Sonic Automotive (NYSE:SAH) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Sonic Automotive (NYSE:SAH) issued its quarterly earnings data on Wednesday. The company reported $1.52 EPS for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.01), Zacks reports. Sonic Automotive had a net margin of 0.86% and a return on equity of 21.65%. The business had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.94 billion. During the same period in the previous year, the company posted $1.51 earnings per share. Sonic Automotive’s revenue was down .6% on a year-over-year basis.

Sonic Automotive Trading Up 4.0%

Shares of NYSE SAH traded up $2.34 on Wednesday, reaching $60.62. 96,626 shares of the company traded hands, compared to its average volume of 180,510. The stock has a market capitalization of $2.07 billion, a PE ratio of 16.45 and a beta of 0.93. Sonic Automotive has a fifty-two week low of $52.00 and a fifty-two week high of $89.62. The company has a current ratio of 1.02, a quick ratio of 0.27 and a debt-to-equity ratio of 1.68. The company has a 50 day moving average of $62.71 and a 200 day moving average of $68.96.

Analyst Ratings Changes

SAH has been the topic of a number of recent research reports. Barclays reduced their target price on Sonic Automotive from $71.00 to $69.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 21st. Wall Street Zen cut Sonic Automotive from a “buy” rating to a “hold” rating in a report on Sunday, January 11th. Needham & Company LLC decreased their price objective on Sonic Automotive from $95.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Morgan Stanley set a $68.00 price objective on Sonic Automotive in a research report on Monday, December 8th. Finally, Citigroup upgraded shares of Sonic Automotive from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a report on Thursday, November 6th. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Sonic Automotive presently has an average rating of “Hold” and a consensus price target of $79.63.

Hedge Funds Weigh In On Sonic Automotive

Hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. lifted its position in shares of Sonic Automotive by 992.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 437 shares of the company’s stock worth $35,000 after purchasing an additional 397 shares in the last quarter. National Bank of Canada FI purchased a new stake in Sonic Automotive during the 3rd quarter worth $78,000. Raymond James Financial Inc. acquired a new position in Sonic Automotive in the 2nd quarter worth $168,000. Wexford Capital LP purchased a new position in Sonic Automotive in the 3rd quarter valued at about $212,000. Finally, Creative Planning acquired a new stake in shares of Sonic Automotive during the second quarter valued at about $213,000. Institutional investors and hedge funds own 46.92% of the company’s stock.

About Sonic Automotive

Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive’s dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.

In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.