NorthCrest Asset Manangement LLC Trims Stock Position in Sonic Automotive, Inc. $SAH

Key Points

• NorthCrest Asset Management LLC reduced its stake in Sonic Automotive by 37.3%, owning 11,623 shares valued at approximately $1 million after selling 6,908 shares in the second quarter.
• Sonic Automotive has announced a quarterly dividend of $0.38 per share, up from the previous $0.35, reflecting an annualized dividend yield of 1.9%.
• Analysts have mixed ratings on Sonic Automotive with a consensus price target of $80.57, while some analysts upgraded their price targets significantly.

NorthCrest Asset Manangement LLC lowered its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 37.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,623 shares of the company's stock after selling 6,908 shares during the quarter. NorthCrest Asset Manangement LLC's holdings in Sonic Automotive were worth $1,018,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SAH. Ameriprise Financial Inc. increased its position in shares of Sonic Automotive by 5.0% during the 4th quarter. Ameriprise Financial Inc. now owns 111,738 shares of the company's stock valued at $7,079,000 after purchasing an additional 5,358 shares during the last quarter. Deutsche Bank AG increased its position in shares of Sonic Automotive by 55.7% during the 4th quarter. Deutsche Bank AG now owns 24,139 shares of the company's stock valued at $1,529,000 after purchasing an additional 8,636 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Sonic Automotive by 4.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,370 shares of the company's stock valued at $530,000 after purchasing an additional 380 shares during the last quarter. Nuveen Asset Management LLC increased its position in shares of Sonic Automotive by 1.1% during the 4th quarter. Nuveen Asset Management LLC now owns 128,835 shares of the company's stock valued at $8,162,000 after purchasing an additional 1,386 shares during the last quarter. Finally, ProShare Advisors LLC purchased a new stake in Sonic Automotive in the 4th quarter worth approximately $282,000. Hedge funds and other institutional investors own 46.92% of the company's stock.

Sonic Automotive Trading Down 1.8%

SAH stock opened at $78.42 on Friday. Sonic Automotive, Inc. has a 1-year low of $52.00 and a 1-year high of $89.62. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.03 and a quick ratio of 0.24. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of 17.43 and a beta of 0.98. The business has a 50 day simple moving average of $79.09 and a two-hundred day simple moving average of $71.76.

Sonic Automotive (NYSE:SAH - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.19 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.56. Sonic Automotive had a return on equity of 21.40% and a net margin of 1.07%.The business had revenue of $3.66 billion during the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the prior year, the company posted $1.47 EPS. The firm's revenue for the quarter was up 5.9% compared to the same quarter last year. Research analysts anticipate that Sonic Automotive, Inc. will post 6.14 EPS for the current fiscal year.

Sonic Automotive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be given a dividend of $0.38 per share. The ex-dividend date is Monday, September 15th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Sonic Automotive's previous quarterly dividend of $0.35. Sonic Automotive's dividend payout ratio is currently 33.78%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SAH shares. Morgan Stanley increased their target price on shares of Sonic Automotive from $60.00 to $72.00 and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Bank of America increased their target price on shares of Sonic Automotive from $80.00 to $94.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Wall Street Zen lowered shares of Sonic Automotive from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 21st. Benchmark increased their target price on shares of Sonic Automotive from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Thursday. Finally, Stephens lowered shares of Sonic Automotive from an "overweight" rating to an "equal weight" rating and increased their target price for the stock from $72.00 to $82.00 in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $80.57.

Sonic Automotive Profile

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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