Sonic Automotive, Inc. $SAH Shares Sold by Denali Advisors LLC

Key Points

• Denali Advisors LLC has reduced its stake in Sonic Automotive, Inc. by 36.2%, owning 56,667 shares after selling 32,218 shares during the second quarter.
• Sonic Automotive recently reported a quarterly earnings per share (EPS) of $2.19, exceeding analysts' expectations of $1.63, along with a 5.9% increase in quarterly revenue compared to the previous year.
• The company announced an increase in its quarterly dividend to $0.38 per share, reflecting a 2.0% dividend yield on an annualized basis.

Denali Advisors LLC reduced its stake in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 36.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 56,667 shares of the company's stock after selling 32,218 shares during the quarter. Denali Advisors LLC owned about 0.17% of Sonic Automotive worth $4,529,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SAH. Quarry LP purchased a new stake in shares of Sonic Automotive in the first quarter valued at $84,000. Cetera Investment Advisers purchased a new stake in shares of Sonic Automotive in the first quarter valued at $218,000. Eisler Capital Management Ltd. purchased a new stake in shares of Sonic Automotive in the first quarter valued at $219,000. Aristeia Capital L.L.C. purchased a new stake in shares of Sonic Automotive in the first quarter valued at $238,000. Finally, Harrell Investment Partners LLC purchased a new stake in shares of Sonic Automotive in the second quarter valued at $240,000. 46.92% of the stock is currently owned by hedge funds and other institutional investors.

Sonic Automotive Stock Performance

Sonic Automotive stock opened at $77.61 on Wednesday. The stock's 50-day moving average is $78.45 and its 200-day moving average is $74.00. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 17.25 and a beta of 0.95. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.03 and a quick ratio of 0.24. Sonic Automotive, Inc. has a 12 month low of $52.00 and a 12 month high of $89.62.

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, topping analysts' consensus estimates of $1.63 by $0.56. The company had revenue of $3.66 billion for 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 company's quarterly revenue was up 5.9% compared to the same quarter last year. During the same period last year, the business posted $1.47 EPS. Equities analysts anticipate that Sonic Automotive, Inc. will post 6.14 earnings per share for the current year.

Sonic Automotive Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.0%. This is an increase from Sonic Automotive's previous quarterly dividend of $0.35. The ex-dividend date was Monday, September 15th. Sonic Automotive's payout ratio is 33.78%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SAH shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Sonic Automotive in a research report on Wednesday, October 8th. Morgan Stanley increased their target price on Sonic Automotive from $60.00 to $72.00 and gave the stock an "equal weight" rating in a research report on Thursday, August 14th. Zacks Research upgraded Sonic Automotive from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 23rd. Benchmark increased their target price on Sonic Automotive from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Thursday, September 18th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $95.00 target price on shares of Sonic Automotive in a research report on Thursday, October 2nd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $83.71.

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.

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