Public Sector Pension Investment Board Acquires 9,769 Shares of Sonic Automotive, Inc. $SAH

Key Points

• The Public Sector Pension Investment Board increased its stake in Sonic Automotive, Inc. by 26.7%, owning approximately 46,335 shares valued at around $2.64 million.
• Sonic Automotive will pay a quarterly dividend of $0.38, an increase from the previous $0.35, with a dividend yield of 1.9% on an annualized basis.
• The company reported a Q2 EPS of $2.19, exceeding analysts' expectations of $1.63, alongside a revenue of $3.66 billion, marking a 5.9% year-over-year increase.

Public Sector Pension Investment Board lifted its stake in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 26.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 46,335 shares of the company's stock after acquiring an additional 9,769 shares during the period. Public Sector Pension Investment Board owned 0.14% of Sonic Automotive worth $2,639,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Nuveen LLC bought a new position in shares of Sonic Automotive in the 1st quarter valued at approximately $7,317,000. Deutsche Bank AG increased its position in Sonic Automotive by 9.0% in the 1st quarter. Deutsche Bank AG now owns 26,304 shares of the company's stock worth $1,498,000 after buying an additional 2,165 shares during the period. Westwood Holdings Group Inc. increased its position in Sonic Automotive by 26.2% in the 1st quarter. Westwood Holdings Group Inc. now owns 641,237 shares of the company's stock worth $36,525,000 after buying an additional 133,044 shares during the period. New Age Alpha Advisors LLC increased its position in Sonic Automotive by 53.5% in the 1st quarter. New Age Alpha Advisors LLC now owns 31,757 shares of the company's stock worth $1,809,000 after buying an additional 11,066 shares during the period. Finally, XTX Topco Ltd increased its position in Sonic Automotive by 150.5% in the 1st quarter. XTX Topco Ltd now owns 9,585 shares of the company's stock worth $546,000 after buying an additional 5,759 shares during the period. 46.92% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, President Jeff Dyke sold 576 shares of the company's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $70.02, for a total value of $40,331.52. Following the completion of the sale, the president owned 605,393 shares in the company, valued at approximately $42,389,617.86. This represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold a total of 50,000 shares of company stock valued at $3,502,062 in the last ninety days. Corporate insiders own 42.65% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SAH shares. JPMorgan Chase & Co. reaffirmed an "underweight" rating and issued a $72.00 price target (up from $65.00) on shares of Sonic Automotive in a research report on Thursday, July 17th. Bank of America lifted their price objective on Sonic Automotive from $80.00 to $94.00 and gave the stock a "buy" rating in a report on Monday, June 16th. Needham & Company LLC reissued a "buy" rating and set a $95.00 price objective on shares of Sonic Automotive in a report on Wednesday, August 6th. Morgan Stanley lifted their price objective on Sonic Automotive from $60.00 to $72.00 and gave the stock an "equal weight" rating in a report on Thursday, August 14th. Finally, Benchmark lifted their price objective on Sonic Automotive from $76.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $79.86.

Sonic Automotive Trading Up 0.5%

Shares of SAH traded up $0.4010 during trading hours on Monday, hitting $82.6110. 185,928 shares of the stock traded hands, compared to its average volume of 240,479. The company has a current ratio of 1.03, a quick ratio of 0.24 and a debt-to-equity ratio of 1.78. Sonic Automotive, Inc. has a 1-year low of $52.00 and a 1-year high of $89.62. The firm has a market capitalization of $2.82 billion, a PE ratio of 18.36 and a beta of 0.99. The business has a fifty day moving average of $79.57 and a 200-day moving average of $70.34.

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

Sonic Automotive Increases Dividend

The business also recently disclosed 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. This represents a $1.52 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Monday, September 15th. Sonic Automotive's dividend payout ratio is currently 31.11%.

Sonic Automotive Company 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.