Phocas Financial Corp. Reduces Position in Sonic Automotive, Inc. (NYSE:SAH)

Phocas Financial Corp. lowered its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH) by 71.7% in the fourth quarter, Holdings Channel reports. The firm owned 17,665 shares of the company’s stock after selling 44,670 shares during the quarter. Phocas Financial Corp.’s holdings in Sonic Automotive were worth $1,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SAH shares. Needham & Company LLC boosted their price objective on shares of Sonic Automotive from $74.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Stephens increased their price target on shares of Sonic Automotive from $83.00 to $92.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. StockNews.com upgraded shares of Sonic Automotive from a “hold” rating to a “buy” rating in a research report on Wednesday, February 12th. Seaport Res Ptn upgraded Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. Finally, JPMorgan Chase & Co. raised their price target on Sonic Automotive from $74.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $79.20.

Sonic Automotive Price Performance

SAH stock opened at $69.55 on Wednesday. The company has a market cap of $2.38 billion, a price-to-earnings ratio of 11.25 and a beta of 1.68. The company has a current ratio of 1.09, a quick ratio of 0.35 and a debt-to-equity ratio of 1.75. The firm has a 50 day moving average of $68.66 and a 200-day moving average of $63.46. Sonic Automotive, Inc. has a 12-month low of $47.82 and a 12-month high of $76.78.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data 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 return on equity of 19.96% and a net margin of 1.52%. As a group, equities analysts expect that Sonic Automotive, Inc. will post 6.14 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date of this dividend is Friday, March 14th. Sonic Automotive’s payout ratio is currently 22.65%.

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.