Sonic Automotive (NYSE:SAH) Issues Q3 2020 Pre-Market Earnings Guidance

Sonic Automotive (NYSE:SAH) updated its third quarter 2020
Pre-Market earnings guidance on Tuesday. The company provided EPS guidance of 1.08-1.15 for the period, compared to the Thomson Reuters consensus EPS estimate of $1.08. Sonic Automotive also updated its Q3 guidance to $1.08-1.15 EPS.

Several research firms recently commented on SAH. Morgan Stanley raised their price target on shares of Sonic Automotive from $35.00 to $38.00 and gave the stock an equal weight rating in a research note on Wednesday, August 5th. ValuEngine raised shares of Sonic Automotive from a strong sell rating to a sell rating in a research note on Tuesday, September 1st. Benchmark raised their price target on shares of Sonic Automotive from $27.50 to $39.00 and gave the stock 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 research note on Thursday, July 2nd. Finally, JPMorgan Chase & Co. raised their price target 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. Sonic Automotive has a consensus rating of Hold and a consensus target price of $39.00.

Shares of Sonic Automotive stock opened at $41.33 on Tuesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.99 and a quick ratio of 0.32. Sonic Automotive has a 1 year low of $9.00 and a 1 year high of $46.50. The firm’s 50-day moving average is $42.33 and its two-hundred day moving average is $28.70. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -18.21 and a beta of 2.78.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Thursday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.33. Sonic Automotive had a negative net margin of 0.94% and a positive return on equity of 14.21%. The company had revenue of $2.11 billion for the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the prior year, the business earned $0.62 EPS. The firm’s quarterly revenue was down 19.2% on a year-over-year basis. On average, equities analysts expect that Sonic Automotive will post 3.43 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.97%. The ex-dividend date of this dividend is Monday, September 14th. Sonic Automotive’s payout ratio is 15.09%.

In other news, President Jeff Dyke sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, July 15th. The shares were sold at an average price of $40.00, for a total value of $1,000,000.00. Following the sale, the president now directly owns 1,065,153 shares in the company, valued at approximately $42,606,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Heath Byrd sold 11,935 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $35.00, for a total transaction of $417,725.00. Following the completion of the sale, the chief financial officer now owns 141,801 shares in the company, valued at $4,963,035. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 81,445 shares of company stock worth $3,262,467. 33.01% of the stock is owned by company insiders.

Sonic Automotive Company Profile

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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