Municipal Employees Retirement System of Michigan Holds Stake in Sonic Automotive, Inc. (NYSE:SAH)
Municipal Employees Retirement System of Michigan held its stake in Sonic Automotive, Inc. (NYSE:SAH) during the first quarter, Holdings Channel reports. The institutional investor owned 5,980 shares of the company’s stock at the end of the first quarter. Municipal Employees Retirement System of Michigan’s holdings in Sonic Automotive were worth $120,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of SAH. Comerica Bank raised its stake in Sonic Automotive by 4.2% in the fourth quarter. Comerica Bank now owns 28,081 shares of the company’s stock valued at $654,000 after buying an additional 1,136 shares during the last quarter. Guggenheim Capital LLC raised its stake in Sonic Automotive by 124.7% in the fourth quarter. Guggenheim Capital LLC now owns 158,174 shares of the company’s stock valued at $3,622,000 after buying an additional 87,765 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Sonic Automotive by 4.2% in the fourth quarter. Thrivent Financial for Lutherans now owns 14,240 shares of the company’s stock valued at $326,000 after buying an additional 570 shares during the last quarter. Teachers Advisors LLC raised its stake in Sonic Automotive by 29.1% in the fourth quarter. Teachers Advisors LLC now owns 82,309 shares of the company’s stock valued at $1,885,000 after buying an additional 18,571 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in Sonic Automotive by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the company’s stock valued at $215,000 after buying an additional 100 shares during the last quarter. 63.83% of the stock is owned by institutional investors.
Shares of Sonic Automotive, Inc. (NYSE:SAH) opened at 19.30 on Friday. Sonic Automotive, Inc. has a one year low of $16.41 and a one year high of $27.45. The firm has a market cap of $868.33 million, a price-to-earnings ratio of 11.21 and a beta of 1.54. The company has a 50 day moving average of $18.71 and a 200-day moving average of $20.92.
Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data on Wednesday, April 26th. The company reported $0.23 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.23. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.29 billion. Sonic Automotive had a net margin of 0.80% and a return on equity of 12.03%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.39 EPS. On average, analysts expect that Sonic Automotive, Inc. will post $2.00 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Thursday, June 15th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.04%. The ex-dividend date of this dividend was Tuesday, June 13th. Sonic Automotive’s payout ratio is 11.63%.
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Several analysts have recently weighed in on SAH shares. Jefferies Group LLC reaffirmed a “neutral” rating and set a $22.00 price objective (down previously from $24.00) on shares of Sonic Automotive in a report on Monday, March 27th. TheStreet lowered shares of Sonic Automotive from a “b” rating to a “c+” rating in a report on Tuesday, May 30th. ValuEngine lowered shares of Sonic Automotive from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Morgan Stanley lowered their price target on shares of Sonic Automotive from $25.00 to $23.00 and set an “overweight” rating for the company in a report on Friday, June 9th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. Sonic Automotive presently has a consensus rating of “Hold” and an average price target of $21.75.
In related news, insider O Bruton Smith acquired 19,273 shares of the company’s stock in a transaction that occurred on Wednesday, May 3rd. The stock was acquired at an average price of $18.55 per share, with a total value of $357,514.15. Following the purchase, the insider now directly owns 676,609 shares in the company, valued at $12,551,096.95. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 30.29% of the stock is owned by corporate insiders.
Sonic Automotive Company Profile
Sonic Automotive, Inc is an automotive retailer in the United States. The Company’s operating segments include Franchised Dealerships and EchoPark. Its Franchised Dealerships segment consists of retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle repair and maintenance services, and arrange finance and insurance products.
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