Jeff Dyke Sells 14,886 Shares of Sonic Automotive (NYSE:SAH) Stock

Sonic Automotive, Inc. (NYSE:SAH) President Jeff Dyke sold 14,886 shares of the company’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $85.13, for a total transaction of $1,267,245.18. Following the completion of the sale, the president directly owned 578,782 shares of the company’s stock, valued at $49,271,711.66. The trade was a 2.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Wednesday, June 10th, Jeff Dyke sold 35,114 shares of Sonic Automotive stock. The stock was sold at an average price of $85.22, for a total transaction of $2,992,415.08.
• On Monday, June 8th, Jeff Dyke sold 50,000 shares of Sonic Automotive stock. The shares were sold at an average price of $82.97, for a total transaction of $4,148,500.00.

Sonic Automotive Price Performance

SAH opened at $84.28 on Friday. The stock has a market cap of $2.66 billion, a P/E ratio of 26.84, a P/E/G ratio of 1.93 and a beta of 0.88. 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 fifty day simple moving average of $75.20 and a 200 day simple moving average of $67.21.

Sonic Automotive (NYSE:SAH) last posted its 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 return on equity of 22.45% and a net margin of 0.72%.The firm had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same period in the previous year, the company posted $1.48 earnings per share. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, research analysts expect that Sonic Automotive, Inc. will post 6.92 EPS for the current year.

Sonic Automotive Increases Dividend

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

Hedge Funds Weigh In On Sonic Automotive

Several hedge funds have recently made changes to their positions in the business. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Sonic Automotive by 1.2% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,603 shares of the company’s stock worth $965,000 after purchasing an additional 190 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Sonic Automotive by 1.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,426 shares of the company’s stock valued at $924,000 after buying an additional 273 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Sonic Automotive by 8.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the company’s stock worth $221,000 after buying an additional 284 shares in the last quarter. CWM LLC lifted its position in Sonic Automotive by 11.3% during the 4th quarter. CWM LLC now owns 2,858 shares of the company’s stock worth $177,000 after buying an additional 291 shares in the last quarter. Finally, Creative Planning boosted its stake in shares of Sonic Automotive by 12.4% during the 3rd quarter. Creative Planning now owns 3,000 shares of the company’s stock worth $228,000 after buying an additional 332 shares during the last quarter. 46.92% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on SAH shares. Stephens dropped their target price 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. Needham & Company LLC reissued a “buy” rating and set a $90.00 price objective on shares of Sonic Automotive in a research report on Tuesday, March 31st. Weiss Ratings restated a “hold (c)” rating on shares of Sonic Automotive in a report on Friday, March 27th. Bank of America initiated coverage on shares of Sonic Automotive in a research report on Wednesday, March 4th. They issued a “neutral” rating on the stock. Finally, JPMorgan Chase & Co. increased their target price on Sonic Automotive from $67.00 to $77.00 and gave the stock an “underweight” rating in a report on Thursday, May 7th. Four investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $83.00.

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.