Geode Capital Management LLC Increases Position in Sonic Automotive, Inc. (SAH)
Geode Capital Management LLC boosted its stake in shares of Sonic Automotive, Inc. (NYSE:SAH) by 2.3% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 210,753 shares of the company’s stock after buying an additional 4,721 shares during the period. Geode Capital Management LLC’s holdings in Sonic Automotive were worth $4,225,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Karp Capital Management Corp purchased a new stake in Sonic Automotive during the first quarter valued at approximately $211,000. UBS Asset Management Americas Inc. purchased a new stake in Sonic Automotive during the first quarter valued at approximately $243,000. Comerica Bank boosted its stake in Sonic Automotive by 3.6% in the first quarter. Comerica Bank now owns 29,092 shares of the company’s stock valued at $596,000 after buying an additional 1,011 shares during the period. Bank of New York Mellon Corp boosted its stake in Sonic Automotive by 67.1% in 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 during the period. Finally, LSV Asset Management boosted its stake in Sonic Automotive by 12.5% in the first quarter. LSV Asset Management now owns 2,403,776 shares of the company’s stock valued at $48,195,000 after buying an additional 267,492 shares during the period. 64.64% of the stock is owned by institutional investors.
Sonic Automotive, Inc. (SAH) traded up 0.30% during midday trading on Wednesday, hitting $16.75. The stock had a trading volume of 73,617 shares. The stock has a market cap of $734.67 million, a price-to-earnings ratio of 11.27 and a beta of 1.51. The company has a 50-day moving average of $18.44 and a 200-day moving average of $19.81. Sonic Automotive, Inc. has a 1-year low of $16.45 and a 1-year high of $27.45.
Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Friday, July 28th. The company reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.46 by $0.06. Sonic Automotive had a net margin of 0.69% and a return on equity of 11.14%. The firm had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the company posted $0.50 earnings per share. The firm’s revenue was up 1.0% on a year-over-year basis. Equities research analysts forecast that Sonic Automotive, Inc. will post $1.86 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Stockholders of record on Friday, September 15th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend is Thursday, September 14th. Sonic Automotive’s payout ratio is 13.42%.
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Several equities research analysts have recently commented on the company. Jefferies Group LLC reissued a “hold” rating and issued a $22.00 target price on shares of Sonic Automotive in a research note on Friday, June 16th. ValuEngine cut Sonic Automotive from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub cut Sonic Automotive from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Morgan Stanley lowered their target price on Sonic Automotive from $25.00 to $23.00 and set an “overweight” rating for the company in a research note on Friday, June 9th. Finally, TheStreet cut Sonic Automotive from a “b” rating to a “c+” rating in a research note on Tuesday, May 30th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Sonic Automotive presently has an average rating of “Hold” and a consensus price target of $21.75.
Sonic Automotive Company 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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