Seaport Res Ptn Weighs in on Sonic Automotive, Inc.’s Q1 2024 Earnings (NYSE:SAH)

Sonic Automotive, Inc. (NYSE:SAH) – Research analysts at Seaport Res Ptn reduced their Q1 2024 earnings per share estimates for shares of Sonic Automotive in a report issued on Friday, April 19th. Seaport Res Ptn analyst G. Chin now forecasts that the company will earn $1.10 per share for the quarter, down from their prior forecast of $1.25. The consensus estimate for Sonic Automotive’s current full-year earnings is $5.75 per share. Seaport Res Ptn also issued estimates for Sonic Automotive’s Q2 2024 earnings at $1.61 EPS, Q3 2024 earnings at $1.45 EPS, Q4 2024 earnings at $1.39 EPS and FY2025 earnings at $6.55 EPS.

A number of other analysts have also recently commented on the company. Morgan Stanley upped their price target on Sonic Automotive from $35.00 to $40.00 and gave the company an “underweight” rating in a research note on Thursday, February 29th. Bank of America lowered their target price on Sonic Automotive from $60.00 to $55.00 and set an “underperform” rating for the company in a research note on Thursday, February 29th. StockNews.com cut Sonic Automotive from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Finally, TheStreet raised Sonic Automotive from a “c+” rating to a “b” rating in a research note on Wednesday, March 6th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $53.40.

Sonic Automotive Stock Performance

Shares of SAH stock opened at $50.87 on Monday. The company has a debt-to-equity ratio of 2.10, a current ratio of 1.10 and a quick ratio of 0.41. The stock has a market cap of $1.73 billion, a PE ratio of 10.23 and a beta of 1.82. The stock has a 50-day moving average of $52.38 and a 200-day moving average of $51.84. Sonic Automotive has a one year low of $39.02 and a one year high of $60.24.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Wednesday, February 14th. The company reported $1.63 EPS for the quarter, missing analysts’ consensus estimates of $1.80 by ($0.17). The company had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.61 billion. Sonic Automotive had a net margin of 1.24% and a return on equity of 28.06%. The business’s revenue was down .2% compared to the same quarter last year. During the same period last year, the company earned $2.61 earnings per share.

Sonic Automotive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were paid a dividend of $0.30 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.36%. Sonic Automotive’s dividend payout ratio is currently 24.14%.

Hedge Funds Weigh In On Sonic Automotive

Several hedge funds have recently made changes to their positions in the business. Denali Advisors LLC grew its stake in shares of Sonic Automotive by 32.0% during the 1st quarter. Denali Advisors LLC now owns 36,700 shares of the company’s stock worth $2,090,000 after acquiring an additional 8,900 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Sonic Automotive in the 1st quarter valued at approximately $30,000. Quadrature Capital Ltd acquired a new stake in shares of Sonic Automotive in the 4th quarter valued at approximately $1,724,000. Oracle Alpha Inc. acquired a new stake in shares of Sonic Automotive in the 4th quarter valued at approximately $410,000. Finally, Westwood Holdings Group Inc. acquired a new stake in shares of Sonic Automotive in the 4th quarter valued at approximately $31,473,000. 46.92% of the stock is owned by institutional investors.

About Sonic Automotive

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.