Sonic Automotive, Inc. (NYSE:SAH) CEO David Bruton Smith Sells 67,703 Shares

Sonic Automotive, Inc. (NYSE:SAH) CEO David Bruton Smith sold 67,703 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $58.43, for a total transaction of $3,955,886.29. Following the sale, the chief executive officer now owns 583,054 shares of the company’s stock, valued at approximately $34,067,845.22. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

David Bruton Smith also recently made the following trade(s):

• On Tuesday, May 7th, David Bruton Smith sold 21 shares of Sonic Automotive stock. The stock was sold at an average price of $58.49, for a total value of $1,228.29.
• On Monday, April 29th, David Bruton Smith sold 3,861 shares of Sonic Automotive stock. The stock was sold at an average price of $61.43, for a total value of $237,181.23.

Sonic Automotive Trading Up 0.7 %

Shares of NYSE:SAH opened at $58.47 on Friday. Sonic Automotive, Inc. has a 52-week low of $39.02 and a 52-week high of $64.68. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.35 and a current ratio of 1.09. The company has a market capitalization of $1.98 billion, a P/E ratio of 11.98 and a beta of 1.75. The company has a 50-day simple moving average of $53.65 and a 200 day simple moving average of $52.85.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Thursday, April 25th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.30 by $0.06. Sonic Automotive had a return on equity of 27.46% and a net margin of 1.21%. The company had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same period in the previous year, the company posted $1.33 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. Sell-side analysts forecast that Sonic Automotive, Inc. will post 5.77 earnings per share for the current year.

Sonic Automotive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be issued a $0.30 dividend. The ex-dividend date is Friday, June 14th. This represents a $1.20 annualized dividend and a yield of 2.05%. Sonic Automotive’s dividend payout ratio is currently 24.59%.

Wall Street Analysts Forecast Growth

SAH has been the subject of several research analyst reports. TheStreet upgraded shares of Sonic Automotive from a “c+” rating to a “b” rating in a report on Wednesday, March 6th. StockNews.com cut shares of Sonic Automotive from a “buy” rating to a “hold” rating in a research note on Thursday, January 11th. Morgan Stanley increased their target price on shares of Sonic Automotive from $35.00 to $40.00 and gave the stock an “underweight” rating in a report on Thursday, February 29th. Bank of America raised shares of Sonic Automotive from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $55.00 to $68.00 in a research report on Friday, April 26th. Finally, JPMorgan Chase & Co. lifted their target price on Sonic Automotive from $48.00 to $53.00 and gave the company an “underweight” rating in a research report on Thursday, May 2nd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $56.60.

Hedge Funds Weigh In On Sonic Automotive

Several institutional investors and hedge funds have recently made changes to their positions in SAH. State Board of Administration of Florida Retirement System lifted its holdings in shares of Sonic Automotive by 85.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 8,298 shares of the company’s stock worth $451,000 after buying an additional 3,820 shares in the last quarter. Quantbot Technologies LP boosted its stake in shares of Sonic Automotive by 109.1% in the first quarter. Quantbot Technologies LP now owns 17,623 shares of the company’s stock valued at $1,003,000 after buying an additional 9,193 shares during the period. Capstone Investment Advisors LLC bought a new position in Sonic Automotive during the 1st quarter worth $515,000. Allspring Global Investments Holdings LLC acquired a new position in Sonic Automotive in the 1st quarter valued at $30,000. Finally, Capital Investment Advisory Services LLC grew its holdings in shares of Sonic Automotive by 14.8% during the 1st quarter. Capital Investment Advisory Services LLC now owns 9,354 shares of the company’s stock worth $533,000 after purchasing an additional 1,205 shares in the last quarter. Institutional investors and hedge funds own 46.92% of the company’s stock.

About Sonic Automotive

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. 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 for its guests.