Sonic Automotive Inc (NYSE:SAH) announced a quarterly dividend on Thursday, July 30th, Zacks reports. Stockholders of record on Tuesday, September 15th will be given a dividend of 0.10 per share on Thursday, October 15th. This represents a $0.40 annualized dividend and a dividend yield of 1.04%. The ex-dividend date of this dividend is Monday, September 14th.
Sonic Automotive has increased its dividend payment by an average of 100.0% per year over the last three years and has increased its dividend every year for the last 4 years. Sonic Automotive has a dividend payout ratio of 31.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Sonic Automotive to earn $3.22 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 12.4%.
SAH stock traded down $1.84 during trading on Friday, reaching $38.56. The company’s stock had a trading volume of 165,884 shares, compared to its average volume of 431,573. Sonic Automotive has a 1 year low of $9.00 and a 1 year high of $43.50. The company has a quick ratio of 0.26, a current ratio of 1.06 and a debt-to-equity ratio of 1.63. The company has a market capitalization of $1.65 billion, a P/E ratio of 16.22 and a beta of 2.73. The company’s fifty day moving average is $34.33 and its 200-day moving average is $26.29.
Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.40 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.18. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.27 billion. Sonic Automotive had a negative net margin of 0.94% and a positive return on equity of 13.54%. The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.39 EPS. Analysts anticipate that Sonic Automotive will post 2.43 earnings per share for the current year.
In related news, Director Victor H. Doolan sold 5,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $28.46, for a total value of $142,300.00. Following the transaction, the director now directly owns 32,088 shares of the company’s stock, valued at approximately $913,224.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Jeff Dyke sold 25,000 shares of the stock in a transaction on Wednesday, July 15th. The shares were sold at an average price of $40.00, for a total transaction of $1,000,000.00. Following the completion of the transaction, the president now directly owns 1,065,153 shares in the company, valued at $42,606,120. The disclosure for this sale can be found here. Over the last three months, insiders sold 49,500 shares of company stock worth $1,824,876. Insiders own 33.01% of the company’s stock.
Several brokerages have weighed in on SAH. Benchmark raised their target price on shares of Sonic Automotive from $27.50 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, June 17th. Zacks Investment Research reaffirmed a “buy” rating on shares of Sonic Automotive in a report on Thursday, July 2nd. Morgan Stanley lifted their price objective on shares of Sonic Automotive from $20.00 to $35.00 and gave the company an “equal weight” rating in a report on Friday, July 10th. JPMorgan Chase & Co. boosted their target price on shares of Sonic Automotive from $38.00 to $39.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 8th. Finally, ValuEngine raised shares of Sonic Automotive from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 23rd. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Sonic Automotive presently has an average rating of “Hold” and a consensus target price of $36.40.
About Sonic Automotive
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.
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