Sonic Automotive, Inc. $SAH Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in Sonic Automotive by 6.0%, selling 35,733 shares and holding 564,626 shares worth approximately $32.16 million as of the last reporting.
• Sonic Automotive announced a quarterly dividend increase from $0.35 to $0.38 per share, scheduled for payment on October 15th.
• The company's latest earnings report showed a performance beat, with EPS of $2.19 surpassing expectations of $1.63, alongside a revenue increase of 5.9% year-over-year.

Invesco Ltd. cut its holdings in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 6.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 564,626 shares of the company's stock after selling 35,733 shares during the period. Invesco Ltd. owned 1.66% of Sonic Automotive worth $32,161,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of SAH. Canada Pension Plan Investment Board acquired a new position in Sonic Automotive in the 4th quarter valued at $51,000. Cetera Investment Advisers acquired a new position in Sonic Automotive in the 1st quarter valued at $218,000. Mariner LLC acquired a new position in Sonic Automotive in the 4th quarter valued at $225,000. XTX Topco Ltd acquired a new position in Sonic Automotive in the 4th quarter valued at $242,000. Finally, Susquehanna Fundamental Investments LLC acquired a new position in Sonic Automotive in the 4th quarter valued at $261,000. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Sonic Automotive Price Performance

NYSE SAH opened at $79.7350 on Wednesday. The firm has a market capitalization of $2.72 billion, a PE ratio of 17.72 and a beta of 0.99. Sonic Automotive, Inc. has a 12 month low of $52.00 and a 12 month 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's 50 day simple moving average is $79.27 and its 200 day simple moving average is $70.20.

Sonic Automotive (NYSE:SAH - Get Free Report) last issued its 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 net margin of 1.07% and a return on equity of 21.40%. The firm had revenue of $3.66 billion during the quarter, compared to analysts' expectations of $3.66 billion. During the same period last year, the firm posted $1.47 earnings per share. The firm's revenue for the quarter was up 5.9% compared to the same quarter last year. As a group, equities research analysts forecast 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. 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 1.9%. Sonic Automotive's payout ratio is 31.11%.

Wall Street Analysts Forecast Growth

SAH has been the subject of several analyst reports. Morgan Stanley boosted their price target on Sonic Automotive from $60.00 to $72.00 and gave the company an "equal weight" rating in a report on Thursday, August 14th. Stephens cut shares of Sonic Automotive from an "overweight" rating to an "equal weight" rating and boosted their price objective for the company from $72.00 to $82.00 in a research note on Thursday, July 17th. Needham & Company LLC reaffirmed a "buy" rating and set a $95.00 price target on shares of Sonic Automotive in a research report on Wednesday, August 6th. Wall Street Zen cut shares of Sonic Automotive from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, Benchmark upped their price objective on shares of Sonic Automotive from $76.00 to $80.00 and gave the company a "buy" rating in a research report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Sonic Automotive currently has a consensus rating of "Moderate Buy" and a consensus 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. In the last quarter, insiders have sold 50,000 shares of company stock valued at $3,502,062. Company insiders own 42.65% of the company's stock.

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.

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