United Services Automobile Association purchased a new position in Sonic Automotive, Inc. (NYSE:SAH) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 21,770 shares of the company’s stock, valued at approximately $436,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LSV Asset Management boosted its stake in shares of 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. Great West Life Assurance Co. Can boosted its stake in shares of Sonic Automotive by 4.9% in the first quarter. Great West Life Assurance Co. Can now owns 36,033 shares of the company’s stock valued at $721,000 after buying an additional 1,674 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in shares of Sonic Automotive by 464.6% in the first quarter. Russell Investments Group Ltd. now owns 27,666 shares of the company’s stock valued at $555,000 after buying an additional 22,766 shares during the last quarter. Strs Ohio boosted its stake in shares of Sonic Automotive by 195.0% in the first quarter. Strs Ohio now owns 35,400 shares of the company’s stock valued at $709,000 after buying an additional 23,400 shares during the last quarter. Finally, Nationwide Fund Advisors boosted its stake in shares of Sonic Automotive by 7.4% in the first quarter. Nationwide Fund Advisors now owns 70,694 shares of the company’s stock valued at $1,417,000 after buying an additional 4,885 shares during the last quarter. Institutional investors own 63.83% of the company’s stock.
Sonic Automotive, Inc. (NYSE:SAH) traded up 0.51% during trading on Thursday, reaching $19.65. The company had a trading volume of 120,822 shares. Sonic Automotive, Inc. has a 52-week low of $16.53 and a 52-week high of $27.45. The stock has a 50 day moving average price of $18.89 and a 200-day moving average price of $20.54. The company has a market capitalization of $884.07 million, a PE ratio of 11.41 and a beta of 1.54.
Sonic Automotive (NYSE:SAH) last issued its quarterly earnings results on Wednesday, April 26th. The company reported $0.23 EPS for the quarter, hitting the consensus estimate of $0.23. Sonic Automotive had a net margin of 0.80% and a return on equity of 12.03%. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the previous year, the company earned $0.39 EPS. Sonic Automotive’s revenue was up 2.4% on a year-over-year basis. On average, equities research analysts anticipate that Sonic Automotive, Inc. will post $2.00 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Thursday, June 15th were paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date was Tuesday, June 13th. Sonic Automotive’s payout ratio is currently 11.63%.
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Several brokerages have recently issued reports on SAH. Jefferies Group LLC reiterated a “hold” rating and issued a $22.00 price objective on shares of Sonic Automotive in a research note on Wednesday. ValuEngine cut Sonic Automotive from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Morgan Stanley reduced their price objective on Sonic Automotive from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, June 9th. Finally, TheStreet lowered Sonic Automotive from a “b” rating to a “c+” rating in a report on Tuesday, May 30th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $21.75.
In related news, insider O Bruton Smith purchased 19,273 shares of the business’s stock in a transaction on Wednesday, May 3rd. The shares were purchased at an average price of $18.55 per share, with a total value of $357,514.15. Following the completion of the purchase, the insider now owns 676,609 shares in the company, valued at approximately $12,551,096.95. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 30.29% of the company’s stock.
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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