Sonic Automotive (NYSE:SAH) Major Shareholder Paul Rusnak Purchases 13,701 Shares of Stock

Sonic Automotive, Inc. (NYSE:SAH) major shareholder Paul Rusnak purchased 13,701 shares of the business’s stock in a transaction on Wednesday, October 7th. The stock was purchased at an average price of $59.78 per share, for a total transaction of $819,045.78. Following the acquisition, the insider owned 5,164,221 shares of the company’s stock, valued at approximately $308,717,131.38. This represents a 0.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Sonic Automotive Trading Down 1.9%

Shares of Sonic Automotive stock opened at $60.35 on Friday. The stock has a market capitalization of $1.91 billion, a PE ratio of 9.63, a price-to-earnings-growth ratio of 1.00 and a beta of 0.92. Sonic Automotive, Inc. has a 52 week low of $54.11 and a 52 week high of $113.67. The stock has a 50 day moving average price of $73.63 and a two-hundred day moving average price of $78.09. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.25 and a current ratio of 1.01.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Thursday, July 30th. The company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.07. Sonic Automotive had a return on equity of 20.75% and a net margin of 1.37%. The company had revenue of $3.93 billion for the quarter, compared to analyst estimates of $3.78 billion. During the same period in the prior year, the firm earned $2.19 earnings per share. Sonic Automotive’s revenue for the quarter was up 7.6% on a year-over-year basis. As a group, equities analysts anticipate that Sonic Automotive, Inc. will post 6.81 earnings per share for the current fiscal year.

Sonic Automotive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.41 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 annualized dividend and a yield of 2.7%. Sonic Automotive’s dividend payout ratio is presently 26.16%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SAH shares. Seaport Research Partners cut shares of Sonic Automotive from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $185.00 to $205.00 in a report on Friday, July 17th. Weiss Ratings raised shares of Sonic Automotive from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. JPMorgan Chase & Co. cut their price target on Sonic Automotive from $72.00 to $64.00 and set an “underweight” rating for the company in a research note on Tuesday. Morgan Stanley decreased their price objective on Sonic Automotive from $72.00 to $57.00 and set an “underweight” rating for the company in a report on Monday, October 5th. Finally, Needham & Company LLC raised their target price on Sonic Automotive from $90.00 to $139.00 and gave the company a “buy” rating in a report on Friday, July 31st. Five equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $90.12.

Hedge Funds Weigh In On Sonic Automotive

Several institutional investors have recently modified their holdings of SAH. State of Wyoming bought a new stake in Sonic Automotive during the first quarter worth $79,000. Ameritas Advisory Services LLC bought a new position in Sonic Automotive in the 2nd quarter valued at $88,000. CoreCap Advisors LLC grew its stake in Sonic Automotive by 15.5% in the 3rd quarter. CoreCap Advisors LLC now owns 1,550 shares of the company’s stock valued at $94,000 after purchasing an additional 208 shares during the period. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Sonic Automotive during the 2nd quarter valued at $208,000. Finally, Fifth Third Bancorp increased its position in shares of Sonic Automotive by 2,981.1% during the 1st quarter. Fifth Third Bancorp now owns 4,067 shares of the company’s stock valued at $279,000 after purchasing an additional 3,935 shares during the last quarter. 46.92% of the stock is owned by institutional investors.

Sonic Automotive Company Profile

Sonic Automotive, Inc is an automotive retailer headquartered in Charlotte, North Carolina. The company operates franchised dealerships that sell new and used cars and light trucks from a range of manufacturers, along with related automotive products and services.

Its dealership operations provide vehicle financing and insurance products, parts and maintenance services, collision repair, and other after-sales support. Sonic Automotive also operates EchoPark Automotive, a used-vehicle retail business focused on providing a broad selection of pre-owned vehicles and related services.

Founded in 1997 by automotive entrepreneur O.