Bank of New York Mellon Corp trimmed its position in Sonic Automotive Inc (NYSE:SAH) by 6.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 382,598 shares of the company’s stock after selling 27,050 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.90% of Sonic Automotive worth $12,210,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. First Trust Advisors LP grew its position in shares of Sonic Automotive by 2.1% during the 1st quarter. First Trust Advisors LP now owns 43,986 shares of the company’s stock worth $651,000 after purchasing an additional 885 shares in the last quarter. Comerica Bank raised its stake in shares of Sonic Automotive by 4.9% during the first quarter. Comerica Bank now owns 23,987 shares of the company’s stock valued at $411,000 after acquiring an additional 1,127 shares during the last quarter. Aperio Group LLC raised its stake in shares of Sonic Automotive by 55.5% during the first quarter. Aperio Group LLC now owns 16,739 shares of the company’s stock valued at $222,000 after acquiring an additional 5,975 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Sonic Automotive by 5.9% during the first quarter. Rhumbline Advisers now owns 103,494 shares of the company’s stock valued at $1,374,000 after acquiring an additional 5,766 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Sonic Automotive by 725.1% during the first quarter. Russell Investments Group Ltd. now owns 44,687 shares of the company’s stock worth $593,000 after buying an additional 39,271 shares during the last quarter. 61.51% of the stock is currently owned by institutional investors.
In other news, President Jeff Dyke sold 25,000 shares of the stock in a transaction that occurred on Wednesday, July 15th. The stock was 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 approximately $42,606,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO David Bruton Smith sold 10,946 shares of the stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $45.07, for a total value of $493,336.22. Following the transaction, the chief executive officer now owns 387,865 shares in the company, valued at approximately $17,481,075.55. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,445 shares of company stock worth $3,262,467. Corporate insiders own 33.01% of the company’s stock.
NYSE SAH opened at $42.53 on Wednesday. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of -18.74 and a beta of 2.78. The company has a current ratio of 0.99, a quick ratio of 0.32 and a debt-to-equity ratio of 0.96. Sonic Automotive Inc has a 12 month low of $9.00 and a 12 month high of $46.50. The company’s 50 day moving average is $42.32 and its two-hundred day moving average is $28.77.
Sonic Automotive (NYSE:SAH) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.31 by $0.33. The company had revenue of $2.11 billion during the quarter, compared to analyst estimates of $2.16 billion. Sonic Automotive had a negative net margin of 0.94% and a positive return on equity of 14.21%. Sonic Automotive’s quarterly revenue was down 19.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.62 earnings per share. Sell-side analysts forecast that Sonic Automotive Inc will post 3.43 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be issued a $0.10 dividend. The ex-dividend date is Monday, September 14th. This represents a $0.40 dividend on an annualized basis and a yield of 0.94%. Sonic Automotive’s dividend payout ratio is presently 15.09%.
A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Sonic Automotive from $38.00 to $39.00 and gave the company a “neutral” rating in a report on Wednesday, July 8th. Morgan Stanley lifted 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 boosted their price target on shares of Sonic Automotive from $27.50 to $39.00 and gave the company a “buy” rating in a research report on Wednesday, June 17th. ValuEngine raised shares of Sonic Automotive from a “strong sell” rating to a “sell” rating in a report on Tuesday, September 1st. Finally, Zacks Investment Research reissued a “buy” rating on shares of Sonic Automotive in a research note on Thursday, July 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $39.00.
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.
See Also: What is a portfolio manager?
Want to see what other hedge funds are holding SAH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sonic Automotive Inc (NYSE:SAH).
Receive News & Ratings for Sonic Automotive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Automotive and related companies with MarketBeat.com's FREE daily email newsletter.