Seaport Res Ptn Comments on Sonic Automotive, Inc.’s Q1 2024 Earnings (NYSE:SAH)

Sonic Automotive, Inc. (NYSE:SAH) – Equities researchers at Seaport Res Ptn decreased their Q1 2024 earnings per share (EPS) estimates for shares of Sonic Automotive in a research note issued to investors on Friday, April 19th. Seaport Res Ptn analyst G. Chin now anticipates that the company will earn $1.10 per share for the quarter, down from their prior forecast of $1.25. The consensus estimate for Sonic Automotive’s current full-year earnings is $5.75 per share. Seaport Res Ptn also issued estimates for Sonic Automotive’s Q2 2024 earnings at $1.61 EPS, Q3 2024 earnings at $1.45 EPS, Q4 2024 earnings at $1.39 EPS and FY2025 earnings at $6.55 EPS.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data on Wednesday, February 14th. The company reported $1.63 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.17). The business had revenue of $3.58 billion for the quarter, compared to analyst estimates of $3.61 billion. Sonic Automotive had a return on equity of 28.06% and a net margin of 1.24%. The business’s quarterly revenue was down .2% compared to the same quarter last year. During the same period in the previous year, the business posted $2.61 EPS.

A number of other research firms have also recently issued reports on SAH. TheStreet upgraded Sonic Automotive from a “c+” rating to a “b” rating in a report on Wednesday, March 6th. Morgan Stanley increased their target price on Sonic Automotive from $35.00 to $40.00 and gave the stock an “underweight” rating in a report on Thursday, February 29th. Bank of America lowered their target price on Sonic Automotive from $60.00 to $55.00 and set an “underperform” rating for the company in a report on Thursday, February 29th. Finally, StockNews.com cut Sonic Automotive from a “buy” rating to a “hold” rating in a report on Thursday, January 11th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $53.40.

Sonic Automotive Stock Performance

Shares of Sonic Automotive stock opened at $48.62 on Monday. The company has a market capitalization of $1.65 billion, a PE ratio of 9.78 and a beta of 1.82. Sonic Automotive has a 12 month low of $39.02 and a 12 month high of $60.24. The company has a current ratio of 1.10, a quick ratio of 0.41 and a debt-to-equity ratio of 2.10. The stock’s fifty day simple moving average is $52.72 and its 200 day simple moving average is $51.73.

Institutional Investors Weigh In On Sonic Automotive

Hedge funds have recently bought and sold shares of the stock. Denali Advisors LLC raised its position in shares of Sonic Automotive by 32.0% in the first quarter. Denali Advisors LLC now owns 36,700 shares of the company’s stock valued at $2,090,000 after buying an additional 8,900 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Sonic Automotive in the first quarter valued at approximately $30,000. Quadrature Capital Ltd acquired a new stake in shares of Sonic Automotive in the fourth quarter valued at approximately $1,724,000. Price T Rowe Associates Inc. MD raised its position in shares of Sonic Automotive by 1.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 12,348 shares of the company’s stock valued at $695,000 after buying an additional 209 shares in the last quarter. Finally, GSA Capital Partners LLP acquired a new stake in shares of Sonic Automotive in the fourth quarter valued at approximately $1,151,000. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Sonic Automotive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Thursday, March 14th. Sonic Automotive’s payout ratio is currently 24.14%.

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.