What is Seaport Res Ptn’s Forecast for SAH FY2024 Earnings?

Sonic Automotive, Inc. (NYSE:SAH) – Equities researchers at Seaport Res Ptn reduced their FY2024 earnings estimates for shares of Sonic Automotive in a research note issued on Sunday, October 20th. Seaport Res Ptn analyst G. Chin now expects that the company will post earnings of $5.70 per share for the year, down from their previous estimate of $5.97. The consensus estimate for Sonic Automotive’s current full-year earnings is $5.67 per share.

A number of other analysts also recently commented on the stock. JPMorgan Chase & Co. increased their price objective on shares of Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Needham & Company LLC began coverage on shares of Sonic Automotive in a research report on Tuesday, August 20th. They issued a “buy” rating and a $73.00 target price on the stock. Stephens began coverage on shares of Sonic Automotive in a research report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price objective for the company. Bank of America decreased their price target on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Finally, Morgan Stanley raised Sonic Automotive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $40.00 to $58.00 in a research note on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $66.33.

Sonic Automotive Trading Down 1.1 %

Shares of SAH stock opened at $54.26 on Wednesday. The stock has a 50 day simple moving average of $57.82 and a 200-day simple moving average of $56.57. Sonic Automotive has a 1-year low of $42.57 and a 1-year high of $64.68. The company has a market cap of $1.85 billion, a price-to-earnings ratio of 10.03 and a beta of 1.60. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.10 and a quick ratio of 0.36.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.38 by $0.09. The firm had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.56 billion. Sonic Automotive had a net margin of 1.35% and a return on equity of 25.31%. The firm’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.83 earnings per share.

Institutional Investors Weigh In On Sonic Automotive

A number of large investors have recently modified their holdings of SAH. Allspring Global Investments Holdings LLC purchased a new stake in shares of Sonic Automotive during the 1st quarter worth approximately $30,000. Innealta Capital LLC acquired a new position in Sonic Automotive in the second quarter valued at $41,000. AM Squared Ltd acquired a new stake in shares of Sonic Automotive during the second quarter worth about $82,000. Point72 DIFC Ltd raised its stake in shares of Sonic Automotive by 6.9% during the second 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. Finally, Intech Investment Management LLC acquired a new position in shares of Sonic Automotive during the second quarter worth about $228,000. 46.92% of the stock is owned by hedge funds and other institutional investors.

Sonic Automotive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 annualized dividend and a yield of 2.21%. Sonic Automotive’s dividend payout ratio (DPR) is 22.18%.

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.