Sonic Automotive (NYSE:SAH) President Sells $1,267,245.18 in Stock

Sonic Automotive, Inc. (NYSE:SAH) President Jeff Dyke sold 14,886 shares of the stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $85.13, for a total value of $1,267,245.18. Following the completion of the sale, the president directly owned 578,782 shares of the company’s stock, valued at approximately $49,271,711.66. This represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 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 value of $4,148,500.00.

Sonic Automotive Stock Down 0.3%

Shares of NYSE:SAH traded down $0.28 during midday trading on Wednesday, hitting $84.54. 255,648 shares of the stock were exchanged, compared to its average volume of 281,487. 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, Inc. has a 52-week low of $54.11 and a 52-week high of $89.62. The business’s fifty day simple moving average is $74.53 and its two-hundred day simple moving average is $66.88. The company has a market capitalization of $2.67 billion, a PE ratio of 26.92, a P/E/G ratio of 1.90 and a beta of 0.88.

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

Sonic Automotive Increases Dividend

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

Institutional Trading of Sonic Automotive

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Sonic Automotive by 6.2% during the third quarter. Vanguard Group Inc. now owns 1,646,450 shares of the company’s stock valued at $125,278,000 after acquiring an additional 96,836 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Sonic Automotive by 3.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,313,857 shares of the company’s stock valued at $90,088,000 after buying an additional 48,599 shares during the last quarter. State Street Corp boosted its holdings in Sonic Automotive by 9.8% during the fourth quarter. State Street Corp now owns 701,133 shares of the company’s stock worth $43,623,000 after purchasing an additional 62,426 shares during the last quarter. Invesco Ltd. boosted its holdings in Sonic Automotive by 11.9% during the fourth quarter. Invesco Ltd. now owns 510,963 shares of the company’s stock worth $31,608,000 after purchasing an additional 54,455 shares during the last quarter. Finally, Millennium Management LLC raised its position in Sonic Automotive by 20.5% in the third quarter. Millennium Management LLC now owns 383,117 shares of the company’s stock worth $29,151,000 after acquiring an additional 65,266 shares during the period. Institutional investors and hedge funds own 46.92% of the company’s stock.

Analyst Upgrades and Downgrades

SAH has been the subject of several recent research reports. Morgan Stanley set a $72.00 price objective on Sonic Automotive in a report on Thursday, May 7th. Citigroup boosted their price objective 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. Stephens decreased their price target on shares of Sonic Automotive from $68.00 to $67.00 and set an “equal weight” rating for the company in a report on Thursday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $90.00 target price on shares of Sonic Automotive in a research note on Tuesday, March 31st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Sonic Automotive in a research note on Friday, March 27th. Four investment 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’s stock. According to MarketBeat, Sonic Automotive has an average rating of “Hold” and an average 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.