return on equity of 28.06%. The firm's revenue was down 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.33 earnings per share.
Sonic Automotive Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be issued a $0.30 dividend. The ex-dividend date 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 presently 24.14%.
Analyst Upgrades and Downgrades
SAH has been the topic of a number of analyst reports. StockNews.com cut shares of Sonic Automotive from a "buy" rating to a "hold" rating in a report on Thursday, January 11th. Morgan Stanley increased their price objective on shares of Sonic Automotive from $35.00 to $40.00 and gave the stock an "underweight" rating in a report on Thursday, February 29th. TheStreet raised shares of Sonic Automotive from a "c+" rating to a "b" rating in a report on Wednesday, March 6th. Finally, Bank of America raised shares of Sonic Automotive from an "underperform" rating to a "buy" rating and increased their price objective for the stock from $55.00 to $68.00 in a report on Friday. Two 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, the company presently has a consensus rating of "Hold" and a consensus target price of $56.00.
Check Out Our Latest Report on Sonic Automotive
Hedge Funds Weigh In On Sonic Automotive
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new position in shares of Sonic Automotive during the 1st quarter valued at about $30,000. TFO Wealth Partners LLC boosted its position in shares of Sonic Automotive by 35,366.7% during the 4th quarter. TFO Wealth Partners LLC now owns 2,128 shares of the company's stock valued at $120,000 after purchasing an additional 2,122 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Sonic Automotive during the 3rd quarter valued at about $135,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Sonic Automotive by 16.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,132 shares of the company's stock valued at $176,000 after purchasing an additional 447 shares in the last quarter. Finally, Quest Partners LLC bought a new position in shares of Sonic Automotive during the 4th quarter valued at about $185,000. Institutional investors own 46.92% of the company's stock.
Sonic Automotive Stock Performance
The company has a current ratio of 1.10, a quick ratio of 0.41 and a debt-to-equity ratio of 2.10. The company's 50-day moving average price is $52.53 and its two-hundred day moving average price is $52.00. The company has a market cap of $2.12 billion, a P/E ratio of 12.55 and a beta of 1.82.
Sonic Automotive Company Profile
(
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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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