Arizona State Retirement System cut its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH – Free Report) by 19.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,286 shares of the company’s stock after selling 1,049 shares during the period. Arizona State Retirement System’s holdings in Sonic Automotive were worth $204,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Inspire Investing LLC grew its position in shares of Sonic Automotive by 29.6% during the second quarter. Inspire Investing LLC now owns 6,519 shares of the company’s stock worth $311,000 after buying an additional 1,490 shares in the last quarter. AM Squared Ltd bought a new stake in shares of Sonic Automotive in the 2nd quarter worth about $100,000. Voss Capital LLC acquired a new stake in shares of Sonic Automotive in the 2nd quarter valued at about $9,040,000. Capital Investment Advisory Services LLC lifted its position in shares of Sonic Automotive by 12.5% during the second quarter. Capital Investment Advisory Services LLC now owns 8,149 shares of the company’s stock worth $388,000 after purchasing an additional 906 shares during the last quarter. Finally, Victory Capital Management Inc. increased its holdings in Sonic Automotive by 3.5% in the second quarter. Victory Capital Management Inc. now owns 58,353 shares of the company’s stock valued at $2,782,000 after buying an additional 1,954 shares during the last quarter. 48.58% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research firms have commented on SAH. StockNews.com raised shares of Sonic Automotive from a “hold” rating to a “buy” rating in a report on Tuesday. TheStreet cut shares of Sonic Automotive from a “b” rating to a “c+” rating in a report on Monday, August 28th. Stephens upped their target price on Sonic Automotive from $55.00 to $60.00 in a report on Wednesday, July 19th. Benchmark raised their price target on Sonic Automotive from $58.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, October 31st. Finally, JPMorgan Chase & Co. downgraded Sonic Automotive from a “neutral” rating to an “underweight” rating and set a $50.00 price objective for the company. in a research note on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $51.75.
In related news, CFO Heath Byrd sold 3,800 shares of Sonic Automotive stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $54.00, for a total value of $205,200.00. Following the transaction, the chief financial officer now owns 168,622 shares of the company’s stock, valued at approximately $9,105,588. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 38,086 shares of company stock valued at $2,056,992 over the last three months. Insiders own 40.95% of the company’s stock.
Sonic Automotive Stock Performance
SAH stock opened at $48.56 on Friday. The company has a 50-day simple moving average of $48.48 and a 200 day simple moving average of $47.63. The company has a market capitalization of $1.65 billion, a P/E ratio of -35.71 and a beta of 1.83. The company has a quick ratio of 0.40, a current ratio of 1.12 and a debt-to-equity ratio of 2.21. Sonic Automotive, Inc. has a fifty-two week low of $39.02 and a fifty-two week high of $62.26.
Sonic Automotive (NYSE:SAH – Get Free Report) last posted its quarterly earnings data on Thursday, October 26th. The company reported $2.02 EPS for the quarter, beating analysts’ consensus estimates of $1.80 by $0.22. Sonic Automotive had a negative net margin of 0.36% and a positive return on equity of 32.73%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the business earned $2.23 earnings per share. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. Sell-side analysts predict that Sonic Automotive, Inc. will post 6.86 earnings per share for the current fiscal year.
Sonic Automotive Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 15th will be given a dividend of $0.30 per share. The ex-dividend date is Thursday, December 14th. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.29. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.47%. Sonic Automotive’s payout ratio is -85.29%.
About Sonic Automotive
Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. 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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