Sonic Automotive Sees Large Volume Increase After Dividend Announcement (SAH)
Sonic Automotive (NYSE:SAH) shares saw unusually-high trading volume on Wednesday after the company announced a dividend, Analyst Ratings Network reports. Approximately 570,222 shares traded hands during trading, an increase of 64% from the previous session’s volume of 348,695 shares.The stock last traded at $24.64 and had previously closed at $24.84.
The newly announced dividend is scheduled for Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a dividend of $0.025 per share. This represents a $0.10 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend is Thursday, September 11th.
Several analysts have recently commented on the stock. Analysts at Bank of America downgraded shares of Sonic Automotive from a “buy” rating to an “underperform” rating in a research note on Tuesday. They now have a $27.00 price target on the stock, down previously from $39.00. Separately, analysts at Zacks upgraded shares of Sonic Automotive from a “neutral” rating to an “outperform” rating in a research note on Monday, July 7th. They now have a $30.20 price target on the stock. Finally, analysts at Goldman Sachs downgraded shares of Sonic Automotive from a “neutral” rating to a “sell” rating in a research note on Friday, June 20th. They now have a $22.00 price target on the stock, down previously from $23.00. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $24.55.
The stock’s 50-day moving average is $26.49 and its 200-day moving average is $24.26. The company has a market cap of $1.304 billion and a price-to-earnings ratio of 16.59.
Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data on Tuesday, July 22nd. The company reported $0.51 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.53 by $0.02. The company had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter in the prior year, the company posted $0.50 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Analysts expect that Sonic Automotive will post $1.98 EPS for the current fiscal year.
Sonic Automotive, Inc (NYSE:SAH) is engaged in automotive retailing in the United States.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.