Denali Advisors LLC Buys New Stake in Sonic Automotive, Inc. $SAH

Denali Advisors LLC acquired a new stake in Sonic Automotive, Inc. (NYSE:SAH) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 56,600 shares of the company’s stock, valued at approximately $4,799,000.

Other hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in shares of Sonic Automotive by 3.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,313,857 shares of the company’s stock worth $90,088,000 after purchasing an additional 48,599 shares in the last quarter. State Street Corp raised its holdings in shares of Sonic Automotive by 9.8% in the fourth quarter. State Street Corp now owns 701,133 shares of the company’s stock valued at $43,623,000 after buying an additional 62,426 shares during the last quarter. Invesco Ltd. lifted its position in Sonic Automotive by 11.9% during the 4th quarter. Invesco Ltd. now owns 510,963 shares of the company’s stock worth $31,608,000 after buying an additional 54,455 shares in the last quarter. Millennium Management LLC lifted its position in Sonic Automotive by 20.5% during the 3rd quarter. Millennium Management LLC now owns 383,117 shares of the company’s stock worth $29,151,000 after buying an additional 65,266 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Sonic Automotive by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 375,034 shares of the company’s stock worth $23,204,000 after acquiring an additional 4,443 shares during the last quarter. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Sonic Automotive Trading Up 1.9%

NYSE SAH opened at $78.77 on Thursday. The company has a market cap of $2.49 billion, a PE ratio of 12.56, a PEG ratio of 1.24 and a beta of 0.86. The company has a current ratio of 1.01, a quick ratio of 0.25 and a debt-to-equity ratio of 1.88. Sonic Automotive, Inc. has a 12 month low of $54.11 and a 12 month high of $113.67. The stock has a 50 day moving average of $88.33 and a 200-day moving average of $75.83.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Thursday, July 30th. The company reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.07. The company had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Sonic Automotive had a net margin of 1.37% and a return on equity of 20.75%. Sonic Automotive’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.19 EPS. On average, equities research analysts anticipate that Sonic Automotive, Inc. will post 6.95 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be paid a $0.41 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a yield of 2.1%. Sonic Automotive’s dividend payout ratio is 26.16%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. UBS Group increased their price target on shares of Sonic Automotive from $90.00 to $109.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Barclays cut their price target on Sonic Automotive from $92.00 to $87.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Morgan Stanley downgraded shares of Sonic Automotive from an “equal weight” rating to an “underweight” rating and set a $72.00 price target on the stock. in a research report on Friday, August 7th. Needham & Company LLC lifted their target price on Sonic Automotive from $90.00 to $139.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Zacks Research raised shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $97.33.

Insiders Place Their Bets

In other Sonic Automotive news, President Jeff Dyke sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $82.97, for a total transaction of $4,148,500.00. Following the completion of the sale, the president directly owned 111,622 shares in the company, valued at $9,261,277.34. This trade represents a 30.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 100,000 shares of company stock valued at $8,408,160. 43.68% of the stock is owned by corporate insiders.

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.