Sonic Automotive (NYSE:SAH) President Jeff Dyke Sells 35,114 Shares

Sonic Automotive, Inc. (NYSE:SAH) President Jeff Dyke sold 35,114 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the president owned 543,668 shares of the company’s stock, valued at approximately $46,331,386.96. The trade was a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was 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 stock was sold at an average price of $82.97, for a total transaction of $4,148,500.00.

Sonic Automotive Price Performance

Shares of SAH traded down $0.28 during mid-day trading on Wednesday, reaching $84.54. The stock had a trading volume of 255,648 shares, compared to its average volume of 281,487. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 1.90 and a beta of 0.88. Sonic Automotive, Inc. has a 12 month low of $54.11 and a 12 month high of $89.62. The business has a fifty day moving average of $74.53 and a 200 day moving average of $66.88. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.29 and a current ratio of 1.03.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.22. The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.73 billion. Sonic Automotive had a net margin of 0.72% and a return on equity of 22.45%. The company’s revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.48 earnings per share. Equities analysts predict 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. Shareholders of record on Monday, June 15th will be given a $0.41 dividend. The ex-dividend date is Monday, June 15th. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.38. This represents a $1.64 dividend on an annualized basis and a dividend yield of 1.9%. Sonic Automotive’s dividend payout ratio (DPR) is currently 48.41%.

Hedge Funds Weigh In On Sonic Automotive

Institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its position in Sonic Automotive by 992.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 437 shares of the company’s stock valued at $35,000 after purchasing an additional 397 shares during the last quarter. Camelot Portfolios LLC bought a new position in Sonic Automotive during the fourth quarter valued at $41,000. Torren Management LLC bought a new position in Sonic Automotive during the fourth quarter valued at $50,000. Aster Capital Management DIFC Ltd bought a new position in Sonic Automotive during the third quarter valued at $63,000. Finally, National Bank of Canada FI bought a new position in Sonic Automotive during the third quarter valued at $78,000. Institutional investors own 46.92% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley set a $72.00 price target on shares of Sonic Automotive in a research report on Thursday, May 7th. JPMorgan Chase & Co. upped their target price on shares of Sonic Automotive from $67.00 to $77.00 and gave the stock an “underweight” rating in a research report on Thursday, May 7th. Barclays upped their target price on shares of Sonic Automotive from $67.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 5th. Citigroup upped their target price on shares of Sonic Automotive from $82.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. Finally, Needham & Company LLC restated a “buy” rating and set a $90.00 target price 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 issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $83.00.

About Sonic Automotive

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.