Key Points
- President Jeff Dyke sold 50,000 shares of Sonic Automotive stock on June 8 at an average price of $82.97, totaling about $4.15 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and his ownership fell 30.94% to 111,622 shares.
- Sonic Automotive reported better-than-expected quarterly earnings, posting $1.62 EPS versus the $1.40 consensus estimate, though revenue of $3.69 billion slightly missed forecasts. Revenue was up 1.0% year over year.
- The company raised its quarterly dividend to $0.41 per share from $0.38, implying a 2.0% annualized yield. The dividend will be paid on July 15 to shareholders of record on June 15.
Sonic Automotive, Inc. (NYSE:SAH - Get Free Report) President Jeff Dyke sold 50,000 shares of Sonic Automotive stock in a transaction 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 sale, the president owned 111,622 shares in the company, valued at $9,261,277.34. This represents a 30.94% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Sonic Automotive Price Performance
Shares of NYSE:SAH opened at $82.77 on Tuesday. The company's fifty day moving average price is $74.15 and its 200 day moving average price is $66.72. Sonic Automotive, Inc. has a 12 month low of $54.11 and a 12 month high of $89.62. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.03 and a quick ratio of 0.29. The firm has a market capitalization of $2.62 billion, a P/E ratio of 26.36, a P/E/G ratio of 1.89 and a beta of 0.88.
Sonic Automotive (NYSE:SAH - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.40 by $0.22. The firm 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%. Sonic Automotive's revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period last year, the business earned $1.48 EPS. As a group, sell-side analysts predict that Sonic Automotive, Inc. will post 6.92 earnings per share 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 2.0%. This is a positive change from Sonic Automotive's previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Monday, June 15th. Sonic Automotive's dividend payout ratio is presently 48.41%.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. increased its stake in shares of Sonic Automotive by 992.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 437 shares of the company's stock worth $35,000 after acquiring an additional 397 shares during the period. Camelot Portfolios LLC acquired a new position in shares of Sonic Automotive during the fourth quarter worth about $41,000. Torren Management LLC acquired a new position in shares of Sonic Automotive during the fourth quarter worth about $50,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Sonic Automotive during the third quarter worth about $63,000. Finally, National Bank of Canada FI acquired a new position in shares of Sonic Automotive during the third quarter worth about $78,000. 46.92% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have commented on SAH. Morgan Stanley set a $72.00 price objective on shares of Sonic Automotive in a research note on Thursday, May 7th. JPMorgan Chase & Co. lifted their price objective on shares of Sonic Automotive from $67.00 to $77.00 and gave the company an "underweight" rating in a research note on Thursday, May 7th. Zacks Research upgraded shares of Sonic Automotive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. Barclays lifted their price objective on shares of Sonic Automotive from $67.00 to $77.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 5th. Finally, Bank of America began coverage on shares of Sonic Automotive in a research note on Wednesday, March 4th. They issued a "neutral" rating on the stock. Four research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $83.00.
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Sonic Automotive Company Profile
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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.
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