Sonic Automotive (NYSE:SAH) Issues Q3 2020 Pre-Market Earnings Guidance

Sonic Automotive (NYSE:SAH) updated its third quarter 2020
Pre-Market earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 1.08-1.15 for the period, compared to the Thomson Reuters consensus estimate of $1.08. Sonic Automotive also updated its Q3 guidance to $1.08-1.15 EPS.

A number of research firms recently weighed in on SAH. JPMorgan Chase & Co. increased their price objective on shares of Sonic Automotive from $38.00 to $39.00 and gave the stock a neutral rating in a research report on Wednesday, July 8th. Zacks Investment Research reissued a buy rating on shares of Sonic Automotive in a research report on Thursday, July 2nd. Morgan Stanley increased their price objective on shares of Sonic Automotive from $35.00 to $38.00 and gave the stock an equal weight rating in a research report on Wednesday, August 5th. Benchmark increased their price objective on shares of Sonic Automotive from $27.50 to $39.00 and gave the stock a buy rating in a research report on Wednesday, June 17th. Finally, ValuEngine upgraded shares of Sonic Automotive from a strong sell rating to a sell rating in a research note on Tuesday, September 1st. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Sonic Automotive has a consensus rating of Hold and an average price target of $39.00.

Shares of SAH stock opened at $41.33 on Tuesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.99 and a quick ratio of 0.32. The company has a market capitalization of $1.76 billion, a P/E ratio of -18.21 and a beta of 2.78. The company’s 50-day simple moving average is $42.33 and its two-hundred day simple moving average is $28.70. Sonic Automotive has a one year low of $9.00 and a one year high of $46.50.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Thursday, July 30th. The company reported $0.64 EPS for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.33. The business had revenue of $2.11 billion for the quarter, compared to the consensus estimate of $2.16 billion. Sonic Automotive had a negative net margin of 0.94% and a positive return on equity of 14.21%. The company’s revenue for the quarter was down 19.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.62 EPS. On average, research analysts expect that Sonic Automotive will post 3.43 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.97%. Sonic Automotive’s dividend payout ratio is presently 15.09%.

In other news, CFO Heath Byrd sold 7,565 shares of the stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $35.01, for a total transaction of $264,850.65. Following the transaction, the chief financial officer now directly owns 141,801 shares in the company, valued at $4,964,453.01. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, President Jeff Dyke sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 15th. The shares were sold at an average price of $40.00, for a total transaction of $1,000,000.00. Following the transaction, the president now owns 1,065,153 shares in the company, valued at $42,606,120. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 81,445 shares of company stock worth $3,262,467. Insiders own 33.01% of the company’s stock.

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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