Sonic Automotive (NYSE:SAH) President Jeff Dyke Sells 35,114 Shares

Sonic Automotive, Inc. (NYSE:SAH) President Jeff Dyke sold 35,114 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $85.22, for a total transaction of $2,992,415.08. Following the completion of the transaction, the president owned 543,668 shares in the company, valued at approximately $46,331,386.96. The trade was a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jeff Dyke also recently made the following trade(s):

• On Tuesday, June 9th, Jeff Dyke sold 14,886 shares of Sonic Automotive stock. The shares were sold at an average price of $85.13, for a total transaction of $1,267,245.18.
• On Monday, June 8th, Jeff Dyke sold 50,000 shares of Sonic Automotive stock. The shares were sold at an average price of $82.97, for a total transaction of $4,148,500.00.

Sonic Automotive Stock Performance

Shares of NYSE SAH traded down $0.28 during midday trading on Wednesday, hitting $84.54. The company’s stock had a trading volume of 255,648 shares, compared to its average volume of 281,487. The stock has a fifty day moving average price of $74.53 and a 200 day moving average price of $66.88. Sonic Automotive, Inc. has a one year low of $54.11 and a one year high of $89.62. The company has a current ratio of 1.03, a quick ratio of 0.29 and a debt-to-equity ratio of 1.93. The firm has a market capitalization of $2.67 billion, a price-to-earnings ratio of 26.92, a P/E/G ratio of 1.90 and a beta of 0.88.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.22. Sonic Automotive had a net margin of 0.72% and a return on equity of 22.45%. The company had revenue of $3.69 billion for the quarter, compared to analyst estimates of $3.73 billion. During the same quarter in the previous year, the firm posted $1.48 earnings per share. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, research analysts forecast that Sonic Automotive, Inc. will post 6.92 EPS for the current fiscal year.

Sonic Automotive Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a dividend yield of 1.9%. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Monday, June 15th. Sonic Automotive’s payout ratio is presently 48.41%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their target price on shares of Sonic Automotive from $67.00 to $77.00 and gave the stock an “underweight” rating in a report on Thursday, May 7th. Stephens decreased their target price on shares of Sonic Automotive from $68.00 to $67.00 and set an “equal weight” rating on the stock in a report on Thursday, February 19th. Needham & Company LLC reaffirmed a “buy” rating and set a $90.00 target price on shares of Sonic Automotive in a report on Tuesday, March 31st. Barclays upped their target price on shares of Sonic Automotive from $67.00 to $77.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 5th. Finally, Zacks Research raised shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Four research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Sonic Automotive currently has an average rating of “Hold” and a consensus target price of $83.00.

Institutional Trading of Sonic Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Sonic Automotive by 992.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 437 shares of the company’s stock worth $35,000 after acquiring an additional 397 shares during the period. Camelot Portfolios LLC bought a new stake in Sonic Automotive during the fourth quarter valued at approximately $41,000. Torren Management LLC bought a new stake in Sonic Automotive during the fourth quarter valued at approximately $50,000. Aster Capital Management DIFC Ltd bought a new stake in Sonic Automotive during the third quarter valued at approximately $63,000. Finally, National Bank of Canada FI bought a new stake in Sonic Automotive during the third quarter valued at approximately $78,000. Institutional investors own 46.92% of the company’s stock.

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.