Sonic Automotive (NYSE:SAH) President Sells $2,992,415.08 in Stock

Sonic Automotive, Inc. (NYSE:SAH) President Jeff Dyke sold 35,114 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $85.22, for a total transaction of $2,992,415.08. Following the sale, the president directly owned 543,668 shares in the company, valued at approximately $46,331,386.96. This represents a 6.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jeff Dyke also recently made the following trade(s):

• On Tuesday, June 9th, Jeff Dyke sold 14,886 shares of Sonic Automotive stock. The shares were sold at an average price of $85.13, for a total transaction of $1,267,245.18.
• On Monday, June 8th, Jeff Dyke sold 50,000 shares of Sonic Automotive stock. The shares were sold at an average price of $82.97, for a total transaction of $4,148,500.00.

Sonic Automotive Stock Up 0.5%

Shares of NYSE SAH opened at $84.63 on Friday. Sonic Automotive, Inc. has a 12-month low of $54.11 and a 12-month high of $89.62. The company has a market capitalization of $2.67 billion, a PE ratio of 26.95, a price-to-earnings-growth ratio of 1.93 and a beta of 0.88. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.03 and a quick ratio of 0.29. The firm’s 50-day moving average is $75.58 and its two-hundred day moving average is $67.33.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.22. Sonic Automotive had a net margin of 0.72% and a return on equity of 22.45%. The company had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the firm earned $1.48 earnings per share. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. Equities analysts anticipate that Sonic Automotive, Inc. will post 6.92 EPS for the current fiscal year.

Sonic Automotive Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be issued a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 1.9%. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Monday, June 15th. Sonic Automotive’s payout ratio is currently 48.41%.

Hedge Funds Weigh In On Sonic Automotive

A number of institutional investors have recently modified their holdings of SAH. Goldman Sachs Group Inc. raised its position in shares of Sonic Automotive by 124.9% in the first quarter. Goldman Sachs Group Inc. now owns 355,328 shares of the company’s stock valued at $20,239,000 after buying an additional 197,336 shares during the last quarter. Heartland Advisors Inc. acquired a new position in Sonic Automotive during the first quarter worth approximately $8,450,000. Bridgeway Capital Management LLC acquired a new position in Sonic Automotive during the fourth quarter worth approximately $7,384,000. Qube Research & Technologies Ltd acquired a new position in Sonic Automotive during the third quarter worth approximately $7,450,000. Finally, Vanguard Group Inc. increased its position in Sonic Automotive by 6.2% during the third quarter. Vanguard Group Inc. now owns 1,646,450 shares of the company’s stock worth $125,278,000 after purchasing an additional 96,836 shares during the last quarter. Institutional investors and hedge funds own 46.92% of the company’s stock.

Wall Street Analyst Weigh In

SAH has been the topic of several recent research reports. Stephens reduced their price target on shares of Sonic Automotive from $68.00 to $67.00 and set an “equal weight” rating on the stock in a report on Thursday, February 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sonic Automotive in a report on Friday, March 27th. Zacks Research raised shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. JPMorgan Chase & Co. upped their price target on shares of Sonic Automotive from $67.00 to $77.00 and gave the company an “underweight” rating in a report on Thursday, May 7th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $90.00 price objective on shares of Sonic Automotive in a research report on Tuesday, March 31st. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $83.00.

Sonic Automotive Company Profile

Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive’s dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.

In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.