Jeff Dyke Sells 35,114 Shares of Sonic Automotive (NYSE:SAH) Stock

Sonic Automotive, Inc. (NYSE:SAH) President Jeff Dyke sold 35,114 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $85.22, for a total transaction of $2,992,415.08. Following the completion of the sale, the president directly owned 543,668 shares of the company’s stock, valued at $46,331,386.96. The trade was a 6.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jeff Dyke also recently made the following trade(s):

• On Tuesday, June 9th, Jeff Dyke sold 14,886 shares of Sonic Automotive stock. The stock was sold at an average price of $85.13, for a total transaction of $1,267,245.18.
• On Monday, June 8th, Jeff Dyke sold 50,000 shares of Sonic Automotive stock. The stock was sold at an average price of $82.97, for a total transaction of $4,148,500.00.

Sonic Automotive Price Performance

Shares of SAH opened at $84.28 on Friday. The company has a 50 day moving average price of $75.20 and a 200-day moving average price of $67.21. Sonic Automotive, Inc. has a fifty-two week low of $54.11 and a fifty-two week high of $89.62. The stock has a market capitalization of $2.66 billion, a PE ratio of 26.84, a PEG ratio of 1.93 and a beta of 0.88. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.29 and a current ratio of 1.03.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.22. Sonic Automotive had a net margin of 0.72% and a return on equity of 22.45%. The firm had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter in the prior year, the company earned $1.48 EPS. The company’s revenue was up 1.0% compared to the same quarter last year. Equities analysts predict that Sonic Automotive, Inc. will post 6.92 earnings per share for the current fiscal year.

Sonic Automotive Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, June 15th. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.38. Sonic Automotive’s dividend payout ratio is currently 48.41%.

Wall Street Analysts Forecast Growth

SAH has been the subject of several research reports. UBS Group initiated coverage on shares of Sonic Automotive in a research report on Wednesday, May 27th. They issued a “buy” rating and a $90.00 price target for the company. Zacks Research raised shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Bank of America began coverage on shares of Sonic Automotive in a research report on Wednesday, March 4th. They set a “neutral” rating for the company. Stephens decreased their target price on shares of Sonic Automotive from $68.00 to $67.00 and set an “equal weight” rating for the company in a research report on Thursday, February 19th. Finally, JPMorgan Chase & Co. increased their target price on shares of Sonic Automotive from $67.00 to $77.00 and gave the company an “underweight” rating in a research report on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $83.00.

Institutional Investors Weigh In On Sonic Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of SAH. Vanguard Group Inc. raised its holdings in shares of Sonic Automotive by 6.2% in the third quarter. Vanguard Group Inc. now owns 1,646,450 shares of the company’s stock worth $125,278,000 after buying an additional 96,836 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in shares of Sonic Automotive by 39.5% in the third quarter. Public Sector Pension Investment Board now owns 68,842 shares of the company’s stock worth $5,238,000 after buying an additional 19,483 shares during the last quarter. Tudor Investment Corp ET AL raised its holdings in shares of Sonic Automotive by 41.2% in the third quarter. Tudor Investment Corp ET AL now owns 183,522 shares of the company’s stock worth $13,964,000 after buying an additional 53,510 shares during the last quarter. Picton Mahoney Asset Management purchased a new position in shares of Sonic Automotive in the third quarter worth $779,000. Finally, GSA Capital Partners LLP raised its holdings in shares of Sonic Automotive by 172.5% in the third quarter. GSA Capital Partners LLP now owns 14,717 shares of the company’s stock worth $1,120,000 after buying an additional 9,317 shares during the last quarter. Hedge funds and other institutional investors own 46.92% of the company’s stock.

About Sonic Automotive

Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive’s dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.

In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.