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Sonic Automotive, Inc. (NYSE:SAH) CEO David Bruton Smith Sells 54,670 Shares

Sonic Automotive, Inc. (NYSE:SAH) CEO David Bruton Smith Sells 54,670 Shares

Sonic Automotive, Inc. (NYSE:SAHGet Rating) CEO David Bruton Smith sold 54,670 shares of the stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $55.60, for a total value of $3,039,652.00. Following the completion of the transaction, the chief executive officer now owns 467,856 shares in the company, valued at approximately $26,012,793.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Sonic Automotive Trading Down 3.4 %

NYSE SAH opened at $56.48 on Friday. The company has a current ratio of 1.10, a quick ratio of 0.44 and a debt-to-equity ratio of 1.39. The business has a fifty day simple moving average of $42.50 and a 200 day simple moving average of $44.80. Sonic Automotive, Inc. has a 12 month low of $34.17 and a 12 month high of $59.19. The firm has a market capitalization of $2.22 billion, a P/E ratio of 6.37 and a beta of 2.05.

Sonic Automotive (NYSE:SAHGet Rating) last announced its earnings results on Thursday, July 28th. The company reported $2.45 EPS for the quarter, missing the consensus estimate of $2.55 by ($0.10). Sonic Automotive had a net margin of 2.76% and a return on equity of 36.00%. The firm had revenue of $3.65 billion during the quarter, compared to analysts’ expectations of $3.90 billion. During the same quarter in the prior year, the company earned $2.63 EPS. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, analysts predict that Sonic Automotive, Inc. will post 9.94 EPS for the current fiscal year.

Sonic Automotive Dividend Announcement

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The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Thursday, September 15th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, September 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.77%. Sonic Automotive’s payout ratio is presently 11.27%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on SAH. Morgan Stanley lowered their target price on Sonic Automotive from $40.00 to $33.00 and set an “underweight” rating on the stock in a research report on Thursday, July 14th. JPMorgan Chase & Co. dropped their price objective on shares of Sonic Automotive from $51.00 to $47.00 in a research note on Friday, July 15th. StockNews.com downgraded shares of Sonic Automotive from a “buy” rating to a “hold” rating in a research report on Friday, July 15th. Finally, Benchmark lowered their target price on shares of Sonic Automotive to $71.00 in a report on Tuesday, August 9th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $50.33.

Institutional Trading of Sonic Automotive

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Sonic Automotive by 1.5% in the first quarter. Vanguard Group Inc. now owns 2,312,003 shares of the company’s stock worth $98,283,000 after purchasing an additional 33,306 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of Sonic Automotive by 46.4% in the 4th quarter. Westwood Holdings Group Inc. now owns 1,649,404 shares of the company’s stock worth $81,563,000 after buying an additional 522,895 shares during the last quarter. State Street Corp grew its position in Sonic Automotive by 2.1% during the second quarter. State Street Corp now owns 867,884 shares of the company’s stock valued at $32,001,000 after buying an additional 17,772 shares during the period. Millennium Management LLC increased its holdings in Sonic Automotive by 1,726.2% during the second quarter. Millennium Management LLC now owns 456,311 shares of the company’s stock worth $16,715,000 after buying an additional 431,324 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Sonic Automotive by 1.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 385,848 shares of the company’s stock worth $16,403,000 after acquiring an additional 6,955 shares during the period. 59.34% of the stock is owned by hedge funds and other institutional investors.

Sonic Automotive Company Profile

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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 for its guests.

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