Proxima Capital Management LLC cut its holdings in Sonic Automotive Inc (NYSE:SAH) by 83.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 26,600 shares of the company’s stock after selling 136,400 shares during the quarter. Proxima Capital Management LLC’s holdings in Sonic Automotive were worth $548,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in SAH. Ceredex Value Advisors LLC purchased a new stake in Sonic Automotive in the first quarter valued at about $40,491,000. BlackRock Inc. raised its stake in Sonic Automotive by 14.1% in the first quarter. BlackRock Inc. now owns 3,722,619 shares of the company’s stock valued at $70,543,000 after buying an additional 460,575 shares during the last quarter. Towle & Co. raised its stake in Sonic Automotive by 6.1% in the second quarter. Towle & Co. now owns 1,177,838 shares of the company’s stock valued at $24,263,000 after buying an additional 67,529 shares during the last quarter. Prudential Financial Inc. raised its stake in Sonic Automotive by 13.4% in the first quarter. Prudential Financial Inc. now owns 460,382 shares of the company’s stock valued at $8,725,000 after buying an additional 54,292 shares during the last quarter. Finally, Mutual Advisors LLC purchased a new stake in Sonic Automotive in the first quarter valued at about $959,000. Institutional investors own 63.73% of the company’s stock.
Several research analysts have recently issued reports on SAH shares. Morgan Stanley reduced their price objective on Sonic Automotive from $19.00 to $16.00 and set a “sell” rating for the company in a research note on Wednesday, August 15th. ValuEngine upgraded Sonic Automotive from a “sell” rating to a “hold” rating in a research note on Monday, July 30th. Stephens restated a “hold” rating and issued a $19.00 price objective on shares of Sonic Automotive in a research note on Friday, July 27th. Zacks Investment Research cut Sonic Automotive from a “buy” rating to a “hold” rating in a research note on Thursday, July 19th. Finally, Buckingham Research reduced their price objective on 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. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The company has an average rating of “Hold” and an average price target of $20.00.
In other news, CFO Heath Byrd sold 8,500 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 153,535 shares in the company, valued at $3,531,305. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 32.30% of the company’s stock.
Shares of NYSE:SAH traded up $0.10 during trading on Friday, hitting $21.10. The stock had a trading volume of 26 shares, compared to its average volume of 130,262. Sonic Automotive Inc has a 12-month low of $17.20 and a 12-month high of $23.60. The stock has a market cap of $903.34 million, a price-to-earnings ratio of 11.35, a PEG ratio of 4.76 and a beta of 1.63. The company has a quick ratio of 0.21, a current ratio of 1.03 and a debt-to-equity ratio of 1.19.
Sonic Automotive (NYSE:SAH) last announced its quarterly earnings data on Friday, July 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.01. Sonic Automotive had a return on equity of 10.42% and a net margin of 0.95%. The firm had revenue of $2.51 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same period last year, the business posted $0.40 earnings per share. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. equities analysts anticipate that Sonic Automotive Inc will post 1.93 EPS for the current fiscal year.
The company 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 $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.14%. The ex-dividend date is Thursday, September 13th. Sonic Automotive’s payout ratio is 12.97%.
Sonic Automotive Profile
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.
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