Sonic Automotive, Inc. (SAH) Position Raised by Vanguard Group Inc.
Vanguard Group Inc. increased its stake in shares of Sonic Automotive, Inc. (NYSE:SAH) by 3.5% during the first quarter, Holdings Channel reports. The fund owned 2,344,255 shares of the company’s stock after buying an additional 78,687 shares during the period. Vanguard Group Inc. owned 0.05% of Sonic Automotive worth $47,002,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its stake in Sonic Automotive by 67.1% in the first quarter. Bank of New York Mellon Corp now owns 835,575 shares of the company’s stock valued at $16,753,000 after buying an additional 335,459 shares during the last quarter. LSV Asset Management boosted its stake in Sonic Automotive by 12.5% in the first quarter. LSV Asset Management now owns 2,403,776 shares of the company’s stock valued at $48,195,000 after buying an additional 267,492 shares during the last quarter. Oxford Asset Management bought a new stake in Sonic Automotive during the first quarter valued at about $1,824,000. Sanders Morris Harris Inc. bought a new stake in Sonic Automotive during the first quarter valued at about $1,491,000. Finally, OppenheimerFunds Inc. boosted its stake in Sonic Automotive by 26.7% in the first quarter. OppenheimerFunds Inc. now owns 345,563 shares of the company’s stock valued at $6,928,000 after buying an additional 72,819 shares during the last quarter. Hedge funds and other institutional investors own 63.25% of the company’s stock.
Shares of Sonic Automotive, Inc. (NYSE:SAH) traded down 0.30% during midday trading on Friday, reaching $16.80. 31,548 shares of the company traded hands. The stock has a 50 day moving average price of $18.57 and a 200 day moving average price of $20.00. Sonic Automotive, Inc. has a 1-year low of $16.45 and a 1-year high of $27.45. The firm has a market capitalization of $736.86 million, a PE ratio of 11.31 and a beta of 1.51.
Sonic Automotive (NYSE:SAH) last announced its quarterly earnings data on Friday, July 28th. The company reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by $0.06. The firm had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Sonic Automotive had a net margin of 0.69% and a return on equity of 11.14%. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.50 EPS. Analysts expect that Sonic Automotive, Inc. will post $1.86 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 15th will be issued a $0.05 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.19%. Sonic Automotive’s payout ratio is currently 13.42%.
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Several equities research analysts have recently issued reports on SAH shares. Jefferies Group LLC reiterated a “hold” rating and set a $22.00 price objective on shares of Sonic Automotive in a research report on Wednesday, May 3rd. ValuEngine cut shares of Sonic Automotive from a “strong-buy” rating to a “buy” rating in a research report on Friday, June 2nd. TheStreet cut shares of Sonic Automotive from a “b” rating to a “c+” rating in a research report on Tuesday, May 30th. Morgan Stanley reduced their price target on shares of Sonic Automotive from $25.00 to $23.00 and set an “overweight” rating on the stock in a research report on Friday, June 9th. Finally, BidaskClub cut shares of Sonic Automotive from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $21.75.
About Sonic Automotive
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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