Walleye Trading LLC purchased a new position in shares of Sonic Automotive, Inc. (NYSE:SAH – Get Rating) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 8,527 shares of the company’s stock, valued at approximately $312,000.
A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Sonic Automotive by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 2,312,003 shares of the company’s stock worth $98,283,000 after acquiring an additional 33,306 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Sonic Automotive by 1.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 385,848 shares of the company’s stock worth $16,403,000 after purchasing an additional 6,955 shares during the period. Invesco Ltd. increased its holdings in shares of Sonic Automotive by 21.2% in the first quarter. Invesco Ltd. now owns 333,343 shares of the company’s stock valued at $14,171,000 after purchasing an additional 58,218 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Sonic Automotive by 43.6% in the first quarter. Goldman Sachs Group Inc. now owns 250,978 shares of the company’s stock valued at $10,669,000 after purchasing an additional 76,157 shares during the period. Finally, Royce & Associates LP lifted its stake in shares of Sonic Automotive by 36.0% during the 2nd quarter. Royce & Associates LP now owns 237,050 shares of the company’s stock worth $8,683,000 after buying an additional 62,744 shares during the last quarter. Institutional investors and hedge funds own 57.10% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on SAH shares. JPMorgan Chase & Co. upgraded shares of Sonic Automotive from a “neutral” rating to an “overweight” rating and set a $60.00 price target on the stock in a research note on Thursday, October 6th. Morgan Stanley increased their target price on Sonic Automotive from $33.00 to $35.00 and gave the stock an “underweight” rating in a research note on Thursday, September 1st. Benchmark decreased their price objective on Sonic Automotive from $71.00 to $62.00 and set a “buy” rating on the stock in a report on Monday, October 31st. StockNews.com began coverage on Sonic Automotive in a report on Wednesday, October 12th. They set a “hold” rating for the company. Finally, Bank of America downgraded shares of Sonic Automotive from a “buy” rating to an “underperform” rating in a research note on Friday, September 9th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $52.33.
Sonic Automotive Stock Performance
Sonic Automotive (NYSE:SAH – Get Rating) last posted its quarterly earnings data on Thursday, October 27th. The company reported $2.23 earnings per share for the quarter, missing the consensus estimate of $2.47 by ($0.24). Sonic Automotive had a return on equity of 35.42% and a net margin of 2.71%. The firm had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.67 billion. During the same period in the prior year, the company earned $1.96 EPS. The company’s revenue for the quarter was up 12.2% compared to the same quarter last year. As a group, equities analysts anticipate that Sonic Automotive, Inc. will post 9.43 EPS for the current fiscal year.
Sonic Automotive Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Thursday, December 15th will be given a dividend of $0.28 per share. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.25. This represents a $1.12 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, December 14th. Sonic Automotive’s payout ratio is currently 10.93%.
Insiders Place Their Bets
In other news, CEO David Bruton Smith sold 54,670 shares of Sonic Automotive stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $55.60, for a total value of $3,039,652.00. Following the transaction, the chief executive officer now owns 467,856 shares in the company, valued at approximately $26,012,793.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 36.07% of the company’s stock.
Sonic Automotive Profile
Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and EchoPark. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.
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