Key Points
- Sonic Automotive President Jeff Dyke sold 35,114 shares on June 10 at an average price of $85.22, totaling about $2.99 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan and reduced his ownership by 6.07%.
- Dyke also sold shares earlier in the week, including 14,886 shares on June 9 and 50,000 shares on June 8, for proceeds of about $1.27 million and $4.15 million, respectively.
- The company recently raised its quarterly dividend to $0.41 per share from $0.38, while its latest quarterly earnings beat EPS estimates but slightly missed revenue expectations.
Sonic Automotive, Inc. (NYSE:SAH - Get Free Report) President Jeff Dyke sold 14,886 shares of the company's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $85.13, for a total value of $1,267,245.18. Following the completion of the transaction, the president directly owned 578,782 shares in the company, valued at approximately $49,271,711.66. The trade was a 2.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $2,992,415.08.
- 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 value of $4,148,500.00.
Sonic Automotive Stock Performance
Shares of SAH stock opened at $84.54 on Thursday. The firm has a market cap of $2.67 billion, a P/E ratio of 26.92, a PEG ratio of 1.95 and a beta of 0.88. The stock's 50-day moving average is $74.89 and its two-hundred day moving average is $67.06. Sonic Automotive, Inc. has a fifty-two week low of $54.11 and a fifty-two week 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.
Sonic Automotive (NYSE:SAH - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.22. The company had revenue of $3.69 billion during the quarter, compared to the consensus estimate of $3.73 billion. Sonic Automotive had a return on equity of 22.45% and a net margin of 0.72%.The firm's revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.48 EPS. Analysts predict that Sonic Automotive, Inc. will post 6.92 earnings per share for the current fiscal year.
Sonic Automotive Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid 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 is currently 48.41%.
Hedge Funds Weigh In On Sonic Automotive
A number of hedge funds have recently modified their holdings of the stock. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Sonic Automotive by 1.2% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,603 shares of the company's stock worth $965,000 after buying an additional 190 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its holdings in Sonic Automotive by 1.9% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,426 shares of the company's stock valued at $924,000 after purchasing an additional 273 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings 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 valued at $221,000 after purchasing an additional 284 shares in the last quarter. CWM LLC increased its holdings in Sonic Automotive by 11.3% during the 4th quarter. CWM LLC now owns 2,858 shares of the company's stock valued at $177,000 after purchasing an additional 291 shares in the last quarter. Finally, Creative Planning increased its holdings in Sonic Automotive by 12.4% during the 3rd quarter. Creative Planning now owns 3,000 shares of the company's stock valued at $228,000 after purchasing an additional 332 shares in the last quarter. 46.92% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on SAH. Barclays upped their price target on Sonic Automotive from $67.00 to $77.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 5th. JPMorgan Chase & Co. increased their target price on Sonic Automotive from $67.00 to $77.00 and gave the company an "underweight" rating in a research note on Thursday, May 7th. Stephens decreased their target price on Sonic Automotive from $68.00 to $67.00 and set an "equal weight" rating for the company in a research note on Thursday, February 19th. Bank of America began coverage on Sonic Automotive in a research report on Wednesday, March 4th. They issued a "neutral" rating for the company. Finally, UBS Group began coverage on Sonic Automotive in a research report on Wednesday, May 27th. They issued a "buy" rating and a $90.00 price objective for the company. 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 company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $83.00.
Check Out Our Latest Stock Analysis on SAH
Sonic Automotive Company Profile
(
Get Free Report)
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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