Sonic Automotive (NYSE:SAH) Sets New 52-Week High – Here’s What Happened

Sonic Automotive, Inc. (NYSE:SAH) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $104.91 and last traded at $105.0460, with a volume of 2681 shares traded. The stock had previously closed at $99.82.

Analyst Ratings Changes

A number of research analysts recently weighed in on SAH shares. Weiss Ratings raised Sonic Automotive from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday. Stephens set a $89.00 target price on Sonic Automotive in a research note on Monday, July 13th. Citigroup raised their price target on Sonic Automotive from $82.00 to $95.00 and gave the company a “buy” rating in a report on Monday, May 11th. Barclays lifted their price target on Sonic Automotive from $77.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 15th. Finally, UBS Group upped their price target on shares of Sonic Automotive from $90.00 to $109.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Sonic Automotive has an average rating of “Hold” and an average target price of $90.67.

Sonic Automotive Stock Performance

The company has a market capitalization of $3.27 billion, a PE ratio of 33.30, a price-to-earnings-growth ratio of 1.53 and a beta of 0.89. The business’s fifty day moving average is $86.38 and its two-hundred day moving average is $72.94. The company has a current ratio of 1.03, a quick ratio of 0.29 and a debt-to-equity ratio of 1.93.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Thursday, April 30th. The company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.40 by $0.22. Sonic Automotive had a return on equity of 22.45% and a net margin of 0.72%.The business had revenue of $3.69 billion for the quarter, compared to the consensus estimate of $3.73 billion. During the same period last year, the business posted $1.48 EPS. The company’s revenue was up 1.0% compared to the same quarter last year. Equities research analysts predict that Sonic Automotive, Inc. will post 6.93 earnings per share for the current year.

Sonic Automotive Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were given a dividend of $0.41 per share. This represents a $1.64 annualized dividend and a dividend yield of 1.6%. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend was Monday, June 15th. Sonic Automotive’s payout ratio is 52.23%.

Insider Buying and Selling

In other Sonic Automotive news, President Jeff Dyke sold 35,114 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $85.22, for a total value of $2,992,415.08. Following the completion of the transaction, the president owned 543,668 shares of the company’s stock, valued at approximately $46,331,386.96. The trade was a 6.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 100,000 shares of company stock valued at $8,408,160. 43.68% of the stock is currently owned by company insiders.

Institutional Trading of Sonic Automotive

Institutional investors have recently made changes to their positions in the stock. A&I Financial Services LLC grew its stake in shares of Sonic Automotive by 0.9% in the second quarter. A&I Financial Services LLC now owns 11,755 shares of the company’s stock worth $997,000 after acquiring an additional 109 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its position in Sonic Automotive by 1.2% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,603 shares of the company’s stock valued at $965,000 after purchasing an additional 190 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in Sonic Automotive by 1.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,426 shares of the company’s stock valued at $924,000 after purchasing an additional 273 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Sonic Automotive by 8.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the company’s stock worth $221,000 after purchasing an additional 284 shares during the last quarter. Finally, CWM LLC boosted its holdings in Sonic Automotive by 11.3% in the fourth quarter. CWM LLC now owns 2,858 shares of the company’s stock worth $177,000 after purchasing an additional 291 shares during the last quarter. Hedge funds and other institutional investors own 46.92% of the company’s stock.

About Sonic Automotive

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.