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

Sonic Automotive, Inc. (NYSE:SAH) President Jeff Dyke sold 35,114 shares of the business’s stock in a transaction 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 in the company, valued at approximately $46,331,386.96. This represents a 6.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 Stock Performance

Shares of SAH stock opened at $84.54 on Thursday. The company’s fifty day simple moving average is $74.89 and its 200-day simple moving average is $67.06. 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 firm has a market cap of $2.67 billion, a PE ratio of 26.92, a P/E/G ratio of 1.95 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.

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

Sonic Automotive Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a dividend of $0.41 per share. 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. The ex-dividend date of this dividend is Monday, June 15th. Sonic Automotive’s payout ratio is currently 48.41%.

Hedge Funds Weigh In On Sonic Automotive

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its stake 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 valued at $125,278,000 after acquiring an additional 96,836 shares in the last quarter. Public Sector Pension Investment Board grew its stake 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 valued at $5,238,000 after acquiring an additional 19,483 shares in the last quarter. Tudor Investment Corp ET AL grew its stake 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 valued at $13,964,000 after acquiring an additional 53,510 shares in the last quarter. Picton Mahoney Asset Management acquired a new position in shares of Sonic Automotive in the third quarter valued at about $779,000. Finally, GSA Capital Partners LLP grew its stake 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 valued at $1,120,000 after acquiring an additional 9,317 shares in the last quarter. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SAH. Barclays upped their price target on shares of Sonic Automotive from $67.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 5th. Stephens dropped 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 research report on Thursday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 price target on shares of Sonic Automotive in a research report on Tuesday, March 31st. Zacks Research raised shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, Citigroup upped their price target on shares of Sonic Automotive from $82.00 to $95.00 and gave the stock a “buy” rating in a research report on Monday, May 11th. 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 data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price 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.