128,450 Shares in Sonic Automotive, Inc. $SAH Bought by Nuveen LLC

Key Points

• Nuveen LLC has made a new investment in Sonic Automotive, acquiring approximately $7.32 million in stock, representing 0.38% of the company.
• Sonic Automotive recently announced a dividend increase to $0.38 per share, up from $0.35, reflecting positive growth in financial performance.
• The company's stock has been well-received, with recent analyst upgrades setting price targets as high as $95.00 and affirming a generally positive outlook on its performance.

Nuveen LLC purchased a new stake in Sonic Automotive, Inc. (NYSE:SAH - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 128,450 shares of the company's stock, valued at approximately $7,317,000. Nuveen LLC owned 0.38% of Sonic Automotive as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SAH. Canada Pension Plan Investment Board acquired a new position in shares of Sonic Automotive in the 4th quarter valued at $51,000. Cetera Investment Advisers acquired a new position in shares of Sonic Automotive in the 1st quarter valued at $218,000. Mariner LLC acquired a new position in shares of Sonic Automotive in the 4th quarter valued at $225,000. XTX Topco Ltd acquired a new position in shares of Sonic Automotive in the 4th quarter valued at $242,000. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Sonic Automotive during the fourth quarter valued at $261,000. Institutional investors and hedge funds own 46.92% of the company's stock.

Analyst Ratings Changes

SAH has been the subject of several research analyst reports. Morgan Stanley increased their price objective on Sonic Automotive from $60.00 to $72.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 14th. Zacks Research downgraded Sonic Automotive from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 22nd. Bank of America increased their price objective on Sonic Automotive from $80.00 to $94.00 and gave the stock a "buy" rating in a research note on Monday, June 16th. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $72.00 price objective (up from $65.00) on shares of Sonic Automotive in a research note on Thursday, July 17th. Finally, Needham & Company LLC reissued a "buy" rating and issued a $95.00 price objective on shares of Sonic Automotive in a research note on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Sonic Automotive presently has an average rating of "Hold" and an average target price of $79.86.

Insider Buying and Selling

In related news, President Jeff Dyke sold 31,152 shares of Sonic Automotive stock in a transaction on Friday, May 30th. The shares were sold at an average price of $70.05, for a total value of $2,182,197.60. Following the transaction, the president owned 605,969 shares in the company, valued at $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 is available through this link. 42.65% of the stock is owned by company insiders.

Sonic Automotive Stock Down 0.2%

Shares of NYSE:SAH traded down $0.20 on Thursday, reaching $84.37. The company had a trading volume of 245,868 shares, compared to its average volume of 227,760. Sonic Automotive, Inc. has a twelve month low of $52.00 and a twelve month high of $89.62. The stock has a 50-day moving average price of $79.84 and a 200 day moving average price of $70.53. The stock has a market capitalization of $2.88 billion, a P/E ratio of 18.75 and a beta of 0.99. The company has a quick ratio of 0.24, a current ratio of 1.03 and a debt-to-equity ratio of 1.78.

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

Sonic Automotive Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be issued a $0.38 dividend. This is a boost from Sonic Automotive's previous quarterly dividend of $0.35. The ex-dividend date is Monday, September 15th. This represents a $1.52 annualized dividend and a yield of 1.8%. Sonic Automotive's payout ratio is 31.11%.

About Sonic Automotive

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.