Sonic Automotive (NYSE:SAH) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

Sonic Automotive, Inc. (NYSE:SAH)’s stock price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $59.88 and traded as high as $63.93. Sonic Automotive shares last traded at $63.36, with a volume of 163,659 shares.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SAH. Bank of America dropped their price target on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Seaport Res Ptn raised shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. Needham & Company LLC increased their price target on shares of Sonic Automotive from $73.00 to $74.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Finally, Morgan Stanley raised shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.40.

Sonic Automotive Trading Down 2.0 %

The company has a market cap of $2.17 billion, a price-to-earnings ratio of 11.27 and a beta of 1.67. The company’s fifty day moving average price is $65.12 and its two-hundred day moving average price is $59.97. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings data on Thursday, October 24th. The company reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.17). The firm had revenue of $3.49 billion for the quarter, compared to analyst estimates of $3.55 billion. Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.02 EPS. Research analysts expect that Sonic Automotive, Inc. will post 5.6 earnings per share for the current year.

Sonic Automotive Increases Dividend

The business also recently declared 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 is Friday, December 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.21%. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.30. Sonic Automotive’s dividend payout ratio (DPR) is currently 24.91%.

Hedge Funds Weigh In On Sonic Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 DIFC Ltd increased its stake in shares of Sonic Automotive by 6.9% during the 2nd quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock worth $158,000 after purchasing an additional 187 shares during the last quarter. Inspire Investing LLC increased its stake in shares of Sonic Automotive by 3.4% during the 2nd quarter. Inspire Investing LLC now owns 6,475 shares of the company’s stock worth $353,000 after purchasing an additional 211 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Sonic Automotive by 10.8% during the 2nd quarter. Arizona State Retirement System now owns 4,324 shares of the company’s stock worth $236,000 after purchasing an additional 420 shares during the last quarter. Point72 Asset Management L.P. increased its stake in shares of Sonic Automotive by 4.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 11,400 shares of the company’s stock worth $667,000 after purchasing an additional 500 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Sonic Automotive by 100.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company’s stock worth $70,000 after purchasing an additional 599 shares during the last quarter. 46.92% of the stock is owned by institutional investors.

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.