New York State Teachers Retirement System reduced its holdings in Sonic Automotive, Inc. (NYSE:SAH) by 5.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 91,198 shares of the company’s stock after selling 4,800 shares during the quarter. New York State Teachers Retirement System owned about 0.21% of Sonic Automotive worth $1,860,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the business. Strs Ohio grew its stake in Sonic Automotive by 11.0% in the second quarter. Strs Ohio now owns 39,300 shares of the company’s stock valued at $764,000 after acquiring an additional 3,900 shares during the period. Schwab Charles Investment Management Inc. grew its stake in Sonic Automotive by 11.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 397,632 shares of the company’s stock valued at $7,734,000 after acquiring an additional 41,219 shares during the period. Principal Financial Group Inc. grew its stake in Sonic Automotive by 3.7% in the first quarter. Principal Financial Group Inc. now owns 199,784 shares of the company’s stock valued at $4,006,000 after acquiring an additional 7,111 shares during the period. Proxima Capital Management LLC grew its stake in Sonic Automotive by 44.8% in the second quarter. Proxima Capital Management LLC now owns 166,500 shares of the company’s stock valued at $3,238,000 after acquiring an additional 51,500 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in Sonic Automotive by 53.9% in the second quarter. JPMorgan Chase & Co. now owns 48,453 shares of the company’s stock valued at $943,000 after acquiring an additional 16,969 shares during the period. Institutional investors and hedge funds own 64.70% of the company’s stock.
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Sonic Automotive, Inc. (SAH) opened at $19.80 on Monday. The company has a debt-to-equity ratio of 1.41, a current ratio of 1.06 and a quick ratio of 0.26. Sonic Automotive, Inc. has a 1 year low of $15.95 and a 1 year high of $27.45. The firm has a market capitalization of $855.26, a price-to-earnings ratio of 11.72, a price-to-earnings-growth ratio of 3.63 and a beta of 1.54.
Sonic Automotive (NYSE:SAH) last posted its quarterly earnings data on Tuesday, October 24th. The company reported $0.40 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. Sonic Automotive had a return on equity of 10.47% and a net margin of 0.70%. The business had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter in the previous year, the firm earned $0.47 earnings per share. The business’s revenue was down 2.0% on a year-over-year basis. equities analysts expect that Sonic Automotive, Inc. will post 1.82 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 12th. Shareholders of record on Friday, December 15th will be given a $0.05 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.20 annualized dividend and a yield of 1.01%. Sonic Automotive’s dividend payout ratio is currently 13.07%.
In other Sonic Automotive news, EVP Jeff Dyke sold 8,551 shares of the business’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $20.10, for a total value of $171,875.10. Following the sale, the executive vice president now directly owns 1,262,056 shares in the company, valued at $25,367,325.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Heath Byrd sold 11,000 shares of the business’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $20.43, for a total value of $224,730.00. Following the completion of the sale, the chief financial officer now owns 143,306 shares in the company, valued at $2,927,741.58. The disclosure for this sale can be found here. 30.29% of the stock is currently owned by insiders.
A number of brokerages have commented on SAH. Bank of America Corporation cut Sonic Automotive from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 19th. Zacks Investment Research raised Sonic Automotive from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. ValuEngine cut Sonic Automotive from a “buy” rating to a “hold” rating in a research report on Friday. TheStreet raised Sonic Automotive from a “c+” rating to a “b” rating in a research report on Wednesday, October 18th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $22.00 target price on shares of Sonic Automotive in a research report on Wednesday, July 19th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $23.67.
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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