Vanguard Group Inc. Purchases 96,836 Shares of Sonic Automotive, Inc. $SAH

Vanguard Group Inc. grew its holdings in Sonic Automotive, Inc. (NYSE:SAH) by 6.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,646,450 shares of the company’s stock after purchasing an additional 96,836 shares during the period. Vanguard Group Inc.’s holdings in Sonic Automotive were worth $125,278,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Public Sector Pension Investment Board increased its position in shares of Sonic Automotive by 39.5% during the third quarter. Public Sector Pension Investment Board now owns 68,842 shares of the company’s stock valued at $5,238,000 after buying an additional 19,483 shares during the period. Illinois Municipal Retirement Fund increased its holdings in Sonic Automotive by 7.1% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 7,678 shares of the company’s stock worth $584,000 after acquiring an additional 507 shares during the period. Rhumbline Advisers lifted its stake in Sonic Automotive by 1.7% in the 3rd quarter. Rhumbline Advisers now owns 46,995 shares of the company’s stock worth $3,576,000 after purchasing an additional 772 shares in the last quarter. Versor Investments LP boosted its holdings in Sonic Automotive by 69.6% in the 3rd quarter. Versor Investments LP now owns 8,800 shares of the company’s stock valued at $670,000 after purchasing an additional 3,610 shares during the period. Finally, Jackson Creek Investment Advisors LLC grew its position in shares of Sonic Automotive by 311.2% during the 3rd quarter. Jackson Creek Investment Advisors LLC now owns 23,571 shares of the company’s stock valued at $1,794,000 after purchasing an additional 17,839 shares in the last quarter. Hedge funds and other institutional investors own 46.92% of the company’s stock.

Sonic Automotive Price Performance

SAH opened at $62.81 on Wednesday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.09 and a quick ratio of 0.32. The stock’s 50 day simple moving average is $62.36 and its 200 day simple moving average is $68.08. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 18.53 and a beta of 0.91. Sonic Automotive, Inc. has a 1 year low of $52.00 and a 1 year high of $89.62.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings data on Wednesday, February 18th. The company reported $1.52 earnings per share for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.01). Sonic Automotive had a net margin of 0.78% and a return on equity of 21.54%. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.94 billion. During the same period last year, the company posted $1.51 EPS. The business’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, analysts predict that Sonic Automotive, Inc. will post 6.14 earnings per share for the current year.

Sonic Automotive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date is Friday, March 13th. Sonic Automotive’s dividend payout ratio is currently 44.84%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SAH shares. Barclays set a $67.00 price objective on Sonic Automotive in a research note on Monday, February 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 price objective on shares of Sonic Automotive in a report on Thursday, February 19th. Zacks Research cut Sonic Automotive from a “hold” rating to a “strong sell” rating in a research note on Monday. Citigroup raised Sonic Automotive from a “neutral” rating to a “buy” rating and set a $82.00 price target for the company in a research note on Thursday, November 6th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Sonic Automotive in a research report on Monday, December 29th. Four investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $77.50.

Insider Activity

In other Sonic Automotive news, major shareholder Paul P. Rusnak purchased 11,481 shares of Sonic Automotive stock in a transaction that occurred on Tuesday, February 17th. The shares were bought at an average price of $59.95 per share, for a total transaction of $688,285.95. Following the acquisition, the insider directly owned 5,100,000 shares in the company, valued at approximately $305,745,000. This trade represents a 0.23% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders bought 100,000 shares of company stock valued at $5,994,472 over the last quarter. 42.65% of the stock is owned by company insiders.

Sonic Automotive Company Profile

Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive’s dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.

In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.