Readystate Asset Management LP Invests $596,000 in Sonic Automotive, Inc. (NYSE:SAH)

Readystate Asset Management LP purchased a new position in Sonic Automotive, Inc. (NYSE:SAH) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 10,183 shares of the company’s stock, valued at approximately $596,000.

Other large investors also recently modified their holdings of the company. Victory Capital Management Inc. increased its stake in Sonic Automotive by 524.4% during the 2nd quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock valued at $5,480,000 after buying an additional 84,489 shares during the period. Squarepoint Ops LLC increased its stake in Sonic Automotive by 679.8% during the 2nd quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock valued at $5,175,000 after buying an additional 82,823 shares during the period. Phocas Financial Corp. acquired a new position in shares of Sonic Automotive in the 3rd quarter worth approximately $3,645,000. Marshall Wace LLP raised its holdings in shares of Sonic Automotive by 831.1% in the 2nd quarter. Marshall Wace LLP now owns 35,969 shares of the company’s stock worth $1,959,000 after purchasing an additional 32,106 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its holdings in shares of Sonic Automotive by 124.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company’s stock worth $3,239,000 after purchasing an additional 30,731 shares in the last quarter. 46.92% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Bank of America dropped their target price on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Monday, October 14th. JPMorgan Chase & Co. boosted their target price on shares of Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Stephens initiated coverage on shares of Sonic Automotive in a report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target on the stock. Morgan Stanley upgraded shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $40.00 to $58.00 in a report on Wednesday, September 25th. Finally, Needham & Company LLC upped their price objective on shares of Sonic Automotive from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $67.40.

Sonic Automotive Price Performance

NYSE:SAH opened at $67.67 on Friday. The company has a current ratio of 1.11, a quick ratio of 0.35 and a debt-to-equity ratio of 1.87. The firm has a fifty day simple moving average of $60.69 and a 200 day simple moving average of $58.43. Sonic Automotive, Inc. has a 1-year low of $47.82 and a 1-year high of $70.88. The stock has a market capitalization of $2.31 billion, a PE ratio of 12.04 and a beta of 1.65.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Thursday, October 24th. The company reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.17). The company 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%. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period last year, the firm earned $2.02 EPS. On average, research analysts expect that Sonic Automotive, Inc. will post 5.6 EPS for the current fiscal year.

Sonic Automotive Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Friday, December 13th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 2.07%. Sonic Automotive’s dividend payout ratio is presently 21.35%.

Sonic Automotive 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.