KBC Group NV decreased its position in Sonic Automotive Inc (NYSE:SAH) by 18.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 49,383 shares of the company’s stock after selling 11,536 shares during the quarter. KBC Group NV’s holdings in Sonic Automotive were worth $1,017,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also recently made changes to their positions in the stock. Piedmont Investment Advisors LLC acquired a new position in Sonic Automotive in the 2nd quarter valued at about $116,000. Wells Fargo & Company MN raised its stake in Sonic Automotive by 25.9% in the 4th quarter. Wells Fargo & Company MN now owns 37,481 shares of the company’s stock valued at $692,000 after purchasing an additional 7,703 shares during the last quarter. Northern Trust Corp raised its stake in Sonic Automotive by 0.6% in the 1st quarter. Northern Trust Corp now owns 1,283,649 shares of the company’s stock valued at $24,325,000 after purchasing an additional 7,752 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Sonic Automotive by 23.2% in the 1st quarter. JPMorgan Chase & Co. now owns 72,859 shares of the company’s stock valued at $1,381,000 after purchasing an additional 13,699 shares during the last quarter. Finally, LSV Asset Management raised its stake in Sonic Automotive by 0.6% in the 1st quarter. LSV Asset Management now owns 2,382,476 shares of the company’s stock valued at $45,147,000 after purchasing an additional 13,800 shares during the last quarter. 64.18% of the stock is owned by hedge funds and other institutional investors.
NYSE SAH opened at $22.55 on Wednesday. Sonic Automotive Inc has a 12 month low of $16.20 and a 12 month high of $23.60. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.03 and a quick ratio of 0.21. The stock has a market cap of $931.10 million, a PE ratio of 12.19, a P/E/G ratio of 4.91 and a beta of 1.58.
Sonic Automotive (NYSE:SAH) last posted its quarterly earnings data on Friday, July 27th. The company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. Sonic Automotive had a net margin of 0.95% and a return on equity of 10.42%. The company had revenue of $2.51 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the prior year, the company posted $0.40 EPS. The company’s quarterly revenue was up 4.2% compared to the same quarter last year. analysts expect that Sonic Automotive Inc will post 1.93 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Stockholders of record on Friday, September 14th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.06%. The ex-dividend date is Thursday, September 13th. Sonic Automotive’s dividend payout ratio is currently 12.97%.
In other news, Chairman O Bruton Smith bought 15,000 shares of the firm’s stock in a transaction dated Friday, May 25th. The stock was acquired at an average price of $21.41 per share, for a total transaction of $321,150.00. Following the acquisition, the chairman now owns 909,691 shares of the company’s stock, valued at $19,476,484.31. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Heath Byrd sold 8,500 shares of the business’s stock in a transaction dated Wednesday, June 20th. The stock was sold at an average price of $23.00, for a total value of $195,500.00. Following the sale, the chief financial officer now owns 153,535 shares of the company’s stock, valued at approximately $3,531,305. The disclosure for this sale can be found here. Corporate insiders own 32.30% of the company’s stock.
A number of research analysts have recently commented on SAH shares. Morgan Stanley downgraded shares of Sonic Automotive from an “overweight” rating to an “underweight” rating and set a $25.00 price objective for the company. in a research note on Tuesday, July 10th. Zacks Investment Research raised shares of Sonic Automotive from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research note on Monday, July 16th. Buckingham Research dropped their price objective on shares of Sonic Automotive from $21.00 to $19.00 and set a “$19.55” rating for the company in a research note on Wednesday, July 18th. ValuEngine downgraded shares of Sonic Automotive from a “hold” rating to a “sell” rating in a research note on Thursday, July 19th. Finally, Stephens reaffirmed a “hold” rating and set a $18.00 price objective on shares of Sonic Automotive in a research note on Friday, July 20th. One analyst has rated the stock with a sell rating and five have issued a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $20.00.
About Sonic Automotive
Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and Pre-Owned Stores. 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.
Further Reading: Short Selling
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