HITE Hedge Asset Management LLC Raises Stock Position in Sonic Automotive, Inc. (NYSE:SAH)

HITE Hedge Asset Management LLC increased its position in Sonic Automotive, Inc. (NYSE:SAH) by 105.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,526 shares of the company’s stock after acquiring an additional 30,002 shares during the period. HITE Hedge Asset Management LLC owned about 0.17% of Sonic Automotive worth $3,708,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Barclays PLC lifted its position in Sonic Automotive by 346.1% during the third quarter. Barclays PLC now owns 24,413 shares of the company’s stock valued at $1,427,000 after purchasing an additional 18,940 shares in the last quarter. Franklin Resources Inc. increased its holdings in Sonic Automotive by 6.7% in the 3rd quarter. Franklin Resources Inc. now owns 9,643 shares of the company’s stock worth $530,000 after acquiring an additional 609 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Sonic Automotive by 68.6% during the third quarter. JPMorgan Chase & Co. now owns 53,231 shares of the company’s stock valued at $3,113,000 after purchasing an additional 21,650 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in shares of Sonic Automotive by 1.8% during the 4th quarter. Harbor Capital Advisors Inc. now owns 56,361 shares of the company’s stock valued at $3,570,000 after purchasing an additional 978 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Sonic Automotive during the fourth quarter worth about $244,000. Hedge funds and other institutional investors own 46.92% of the company’s stock.

Sonic Automotive Price Performance

NYSE SAH opened at $58.87 on Friday. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.09 and a quick ratio of 0.35. The stock’s fifty day moving average price is $63.66 and its 200 day moving average price is $64.03. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 9.53 and a beta of 1.43. Sonic Automotive, Inc. has a 1 year low of $47.82 and a 1 year high of $76.78.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Wednesday, February 12th. The company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.05. Sonic Automotive had a net margin of 1.52% and a return on equity of 19.96%. As a group, equities research analysts forecast that Sonic Automotive, Inc. will post 6.14 earnings per share for the current year.

Sonic Automotive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Friday, March 14th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Friday, March 14th. Sonic Automotive’s dividend payout ratio (DPR) is presently 22.65%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. StockNews.com downgraded shares of Sonic Automotive from a “buy” rating to a “hold” rating in a report on Monday, March 24th. Stephens increased their target price on Sonic Automotive from $83.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Needham & Company LLC lowered their price target on shares of Sonic Automotive from $100.00 to $93.00 and set a “buy” rating for the company in a report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. decreased their price objective on Sonic Automotive from $80.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Sonic Automotive presently has a consensus rating of “Moderate Buy” and an average price target of $74.80.

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.