Phocas Financial Corp. Takes $3.65 Million Position in Sonic Automotive, Inc. (NYSE:SAH)

Phocas Financial Corp. bought a new position in shares of Sonic Automotive, Inc. (NYSE:SAH) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 62,335 shares of the company’s stock, valued at approximately $3,645,000. Phocas Financial Corp. owned 0.18% of Sonic Automotive at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. MQS Management LLC purchased a new stake in shares of Sonic Automotive during the 3rd quarter valued at approximately $394,000. GSA Capital Partners LLP increased its stake in Sonic Automotive by 163.7% during the third quarter. GSA Capital Partners LLP now owns 32,235 shares of the company’s stock worth $1,885,000 after acquiring an additional 20,010 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Sonic Automotive by 124.7% in the third quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company’s stock valued at $3,239,000 after purchasing an additional 30,731 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Sonic Automotive in the 3rd quarter valued at $532,000. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Sonic Automotive during the 3rd quarter worth $1,244,000. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Sonic Automotive Stock Performance

Shares of SAH opened at $63.45 on Tuesday. Sonic Automotive, Inc. has a 1 year low of $47.82 and a 1 year high of $67.15. The stock has a market capitalization of $2.17 billion, a PE ratio of 11.29 and a beta of 1.61. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.35 and a current ratio of 1.11. The stock has a 50-day simple moving average of $58.00 and a 200-day simple moving average of $57.67.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $3.55 billion. Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. Sonic Automotive’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.02 earnings per share. On average, analysts predict that Sonic Automotive, Inc. will post 5.7 earnings per share for the current fiscal year.

Sonic Automotive Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Friday, December 13th. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s payout ratio is currently 21.35%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Stephens started coverage on shares of Sonic Automotive in a report on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on shares of Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Needham & Company LLC raised their price target 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 cut their price objective on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Finally, Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $40.00 to $58.00 in a report on Wednesday, September 25th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $67.40.

Sonic Automotive Company 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.