FY2024 EPS Forecast for Sonic Automotive Lowered by Analyst

Sonic Automotive, Inc. (NYSE:SAH) – Investment analysts at Seaport Res Ptn dropped their FY2024 earnings estimates for shares of Sonic Automotive in a research note issued to investors on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now anticipates that the company will post earnings per share of $5.70 for the year, down from their previous forecast of $5.97. The consensus estimate for Sonic Automotive’s current full-year earnings is $5.67 per share.

A number of other research firms also recently issued reports on SAH. JPMorgan Chase & Co. boosted their target price on shares of Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Bank of America reduced their price objective on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Needham & Company LLC initiated coverage on Sonic Automotive in a research note on Tuesday, August 20th. They issued a “buy” rating and a $73.00 price target on the stock. Finally, Stephens began coverage on shares of Sonic Automotive in a report on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Sonic Automotive has a consensus rating of “Moderate Buy” and a consensus target price of $66.33.

Sonic Automotive Trading Up 2.2 %

Sonic Automotive stock opened at $55.47 on Wednesday. The stock has a 50-day moving average price of $57.82 and a 200 day moving average price of $56.57. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 11.37 and a beta of 1.60. The company has a quick ratio of 0.36, a current ratio of 1.10 and a debt-to-equity ratio of 2.04. Sonic Automotive has a 52 week low of $42.57 and a 52 week high of $64.68.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.09. The business had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.56 billion. Sonic Automotive had a net margin of 1.35% and a return on equity of 25.31%. The business’s quarterly revenue was down 5.5% on a year-over-year basis. During the same quarter last year, the company posted $1.83 earnings per share.

Sonic Automotive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.16%. Sonic Automotive’s payout ratio is currently 24.59%.

Institutional Investors Weigh In On Sonic Automotive

Several institutional investors and hedge funds have recently modified their holdings of SAH. Westwood Holdings Group Inc. lifted its position in shares of Sonic Automotive by 12.6% during the first quarter. Westwood Holdings Group Inc. now owns 630,450 shares of the company’s stock worth $35,898,000 after purchasing an additional 70,540 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Sonic Automotive by 3.8% in the second quarter. Millennium Management LLC now owns 456,588 shares of the company’s stock valued at $24,870,000 after purchasing an additional 16,556 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Sonic Automotive by 524.4% during the 2nd quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock worth $5,480,000 after buying an additional 84,489 shares in the last quarter. Squarepoint Ops LLC increased its position in shares of Sonic Automotive by 679.8% during the second quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock worth $5,175,000 after acquiring an additional 82,823 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in 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 purchasing an additional 18,800 shares during the period. Hedge funds and other institutional investors own 46.92% of the company’s stock.

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.