Rhumbline Advisers Sells 9,045 Shares of Sonic Automotive, Inc. (SAH)
Rhumbline Advisers trimmed its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH) by 11.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 71,328 shares of the company’s stock after selling 9,045 shares during the period. Rhumbline Advisers owned about 0.22% of Sonic Automotive worth $1,387,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in SAH. Bank of New York Mellon Corp lifted its position in Sonic Automotive by 67.1% during the first quarter. Bank of New York Mellon Corp now owns 835,575 shares of the company’s stock valued at $16,753,000 after buying an additional 335,459 shares in the last quarter. Oxford Asset Management acquired a new position in shares of Sonic Automotive during the first quarter worth $1,824,000. Vanguard Group Inc. lifted its position in shares of Sonic Automotive by 3.5% during the first quarter. Vanguard Group Inc. now owns 2,344,255 shares of the company’s stock worth $47,002,000 after purchasing an additional 78,687 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of Sonic Automotive by 26.7% during the first quarter. OppenheimerFunds Inc. now owns 345,563 shares of the company’s stock worth $6,928,000 after purchasing an additional 72,819 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Sonic Automotive by 8.2% during the first quarter. State Street Corp now owns 823,177 shares of the company’s stock worth $16,501,000 after purchasing an additional 62,209 shares in the last quarter. 63.74% of the stock is currently owned by hedge funds and other institutional investors.
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A number of brokerages recently issued reports on SAH. ValuEngine lowered shares of Sonic Automotive from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Jefferies Group LLC reiterated a “hold” rating and set a $22.00 target price on shares of Sonic Automotive in a research note on Wednesday, July 19th. TheStreet lowered shares of Sonic Automotive from a “b” rating to a “c+” rating in a research report on Tuesday, May 30th. Morgan Stanley lowered their price target on shares of Sonic Automotive from $25.00 to $23.00 and set an “overweight” rating for the company in a research report on Friday, June 9th. Finally, KeyCorp restated a “hold” rating on shares of Sonic Automotive in a research report on Friday, September 1st. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $21.75.
Sonic Automotive, Inc. (NYSE SAH) opened at 18.65 on Thursday. The firm has a market cap of $818.01 million, a P/E ratio of 12.55 and a beta of 1.50. The company has a 50-day moving average price of $17.41 and a 200-day moving average price of $18.84. Sonic Automotive, Inc. has a 12-month low of $15.95 and a 12-month high of $27.45.
Sonic Automotive (NYSE:SAH) last announced its earnings results on Friday, July 28th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by ($0.06). The firm had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.44 billion. Sonic Automotive had a net margin of 0.69% and a return on equity of 11.14%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.50 EPS. On average, analysts predict that Sonic Automotive, Inc. will post $1.86 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 15th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.07%. The ex-dividend date of this dividend is Thursday, September 14th. Sonic Automotive’s payout ratio is presently 13.42%.
Sonic Automotive Profile
Sonic Automotive, Inc is an automotive retailer in the United States. The Company’s operating segments include Franchised Dealerships and EchoPark. Its Franchised Dealerships segment consists of retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle repair and maintenance services, and arrange finance and insurance products.
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