Nationwide Fund Advisors decreased its stake in Sonic Automotive Inc. (NYSE:SAH) by 25.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 98,647 shares of the company’s stock after selling 33,499 shares during the period. Nationwide Fund Advisors owned approximately 0.22% of Sonic Automotive worth $1,688,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA increased its position in Sonic Automotive by 82.7% in the second quarter. BNP Paribas Arbitrage SA now owns 10,444 shares of the company’s stock valued at $179,000 after buying an additional 4,726 shares during the period. Selway Asset Management bought a new position in Sonic Automotive during the second quarter valued at $274,000. Menta Capital LLC bought a new position in Sonic Automotive during the first quarter valued at $410,000. Bank of Montreal Can bought a new position in Sonic Automotive during the second quarter valued at $431,000. Finally, A.R.T. Advisors LLC bought a new position in Sonic Automotive during the first quarter valued at $867,000. Hedge funds and other institutional investors own 65.88% of the company’s stock.
Sonic Automotive Inc. (NYSE:SAH) traded up 0.58% during mid-day trading on Friday, reaching $18.92. 281,474 shares of the company’s stock were exchanged. The stock has a market capitalization of $859.86 million, a PE ratio of 9.62 and a beta of 1.81. Sonic Automotive Inc. has a 1-year low of $15.68 and a 1-year high of $25.77. The firm’s 50-day moving average is $18.02 and its 200 day moving average is $17.63.
Sonic Automotive (NYSE:SAH) last issued its earnings results on Tuesday, July 26th. The company reported $0.50 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.50. The business had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.48 billion. Sonic Automotive had a net margin of 0.99% and a return on equity of 14.65%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.46 earnings per share. Analysts forecast that Sonic Automotive Inc. will post $2.10 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Thursday, September 15th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.06%. The ex-dividend date was Tuesday, September 13th. Sonic Automotive’s payout ratio is 10.26%.
Separately, Zacks Investment Research downgraded shares of Sonic Automotive from a “hold” rating to a “sell” rating in a research report on Thursday.
In other news, insider O Bruton Smith bought 50,000 shares of the stock in a transaction dated Monday, August 22nd. The shares were acquired at an average price of $16.74 per share, with a total value of $837,000.00. Following the completion of the acquisition, the insider now directly owns 475,242 shares in the company, valued at $7,955,551.08. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 29.32% of the stock is currently owned by insiders.
About Sonic Automotive
Sonic Automotive, Inc is an automotive retailer in the United States. The Company’s operating segments include Franchised Dealerships and EchoPark. The Company’s Franchised Dealerships segment consists of traditional retail automotive franchises that sell new and used vehicles, replacement parts and vehicle repair and maintenance services, and finance and insurance products.
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