Public Sector Pension Investment Board Has $1.78 Million Stock Position in Sonic Automotive, Inc. (NYSE:SAH)

Public Sector Pension Investment Board raised its stake in Sonic Automotive, Inc. (NYSE:SAH) by 6.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,718 shares of the company’s stock after buying an additional 1,876 shares during the period. Public Sector Pension Investment Board owned 0.10% of Sonic Automotive worth $1,782,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in SAH. Westwood Holdings Group Inc. lifted its holdings in shares of Sonic Automotive by 12.6% during the first quarter. Westwood Holdings Group Inc. now owns 630,450 shares of the company’s stock worth $35,898,000 after purchasing an additional 70,540 shares during the period. Victory Capital Management Inc. raised its stake in Sonic Automotive by 524.4% during the second quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock worth $5,480,000 after buying an additional 84,489 shares during the last quarter. Renaissance Technologies LLC raised its stake in Sonic Automotive by 26.8% during the second quarter. Renaissance Technologies LLC now owns 88,826 shares of the company’s stock worth $4,838,000 after buying an additional 18,800 shares during the last quarter. Denali Advisors LLC raised its stake in Sonic Automotive by 31.1% during the second quarter. Denali Advisors LLC now owns 48,100 shares of the company’s stock worth $2,620,000 after buying an additional 11,400 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in Sonic Automotive during the fourth quarter worth $1,724,000. Institutional investors and hedge funds own 46.92% of the company’s stock.

Sonic Automotive Stock Down 1.0 %

Shares of NYSE SAH opened at $58.48 on Tuesday. The stock has a market capitalization of $1.98 billion, a P/E ratio of 11.98 and a beta of 1.61. The company has a 50-day moving average price of $58.51 and a 200-day moving average price of $56.42. Sonic Automotive, Inc. has a 1 year low of $41.19 and a 1 year high of $64.68. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.10 and a quick ratio of 0.36.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.09. The firm had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.56 billion. Sonic Automotive had a net margin of 1.35% and a return on equity of 25.31%. The business’s revenue was down 5.5% on a year-over-year basis. During the same period last year, the company earned $1.83 earnings per share. On average, equities research analysts forecast that Sonic Automotive, Inc. will post 5.79 EPS for the current fiscal year.

Sonic Automotive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.05%. The ex-dividend date is Friday, September 13th. Sonic Automotive’s dividend payout ratio (DPR) is presently 24.59%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Bank of America lowered their target price on shares of Sonic Automotive from $68.00 to $67.00 and set a “buy” rating for the company in a research note on Monday, July 22nd. Stephens assumed coverage on shares of Sonic Automotive in a research note on Thursday, September 12th. They set an “equal weight” rating and a $64.00 target price for the company. Needham & Company LLC started coverage on shares of Sonic Automotive in a research note on Tuesday, August 20th. They set a “buy” rating and a $73.00 target price for the company. JPMorgan Chase & Co. lifted their price target on shares of Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, Morgan Stanley raised shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $40.00 to $58.00 in a research note on Wednesday, September 25th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Sonic Automotive has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

Insider Buying and Selling

In related news, CFO Heath Byrd sold 19,827 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $60.00, for a total transaction of $1,189,620.00. Following the transaction, the chief financial officer now directly owns 173,618 shares in the company, valued at $10,417,080. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 40.95% of the stock is owned by corporate insiders.

Sonic Automotive Profile

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.