JPMorgan Chase & Co. Sells 28,756 Shares of Sonic Automotive, Inc. $SAH

Key Points

• JPMorgan Chase & Co. trimmed its Sonic Automotive stake by 19.7%, selling 28,756 shares and leaving it with 116,909 shares (about 0.34% of the company) worth roughly $8.9 million after the 3Q 13F filing.
• Sonic missed quarterly expectations with EPS of $1.52 (by $0.01) and revenue of $3.87B, has a market cap of $2.06B, and holds a consensus analyst rating of Hold with an average price target of $77.50.
• The company declared a quarterly dividend of $0.38 (annualized $1.52) for a ~2.5% yield, and insider Paul P. Rusnak bought 11,481 shares as insiders now own about 42.65% of the stock.

JPMorgan Chase & Co. lessened its position in shares of Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 19.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 116,909 shares of the company's stock after selling 28,756 shares during the quarter. JPMorgan Chase & Co. owned about 0.34% of Sonic Automotive worth $8,896,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Sonic Automotive during the 3rd quarter valued at $647,000. Jackson Creek Investment Advisors LLC increased its position in 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 buying an additional 17,839 shares in the last quarter. Public Sector Pension Investment Board raised its stake in Sonic Automotive by 39.5% in 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 last quarter. CWA Asset Management Group LLC purchased a new stake in Sonic Automotive in the third quarter valued at about $2,006,000. Finally, Brandywine Global Investment Management LLC boosted its holdings in Sonic Automotive by 30.3% in the second quarter. Brandywine Global Investment Management LLC now owns 94,468 shares of the company's stock worth $7,551,000 after acquiring an additional 21,960 shares in the last quarter. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Sonic Automotive Stock Performance

SAH opened at $61.42 on Friday. The company has a current ratio of 1.09, a quick ratio of 0.32 and a debt-to-equity ratio of 1.80. Sonic Automotive, Inc. has a 12-month low of $52.00 and a 12-month high of $89.62. The firm has a 50 day moving average of $62.25 and a two-hundred day moving average of $67.89. The firm has a market capitalization of $2.06 billion, a PE ratio of 18.12, a P/E/G ratio of 1.85 and a beta of 0.91.

Sonic Automotive (NYSE:SAH - Get Free Report) last released its quarterly earnings data on Wednesday, February 18th. The company reported $1.52 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.01). The business had revenue of $3.87 billion during the quarter, compared to analysts' expectations of $3.94 billion. Sonic Automotive had a net margin of 0.78% and a return on equity of 21.54%. The firm's revenue was down .6% on a year-over-year basis. During the same period last year, the company earned $1.51 earnings per share. On average, analysts anticipate that Sonic Automotive, Inc. will post 6.14 EPS for the current year.

Sonic Automotive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Friday, March 13th will be paid a $0.38 dividend. The ex-dividend date is Friday, March 13th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.5%. Sonic Automotive's dividend payout ratio is presently 44.84%.

Insider Buying and Selling

In related news, major shareholder Paul P. Rusnak purchased 11,481 shares of Sonic Automotive stock in a transaction that occurred on Tuesday, February 17th. The stock was bought at an average cost of $59.95 per share, for a total transaction of $688,285.95. Following the completion of the transaction, the insider owned 5,100,000 shares in the company, valued at $305,745,000. The trade was a 0.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders bought 100,000 shares of company stock worth $5,994,472 over the last quarter. 42.65% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SAH. Needham & Company LLC restated a "buy" rating and set a $90.00 price objective on shares of Sonic Automotive in a report on Thursday, February 19th. Stephens dropped 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 research report on Thursday, February 19th. Bank of America assumed coverage on shares of Sonic Automotive in a report on Wednesday. They issued a "neutral" rating for the company. Barclays set a $67.00 price objective on shares of Sonic Automotive in a research note on Monday, February 23rd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Sonic Automotive in a report on Monday, December 29th. Three research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $77.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.