Sonic Automotive (NYSE:SAH) Issues Quarterly Earnings Results

Sonic Automotive (NYSE:SAH) issued its earnings results on Wednesday. The company reported $1.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.56 by ($0.04), Zacks reports. Sonic Automotive had a return on equity of 21.65% and a net margin of 0.86%.The company had revenue of $3.87 billion for the quarter, compared to the consensus estimate of $3.94 billion. During the same quarter in the prior year, the company posted $1.51 EPS. Sonic Automotive’s revenue was down .6% compared to the same quarter last year.

Sonic Automotive Trading Down 4.4%

Shares of Sonic Automotive stock opened at $55.73 on Wednesday. The firm has a fifty day moving average price of $62.71 and a 200 day moving average price of $68.96. The stock has a market cap of $1.90 billion, a PE ratio of 15.04 and a beta of 0.93. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.02 and a quick ratio of 0.27. Sonic Automotive has a 1 year low of $52.00 and a 1 year high of $89.62.

Institutional Trading of Sonic Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its position in Sonic Automotive by 992.5% in the 2nd 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 third quarter worth $78,000. Raymond James Financial Inc. acquired a new stake in Sonic Automotive during the second quarter valued at $168,000. Wexford Capital LP acquired a new position in shares of Sonic Automotive in the third quarter worth about $212,000. Finally, Creative Planning acquired a new stake in shares of Sonic Automotive during the 2nd quarter valued at about $213,000. 46.92% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on SAH. JPMorgan Chase & Co. dropped their target price on Sonic Automotive from $70.00 to $67.00 and set an “underweight” rating for the company in a research report on Friday, January 16th. Citigroup upgraded Sonic Automotive from a “neutral” rating to a “buy” rating and set a $82.00 target price on the stock in a research note on Thursday, November 6th. Weiss Ratings reissued a “hold (c)” rating on shares of Sonic Automotive in a research note on Monday, December 29th. Zacks Research upgraded shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a report on Tuesday, January 13th. Finally, Barclays reduced their target price on shares of Sonic Automotive from $71.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 21st. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Sonic Automotive currently has an average rating of “Hold” and an average target price of $79.63.

Sonic Automotive Company Profile

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.