Sonic Automotive (NYSE:SAH) President Sells $4,148,500.00 in Stock

Sonic Automotive, Inc. (NYSE:SAH) President Jeff Dyke sold 50,000 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $82.97, for a total value of $4,148,500.00. Following 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, June 10th, Jeff Dyke sold 35,114 shares of Sonic Automotive stock. The stock was sold at an average price of $85.22, for a total value of $2,992,415.08.
• On Tuesday, June 9th, Jeff Dyke sold 14,886 shares of Sonic Automotive stock. The stock was sold at an average price of $85.13, for a total value of $1,267,245.18.

Sonic Automotive Trading Down 0.3%

NYSE:SAH opened at $84.54 on Thursday. The stock’s 50 day moving average price is $74.89 and its 200 day moving average price is $67.06. The company has a market capitalization of $2.67 billion, a PE ratio of 26.92, a P/E/G ratio of 1.95 and a beta of 0.88. The company has a quick ratio of 0.29, a current ratio of 1.03 and a debt-to-equity ratio of 1.93. Sonic Automotive, Inc. has a 52-week low of $54.11 and a 52-week high of $89.62.

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

Sonic Automotive Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be paid a dividend of $0.41 per share. The ex-dividend date is Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 1.9%. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.38. Sonic Automotive’s dividend payout ratio (DPR) is 48.41%.

Institutional Trading of Sonic Automotive

A number of institutional investors have recently modified their holdings of the business. Empowered Funds LLC boosted its stake in shares of Sonic Automotive by 64.4% in the first quarter. Empowered Funds LLC now owns 131,302 shares of the company’s stock valued at $9,003,000 after buying an additional 51,420 shares in the last quarter. Quantinno Capital Management LP boosted its stake in shares of Sonic Automotive by 13.3% in the first quarter. Quantinno Capital Management LP now owns 10,043 shares of the company’s stock valued at $689,000 after buying an additional 1,178 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Sonic Automotive by 11.5% in the first quarter. Renaissance Technologies LLC now owns 88,126 shares of the company’s stock valued at $6,043,000 after buying an additional 9,100 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Sonic Automotive by 7.7% in the first quarter. Public Employees Retirement System of Ohio now owns 46,179 shares of the company’s stock valued at $3,166,000 after buying an additional 3,293 shares in the last quarter. Finally, State of Wyoming purchased a new stake in shares of Sonic Automotive in the first quarter valued at approximately $79,000. 46.92% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SAH has been the topic of several analyst reports. Bank of America initiated coverage on Sonic Automotive in a research note on Wednesday, March 4th. They issued a “neutral” rating on the stock. Stephens lowered their target price on Sonic Automotive from $68.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 19th. JPMorgan Chase & Co. lifted their target price on Sonic Automotive from $67.00 to $77.00 and gave the company an “underweight” rating in a research note on Thursday, May 7th. Needham & Company LLC reiterated a “buy” rating and issued a $90.00 target price on shares of Sonic Automotive in a research note on Tuesday, March 31st. Finally, Zacks Research upgraded Sonic Automotive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Sonic Automotive 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.