Maryland State Retirement & Pension System Decreases Stock Position in Sonic Automotive, Inc. $SAH

Maryland State Retirement & Pension System trimmed its position in Sonic Automotive, Inc. (NYSE:SAH) by 13.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,271 shares of the company’s stock after selling 653 shares during the period. Maryland State Retirement & Pension System’s holdings in Sonic Automotive were worth $243,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Westwood Holdings Group Inc. lifted its holdings in Sonic Automotive by 26.2% in the 1st quarter. Westwood Holdings Group Inc. now owns 641,237 shares of the company’s stock valued at $36,525,000 after purchasing an additional 133,044 shares in the last quarter. Millennium Management LLC lifted its holdings in Sonic Automotive by 3.9% in the 4th quarter. Millennium Management LLC now owns 476,107 shares of the company’s stock valued at $30,161,000 after purchasing an additional 17,965 shares in the last quarter. Northern Trust Corp lifted its holdings in Sonic Automotive by 6.7% in the 4th quarter. Northern Trust Corp now owns 291,133 shares of the company’s stock valued at $18,443,000 after purchasing an additional 18,232 shares in the last quarter. Nuveen Asset Management LLC lifted its holdings in Sonic Automotive by 1.1% in the 4th quarter. Nuveen Asset Management LLC now owns 128,835 shares of the company’s stock valued at $8,162,000 after purchasing an additional 1,386 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Sonic Automotive by 50.5% in the 1st quarter. Victory Capital Management Inc. now owns 124,342 shares of the company’s stock valued at $7,083,000 after purchasing an additional 41,722 shares in the last quarter. 46.92% of the stock is currently owned by hedge funds and other institutional investors.

Sonic Automotive Stock Down 0.7%

SAH opened at $78.38 on Tuesday. The firm has a 50 day moving average price of $79.20 and a 200 day moving average price of $70.13. The company has a market cap of $2.68 billion, a PE ratio of 17.42 and a beta of 0.99. Sonic Automotive, Inc. has a 1 year low of $52.00 and a 1 year high of $89.62. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.24 and a current ratio of 1.03.

Sonic Automotive (NYSE:SAH) last posted its earnings results on Thursday, July 24th. The company reported $2.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.56. The firm had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.66 billion. Sonic Automotive had a net margin of 1.07% and a return on equity of 21.40%. The company’s revenue was up 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.47 EPS. Sell-side analysts expect that Sonic Automotive, Inc. will post 6.14 earnings per share for the current year.

Sonic Automotive Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be given a dividend of $0.38 per share. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.52 dividend on an annualized basis and a yield of 1.9%. Sonic Automotive’s dividend payout ratio is currently 31.11%.

Insider Transactions at Sonic Automotive

In other Sonic Automotive news, President Jeff Dyke sold 576 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $70.02, for a total value of $40,331.52. Following the completion of the sale, the president owned 605,393 shares of the company’s stock, valued at $42,389,617.86. This trade represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 50,000 shares of company stock worth $3,502,062. 42.65% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on SAH. Bank of America upped their target price on shares of Sonic Automotive from $80.00 to $94.00 and gave the company a “buy” rating in a report on Monday, June 16th. Citigroup started coverage on shares of Sonic Automotive in a report on Wednesday, April 23rd. They set a “neutral” rating and a $64.00 price objective on the stock. Benchmark increased their price objective on shares of Sonic Automotive from $76.00 to $80.00 and gave the stock a “buy” rating in a report on Friday, July 25th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Sonic Automotive in a report on Wednesday, August 6th. Finally, Wall Street Zen lowered shares of Sonic Automotive from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $79.86.

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.