Nuveen LLC Makes New $7.32 Million Investment in Sonic Automotive, Inc. $SAH

Nuveen LLC bought a new position in Sonic Automotive, Inc. (NYSE:SAH) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 128,450 shares of the company’s stock, valued at approximately $7,317,000. Nuveen LLC owned 0.38% of Sonic Automotive as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Sonic Automotive by 4.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,370 shares of the company’s stock worth $530,000 after acquiring an additional 380 shares during the period. MetLife Investment Management LLC grew its stake in Sonic Automotive by 8.7% in the 4th quarter. MetLife Investment Management LLC now owns 9,104 shares of the company’s stock worth $577,000 after acquiring an additional 731 shares during the period. Canada Pension Plan Investment Board purchased a new stake in Sonic Automotive in the 4th quarter worth approximately $51,000. Price T Rowe Associates Inc. MD grew its stake in Sonic Automotive by 7.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,349 shares of the company’s stock worth $910,000 after acquiring an additional 973 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in shares of Sonic Automotive by 1.1% during the 4th quarter. Nuveen Asset Management LLC now owns 128,835 shares of the company’s stock valued at $8,162,000 after buying an additional 1,386 shares during the period. 46.92% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, President Jeff Dyke sold 576 shares of the company’s stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $70.02, for a total transaction of $40,331.52. Following the completion of the sale, the president directly owned 605,393 shares of the company’s stock, valued at approximately $42,389,617.86. This represents a 0.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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.

Sonic Automotive Stock Up 4.8%

Shares of Sonic Automotive stock opened at $81.9930 on Monday. The company has a fifty day moving average price of $79.46 and a 200 day moving average price of $70.28. The company has a current ratio of 1.03, a quick ratio of 0.24 and a debt-to-equity ratio of 1.78. Sonic Automotive, Inc. has a twelve month low of $52.00 and a twelve month high of $89.62. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of 18.22 and a beta of 0.99.

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

Sonic Automotive Increases Dividend

The firm also recently declared 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 positive change 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%.

Analysts Set New Price Targets

Several analysts have recently issued reports on SAH shares. Benchmark boosted their price objective on shares of Sonic Automotive from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, July 25th. Morgan Stanley boosted their price objective on shares of Sonic Automotive from $60.00 to $72.00 and gave the company an “equal weight” rating in a research note on Thursday, August 14th. Wall Street Zen cut shares of Sonic Automotive from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 21st. Bank of America boosted their price objective on shares of Sonic Automotive from $80.00 to $94.00 and gave the company a “buy” rating in a research note on Monday, June 16th. Finally, Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective on shares of Sonic Automotive in a research note on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Sonic Automotive currently has an average rating of “Moderate Buy” and an average price target 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.