Aigen Investment Management LP Has $322,000 Stock Position in Sonic Automotive, Inc. (NYSE:SAH)

Aigen Investment Management LP trimmed its position in Sonic Automotive, Inc. (NYSE:SAH) by 29.4% in the third quarter, Holdings Channel reports. The fund owned 5,512 shares of the company’s stock after selling 2,296 shares during the quarter. Aigen Investment Management LP’s holdings in Sonic Automotive were worth $322,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SAH. GSA Capital Partners LLP raised its position in 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 last quarter. Harbor Capital Advisors Inc. raised its position in shares of Sonic Automotive by 124.7% during the third quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company’s stock worth $3,239,000 after acquiring an additional 30,731 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Sonic Automotive in the third quarter worth approximately $532,000. Assenagon Asset Management S.A. bought a new stake in Sonic Automotive in the third quarter valued at approximately $1,244,000. Finally, Inspire Investing LLC lifted its position in shares of Sonic Automotive by 8.7% in the 3rd quarter. Inspire Investing LLC now owns 7,036 shares of the company’s stock worth $411,000 after purchasing an additional 561 shares during the period. Institutional investors and hedge funds own 46.92% of the company’s stock.

Sonic Automotive Price Performance

Shares of NYSE:SAH opened at $63.94 on Friday. Sonic Automotive, Inc. has a twelve month low of $47.82 and a twelve month high of $67.15. The stock’s 50 day moving average is $57.88 and its 200-day moving average is $57.62. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of 11.38 and a beta of 1.61.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings data on Thursday, October 24th. The company reported $1.26 earnings per share for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.17). The business had revenue of $3.49 billion during the quarter, compared to the consensus estimate of $3.55 billion. Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the business posted $2.02 earnings per share. Sell-side analysts forecast that Sonic Automotive, Inc. will post 5.74 EPS for the current fiscal year.

Sonic Automotive Increases Dividend

The company 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 dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 2.19%. Sonic Automotive’s payout ratio is 21.35%.

Analyst Ratings Changes

A number of brokerages recently weighed in on SAH. Bank of America lowered their target price on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Needham & Company LLC boosted their price objective on Sonic Automotive from $73.00 to $74.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Stephens started coverage on Sonic Automotive in a research note on Thursday, September 12th. They set an “equal weight” rating and a $64.00 target price for the company. JPMorgan Chase & Co. lifted their target price on Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Morgan Stanley upgraded shares of 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 research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $67.40.

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.