Westwood Holdings Group Inc. Reduces Holdings in Sonic Automotive, Inc. (NYSE:SAH)

Westwood Holdings Group Inc. reduced its position in Sonic Automotive, Inc. (NYSE:SAH) by 12.2% in the 4th quarter, Holdings Channel reports. The firm owned 508,193 shares of the company’s stock after selling 70,366 shares during the period. Westwood Holdings Group Inc.’s holdings in Sonic Automotive were worth $32,194,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Smartleaf Asset Management LLC lifted its holdings in shares of Sonic Automotive by 515.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 480 shares of the company’s stock valued at $30,000 after purchasing an additional 402 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in Sonic Automotive during the 4th quarter valued at approximately $51,000. R Squared Ltd purchased a new stake in Sonic Automotive during the 4th quarter valued at approximately $72,000. Aster Capital Management DIFC Ltd raised its stake in Sonic Automotive by 1,429.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,545 shares of the company’s stock valued at $98,000 after acquiring an additional 1,444 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in Sonic Automotive during the 4th quarter valued at approximately $185,000. 46.92% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on the company. Needham & Company LLC reduced their price objective on Sonic Automotive from $93.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. JPMorgan Chase & Co. cut their target price on Sonic Automotive from $80.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, March 27th. Stephens increased their target price on Sonic Automotive from $83.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Citigroup started coverage on Sonic Automotive in a research note on Wednesday, April 23rd. They set a “neutral” rating and a $64.00 target price for the company. Finally, StockNews.com raised Sonic Automotive from a “hold” rating to a “buy” rating in a research note on Friday, May 2nd. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Sonic Automotive currently has an average rating of “Moderate Buy” and a consensus price target of $69.83.

Sonic Automotive Stock Performance

NYSE SAH opened at $69.04 on Tuesday. Sonic Automotive, Inc. has a 1-year low of $51.27 and a 1-year high of $76.78. The company has a market capitalization of $2.34 billion, a P/E ratio of 11.17 and a beta of 1.04. The business has a 50 day moving average price of $61.05 and a 200 day moving average price of $65.25. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.09 and a quick ratio of 0.35.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings data on Thursday, April 24th. The company reported $1.48 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.02. Sonic Automotive had a return on equity of 19.96% and a net margin of 1.52%. The firm had revenue of $3.65 billion during the quarter, compared to the consensus estimate of $3.47 billion. During the same period last year, the business posted $1.36 EPS. Sonic Automotive’s quarterly revenue was up 7.9% on a year-over-year basis. Sell-side analysts expect that Sonic Automotive, Inc. will post 6.14 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.03%. The ex-dividend date is Friday, June 13th. Sonic Automotive’s payout ratio is currently 19.94%.

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.