Brokerages Anticipate Sonic Automotive Inc (NYSE:SAH) Will Post Quarterly Sales of $2.51 Billion

Wall Street brokerages expect Sonic Automotive Inc (NYSE:SAH) to report $2.51 billion in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Sonic Automotive’s earnings. The highest sales estimate is $2.54 billion and the lowest is $2.48 billion. Sonic Automotive also reported sales of $2.51 billion in the same quarter last year. The business is scheduled to announce its next earnings report on Friday, July 26th.

On average, analysts expect that Sonic Automotive will report full-year sales of $9.95 billion for the current year, with estimates ranging from $9.80 billion to $10.13 billion. For the next fiscal year, analysts anticipate that the firm will post sales of $9.95 billion, with estimates ranging from $9.63 billion to $10.36 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that follow Sonic Automotive.

Sonic Automotive (NYSE:SAH) last released its earnings results on Thursday, April 25th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.17. Sonic Automotive had a return on equity of 10.12% and a net margin of 0.97%. The company had revenue of $2.39 billion during the quarter, compared to the consensus estimate of $2.42 billion. During the same quarter in the previous year, the company posted $0.26 earnings per share. The firm’s quarterly revenue was down .5% on a year-over-year basis.

A number of equities research analysts have issued reports on SAH shares. Stephens raised shares of Sonic Automotive from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $19.00 to $30.00 in a report on Wednesday, June 5th. ValuEngine upgraded shares of Sonic Automotive from a “sell” rating to a “hold” rating in a research report on Thursday, April 25th. Bank of America upgraded shares of Sonic Automotive from a “neutral” rating to a “buy” rating and set a $23.00 target price on the stock in a research report on Friday, April 26th. Zacks Investment Research upgraded shares of Sonic Automotive from a “sell” rating to a “hold” rating in a research report on Tuesday, April 23rd. Finally, TheStreet upgraded shares of Sonic Automotive from a “c” rating to a “b” rating in a research report on Tuesday, May 28th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $20.33.

Sonic Automotive stock traded up $0.50 during midday trading on Friday, reaching $22.67. The stock had a trading volume of 291,154 shares, compared to its average volume of 237,730. Sonic Automotive has a 12 month low of $12.78 and a 12 month high of $24.05. The company has a market cap of $968.44 million, a P/E ratio of 12.81, a P/E/G ratio of 3.62 and a beta of 1.64. The business has a fifty day moving average price of $20.45. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.03 and a quick ratio of 0.25.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 14th will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date of this dividend is Thursday, June 13th. Sonic Automotive’s payout ratio is 22.60%.

In related news, CFO Heath Byrd sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $23.60, for a total value of $354,000.00. Following the transaction, the chief financial officer now directly owns 177,242 shares of the company’s stock, valued at approximately $4,182,911.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 31.60% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of SAH. BNP Paribas Arbitrage SA increased its holdings in shares of Sonic Automotive by 291.4% in the first quarter. BNP Paribas Arbitrage SA now owns 6,689 shares of the company’s stock worth $99,000 after purchasing an additional 4,980 shares during the period. Metropolitan Life Insurance Co. NY increased its position in Sonic Automotive by 436.4% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 8,786 shares of the company’s stock worth $121,000 after purchasing an additional 7,148 shares in the last quarter. Oregon Public Employees Retirement Fund acquired a new stake in Sonic Automotive during the 4th quarter worth approximately $124,000. GSA Capital Partners LLP acquired a new stake in Sonic Automotive during the 4th quarter worth approximately $150,000. Finally, Stone Ridge Asset Management LLC increased its position in Sonic Automotive by 15.1% during the 4th quarter. Stone Ridge Asset Management LLC now owns 16,309 shares of the company’s stock worth $224,000 after purchasing an additional 2,137 shares in the last quarter. 60.76% of the stock is currently owned by institutional investors.

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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Earnings History and Estimates for Sonic Automotive (NYSE:SAH)

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