Denali Advisors LLC increased its position in shares of Sonic Automotive Inc (NYSE:SAH) by 135.6% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 43,942 shares of the company’s stock after buying an additional 25,289 shares during the period. Denali Advisors LLC owned 0.10% of Sonic Automotive worth $1,026,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in SAH. BlackRock Inc. raised its stake in Sonic Automotive by 4.7% during the fourth quarter. BlackRock Inc. now owns 4,261,659 shares of the company’s stock worth $58,641,000 after buying an additional 189,881 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Sonic Automotive by 15.4% during the fourth quarter. Bank of New York Mellon Corp now owns 481,974 shares of the company’s stock worth $6,632,000 after buying an additional 64,186 shares during the last quarter. Norges Bank bought a new stake in Sonic Automotive in the fourth quarter valued at $809,000. D. E. Shaw & Co. Inc. increased its stake in Sonic Automotive by 36.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 146,464 shares of the company’s stock valued at $2,015,000 after purchasing an additional 39,174 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan bought a new stake in Sonic Automotive in the fourth quarter valued at $489,000. 60.65% of the stock is owned by institutional investors and hedge funds.
In other news, CFO Heath Byrd sold 15,000 shares of Sonic Automotive stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $23.60, for a total transaction of $354,000.00. Following the completion of the transaction, the chief financial officer now directly owns 177,242 shares in the company, valued at $4,182,911.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 31.60% of the stock is owned by company insiders.
Several research firms have weighed in on SAH. Stephens raised shares of Sonic Automotive from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $19.00 to $30.00 in a research note on Wednesday, June 5th. TheStreet raised shares of BlackRock TCP Capital from a “c+” rating to a “b” rating in a research note on Tuesday, May 28th. Morgan Stanley lifted their price target on shares of Sonic Automotive from $10.00 to $18.00 and gave the company an “underweight” rating in a research note on Monday, May 6th. Zacks Investment Research downgraded shares of Guaranty Federal Bancshares from a “hold” rating to a “sell” rating in a research note on Tuesday, April 23rd. Finally, Buckingham Research lifted their price target on shares of Sonic Automotive from $15.00 to $20.00 and gave the company a “neutral” rating in a research note on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. Sonic Automotive presently has an average rating of “Hold” and an average target price of $20.50.
Shares of NYSE SAH traded up $0.72 during mid-day trading on Tuesday, reaching $24.41. 291,000 shares of the company’s stock traded hands, compared to its average volume of 237,287. The company has a market capitalization of $1.06 billion, a PE ratio of 13.79, a P/E/G ratio of 3.73 and a beta of 1.85. The business has a 50-day moving average of $23.00. Sonic Automotive Inc has a 1-year low of $12.78 and a 1-year high of $24.79. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.25 and a current ratio of 1.03.
Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data on Thursday, April 25th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.17. The firm had revenue of $2.39 billion during the quarter, compared to analysts’ expectations of $2.42 billion. Sonic Automotive had a net margin of 0.97% and a return on equity of 10.12%. The business’s revenue was down .5% on a year-over-year basis. During the same period last year, the company earned $0.26 earnings per share. As a group, sell-side analysts anticipate that Sonic Automotive Inc will post 2.12 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 14th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.64%. The ex-dividend date was Thursday, June 13th. Sonic Automotive’s dividend payout ratio is currently 22.60%.
About Sonic Automotive
Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and EchoPark. 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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