Sonic Automotive (NYSE:SAH) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Sonic Automotive, Inc. (NYSE:SAH) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $69.61 and traded as high as $87.40. Sonic Automotive shares last traded at $87.09, with a volume of 167,604 shares changing hands.

Wall Street Analyst Weigh In

SAH has been the topic of several research analyst reports. Weiss Ratings upgraded shares of Sonic Automotive from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. UBS Group initiated coverage on shares of Sonic Automotive in a report on Wednesday, May 27th. They issued a “buy” rating and a $90.00 price target for the company. Zacks Research upgraded shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Barclays lifted their target price on Sonic Automotive from $67.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 5th. Finally, Morgan Stanley set a $72.00 price target on Sonic Automotive in a report on Thursday, May 7th. Four analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $81.62.

Sonic Automotive Trading Up 1.4%

The business’s 50 day moving average price is $80.71 and its 200-day moving average price is $69.61. The company has a market cap of $2.75 billion, a price-to-earnings ratio of 27.74, a PEG ratio of 1.97 and a beta of 0.89. 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 earnings results on Thursday, April 30th. The company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.22. Sonic Automotive had a net margin of 0.72% and a return on equity of 22.45%. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.73 billion. During the same quarter last year, the company posted $1.48 EPS. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, research analysts forecast that Sonic Automotive, Inc. will post 6.92 EPS for the current year.

Sonic Automotive Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.41 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.64 annualized dividend and a yield of 1.9%. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.38. Sonic Automotive’s dividend payout ratio (DPR) is presently 52.23%.

Insider Buying and Selling at Sonic Automotive

In other Sonic Automotive news, President Jeff Dyke sold 35,114 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were 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 owned 543,668 shares in the company, valued at approximately $46,331,386.96. The trade was a 6.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,000 shares of company stock worth $8,408,160 over the last ninety days. Insiders own 43.68% of the company’s stock.

Institutional Trading of Sonic Automotive

Several hedge funds have recently added to or reduced their stakes in SAH. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Sonic Automotive by 992.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 437 shares of the company’s stock valued at $35,000 after purchasing an additional 397 shares in the last quarter. Camelot Portfolios LLC acquired a new stake in Sonic Automotive during the 4th quarter worth approximately $41,000. Torren Management LLC acquired a new stake in Sonic Automotive during the 4th quarter worth approximately $50,000. National Bank of Canada FI bought a new position in Sonic Automotive in the third quarter valued at approximately $78,000. Finally, State of Wyoming acquired a new position in shares of Sonic Automotive in the first quarter valued at approximately $79,000. Institutional investors and hedge funds own 46.92% of the company’s stock.

Sonic Automotive Company Profile

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.