Jeff Dyke Sells 50,000 Shares of Sonic Automotive (NYSE:SAH) Stock

Sonic Automotive, Inc. (NYSE:SAH) President Jeff Dyke sold 50,000 shares of the stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $82.97, for a total transaction of $4,148,500.00. Following the completion of the sale, the president owned 111,622 shares of the company’s stock, valued at approximately $9,261,277.34. The trade was a 30.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Sonic Automotive Stock Up 2.7%

SAH stock opened at $84.90 on Wednesday. Sonic Automotive, Inc. has a 12-month low of $54.11 and a 12-month high of $89.62. The company has a quick ratio of 0.29, a current ratio of 1.03 and a debt-to-equity ratio of 1.93. The company has a market cap of $2.68 billion, a price-to-earnings ratio of 27.04, a PEG ratio of 1.90 and a beta of 0.88. The company has a 50 day moving average of $74.53 and a two-hundred day moving average of $66.88.

Sonic Automotive (NYSE:SAH) last released 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 company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the prior year, the firm earned $1.48 EPS. The company’s revenue was up 1.0% compared to the same quarter last year. On average, equities analysts anticipate that Sonic Automotive, Inc. will post 6.92 earnings per share for the current fiscal year.

Sonic Automotive Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Monday, June 15th. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.38. Sonic Automotive’s payout ratio is currently 48.41%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Zacks Research upgraded shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Stephens cut their price target on shares of Sonic Automotive from $68.00 to $67.00 and set an “equal weight” rating on the stock in a report on Thursday, February 19th. JPMorgan Chase & Co. raised their price target on shares of Sonic Automotive from $67.00 to $77.00 and gave the company an “underweight” rating in a report on Thursday, May 7th. Weiss Ratings restated a “hold (c)” rating on shares of Sonic Automotive in a report on Friday, March 27th. Finally, UBS Group assumed coverage on shares of Sonic Automotive in a report on Wednesday, May 27th. They set a “buy” rating and a $90.00 price target on the stock. Four analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $83.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SAH. Vanguard Group Inc. raised its holdings in Sonic Automotive by 6.2% in the 3rd quarter. Vanguard Group Inc. now owns 1,646,450 shares of the company’s stock worth $125,278,000 after acquiring an additional 96,836 shares during the period. Public Sector Pension Investment Board raised its holdings in Sonic Automotive by 39.5% in the 3rd quarter. Public Sector Pension Investment Board now owns 68,842 shares of the company’s stock worth $5,238,000 after acquiring an additional 19,483 shares during the period. Tudor Investment Corp ET AL raised its holdings in Sonic Automotive by 41.2% in the 3rd quarter. Tudor Investment Corp ET AL now owns 183,522 shares of the company’s stock worth $13,964,000 after acquiring an additional 53,510 shares during the period. Picton Mahoney Asset Management bought a new position in Sonic Automotive in the 3rd quarter worth $779,000. Finally, GSA Capital Partners LLP raised its holdings in Sonic Automotive by 172.5% in the 3rd quarter. GSA Capital Partners LLP now owns 14,717 shares of the company’s stock worth $1,120,000 after acquiring an additional 9,317 shares during the period. 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.