Sonic Automotive, Inc. (NYSE:SAH) Position Decreased by Amalgamated Bank

Amalgamated Bank reduced its holdings in Sonic Automotive, Inc. (NYSE:SAH) by 4.5% during the third quarter, Holdings Channel reports. The firm owned 4,336 shares of the company’s stock after selling 205 shares during the period. Amalgamated Bank’s holdings in Sonic Automotive were worth $254,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SAH. Harbor Capital Advisors Inc. grew its holdings in shares of Sonic Automotive by 124.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company’s stock worth $3,239,000 after acquiring an additional 30,731 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Sonic Automotive in the 3rd quarter worth about $532,000. Assenagon Asset Management S.A. purchased a new stake in Sonic Automotive during the third quarter valued at about $1,244,000. Inspire Investing LLC boosted its holdings in shares of Sonic Automotive by 8.7% in the third quarter. Inspire Investing LLC now owns 7,036 shares of the company’s stock worth $411,000 after buying an additional 561 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Sonic Automotive in the second quarter worth approximately $1,351,000. 46.92% of the stock is owned by institutional investors and hedge funds.

Sonic Automotive Price Performance

Shares of NYSE:SAH opened at $63.95 on Monday. The firm has a market cap of $2.19 billion, a price-to-earnings ratio of 11.38 and a beta of 1.61. Sonic Automotive, Inc. has a 1 year low of $47.82 and a 1 year high of $67.15. The company has a current ratio of 1.11, a quick ratio of 0.35 and a debt-to-equity ratio of 1.87. The business has a fifty day simple moving average of $57.88 and a 200 day simple moving average of $57.62.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Thursday, October 24th. The company reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.17). The firm had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The firm’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period last year, the business earned $2.02 earnings per share. As a group, sell-side analysts predict that Sonic Automotive, Inc. will post 5.7 earnings per share for the current fiscal year.

Sonic Automotive Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th will be paid a $0.35 dividend. The ex-dividend date is Friday, December 13th. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.30. This represents a $1.40 dividend on an annualized basis and a yield of 2.19%. Sonic Automotive’s payout ratio is 21.35%.

Wall Street Analyst Weigh In

SAH has been the subject of several research analyst reports. Morgan Stanley upgraded shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $40.00 to $58.00 in a research report on Wednesday, September 25th. Needham & Company LLC raised their target price on Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Bank of America dropped their price target on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Stephens assumed coverage on Sonic Automotive in a research report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their target price on Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sonic Automotive presently has a consensus rating of “Moderate Buy” and an average target price of $67.40.

Sonic Automotive 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.