Steward Partners Investment Advisory LLC Trims Position in Sonic Automotive, Inc. (NYSE:SAH)

Steward Partners Investment Advisory LLC cut its holdings in shares of Sonic Automotive, Inc. (NYSE:SAHGet Rating) by 71.4% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 600 shares of the company’s stock after selling 1,500 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in Sonic Automotive were worth $26,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Janney Montgomery Scott LLC purchased a new stake in Sonic Automotive in the fourth quarter worth $213,000. Allspring Global Investments Holdings LLC purchased a new stake in Sonic Automotive in the fourth quarter worth $822,000. Yousif Capital Management LLC purchased a new stake in Sonic Automotive in the fourth quarter worth $950,000. Qube Research & Technologies Ltd purchased a new stake in shares of Sonic Automotive in the fourth quarter worth $260,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of Sonic Automotive by 589.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 142,406 shares of the company’s stock worth $7,042,000 after acquiring an additional 121,755 shares during the last quarter. 59.34% of the stock is owned by hedge funds and other institutional investors.

Sonic Automotive Trading Up 0.8 %

Shares of NYSE:SAH opened at $44.20 on Friday. The company has a market cap of $1.75 billion, a P/E ratio of 4.98 and a beta of 2.05. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.10 and a quick ratio of 0.44. Sonic Automotive, Inc. has a 1 year low of $34.17 and a 1 year high of $58.00. The stock’s fifty day moving average price is $39.75 and its 200-day moving average price is $44.52.

Sonic Automotive (NYSE:SAHGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The company reported $2.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.55 by ($0.10). The business had revenue of $3.65 billion for the quarter, compared to the consensus estimate of $3.90 billion. Sonic Automotive had a net margin of 2.76% and a return on equity of 36.01%. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.63 earnings per share. Sell-side analysts expect that Sonic Automotive, Inc. will post 10.13 earnings per share for the current year.

Sonic Automotive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 15th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date is Wednesday, September 14th. Sonic Automotive’s dividend payout ratio is 11.27%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Seaport Res Ptn cut Sonic Automotive from a “buy” rating to a “neutral” rating in a research note on Friday, April 29th. StockNews.com cut Sonic Automotive from a “buy” rating to a “hold” rating in a research note on Friday, July 15th. JPMorgan Chase & Co. cut their target price on Sonic Automotive from $51.00 to $47.00 in a research note on Friday, July 15th. Benchmark cut their target price on Sonic Automotive from $85.00 to $71.00 and set a “buy” rating on the stock in a research note on Monday, August 1st. Finally, Morgan Stanley cut their target price on Sonic Automotive from $40.00 to $33.00 and set an “underweight” rating on the stock in a research note on Thursday, July 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Sonic Automotive has an average rating of “Hold” and a consensus target price of $50.33.

Insider Buying and Selling at Sonic Automotive

In other Sonic Automotive news, President Jeff Dyke sold 28,196 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $42.67, for a total value of $1,203,123.32. Following the transaction, the president now owns 190,168 shares of the company’s stock, valued at $8,114,468.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Sonic Automotive news, President Jeff Dyke sold 28,196 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $42.67, for a total value of $1,203,123.32. Following the transaction, the president now owns 190,168 shares of the company’s stock, valued at $8,114,468.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Heath Byrd sold 93,714 shares of the stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $41.27, for a total value of $3,867,576.78. Following the completion of the transaction, the chief financial officer now directly owns 146,600 shares in the company, valued at approximately $6,050,182. The disclosure for this sale can be found here. 36.07% of the stock is owned by corporate insiders.

About Sonic Automotive

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Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and EchoPark. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.

See Also

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Institutional Ownership by Quarter for Sonic Automotive (NYSE:SAH)

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