GAMMA Investing LLC increased its position in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 6,802.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,734 shares of the company's stock after buying an additional 11,564 shares during the quarter. GAMMA Investing LLC's holdings in Sonic Automotive were worth $668,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds also recently made changes to their positions in SAH. Phocas Financial Corp. increased its stake in shares of Sonic Automotive by 86.6% in the fourth quarter. Phocas Financial Corp. now owns 116,343 shares of the company's stock valued at $7,370,000 after buying an additional 54,008 shares during the period. Denali Advisors LLC increased its position in Sonic Automotive by 111.2% during the 4th quarter. Denali Advisors LLC now owns 87,100 shares of the company's stock valued at $5,518,000 after purchasing an additional 45,857 shares during the period. Voloridge Investment Management LLC increased its position in Sonic Automotive by 110.9% during the 4th quarter. Voloridge Investment Management LLC now owns 69,766 shares of the company's stock valued at $4,420,000 after purchasing an additional 36,691 shares during the period. HITE Hedge Asset Management LLC increased its position in Sonic Automotive by 105.2% during the 4th quarter. HITE Hedge Asset Management LLC now owns 58,526 shares of the company's stock valued at $3,708,000 after purchasing an additional 30,002 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Sonic Automotive by 52.1% during the 4th quarter. JPMorgan Chase & Co. now owns 80,957 shares of the company's stock valued at $5,129,000 after purchasing an additional 27,726 shares during the period. Institutional investors and hedge funds own 46.92% of the company's stock.
Analysts Set New Price Targets
A number of analysts have weighed in on SAH shares. Citigroup started coverage on shares of Sonic Automotive in a research report on Wednesday, April 23rd. They set a "neutral" rating and a $64.00 target price for the company. Wall Street Zen downgraded shares of Sonic Automotive from a "strong-buy" rating to a "buy" rating in a research report on Saturday. JPMorgan Chase & Co. reduced their price objective on shares of Sonic Automotive from $80.00 to $65.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. Benchmark assumed coverage on Sonic Automotive in a report on Wednesday, May 28th. They issued a "buy" rating and a $76.00 target price on the stock. Finally, Needham & Company LLC cut their target price on Sonic Automotive from $93.00 to $74.00 and set a "buy" rating on the stock in a report on Thursday, April 24th. Two investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $74.71.
View Our Latest Stock Analysis on SAH
Sonic Automotive Stock Performance
Shares of NYSE SAH traded up $0.84 during mid-day trading on Friday, reaching $78.46. 429,318 shares of the company's stock were exchanged, compared to its average volume of 194,849. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 11.18, a price-to-earnings-growth ratio of 0.69 and a beta of 1.02. Sonic Automotive, Inc. has a 52 week low of $51.27 and a 52 week high of $78.93. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.09 and a quick ratio of 0.38. The firm has a 50-day moving average price of $67.38 and a two-hundred day moving average price of $66.39.
Sonic Automotive (NYSE:SAH - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.46 by $0.02. Sonic Automotive had a return on equity of 19.42% and a net margin of 1.69%. The company had revenue of $3.65 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same quarter last year, the firm posted $1.36 EPS. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. Analysts predict that Sonic Automotive, Inc. will post 6.14 EPS for the current year.
Sonic Automotive Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend is Friday, June 13th. Sonic Automotive's dividend payout ratio (DPR) is currently 19.94%.
Insider Buying and Selling at Sonic Automotive
In other news, President Jeff Dyke sold 31,152 shares of Sonic Automotive stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $70.05, for a total transaction of $2,182,197.60. Following the completion of the sale, the president now owns 605,969 shares in the company, valued at approximately $42,448,128.45. This trade represents a 4.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 50,000 shares of company stock valued at $3,502,062 in the last quarter. 42.65% of the stock is currently owned by corporate insiders.
Sonic Automotive Company Profile
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Free Report)
Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.
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