Sonic Automotive, Inc. $SAH Shares Sold by Sei Investments Co.

Key Points

• Sei Investments reduced its Sonic Automotive stake by 43.7% in the first quarter, selling 15,949 shares and retaining 20,579 shares worth approximately $1.41 million. Other major institutional investors, including Dimensional Fund Advisors, State Street and Invesco, increased their positions.
• President Jeff Dyke sold 50,000 shares for roughly $4.15 million under a pre-arranged Rule 10b5-1 plan, reducing his direct holdings by 30.94%. Insiders collectively own 43.68% of the company.
• Sonic Automotive beat quarterly earnings and revenue expectations, reporting $1.82 in EPS and $3.93 billion in revenue, while revenue rose 7.6% year over year. Analysts’ consensus rating remains “Hold,” with an average price target of $97.89, and the company announced a quarterly dividend of $0.41 per share.

Sei Investments Co. decreased its position in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 43.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 20,579 shares of the company's stock after selling 15,949 shares during the period. Sei Investments Co. owned approximately 0.07% of Sonic Automotive worth $1,411,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of Sonic Automotive by 3.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,313,857 shares of the company's stock worth $90,088,000 after buying an additional 48,599 shares during the period. State Street Corp increased its position in Sonic Automotive by 9.8% in the 4th quarter. State Street Corp now owns 701,133 shares of the company's stock valued at $43,623,000 after acquiring an additional 62,426 shares during the period. Invesco Ltd. raised its stake in Sonic Automotive by 11.9% during the 4th quarter. Invesco Ltd. now owns 510,963 shares of the company's stock valued at $31,608,000 after acquiring an additional 54,455 shares in the last quarter. Millennium Management LLC raised its stake in Sonic Automotive by 20.5% during the 3rd quarter. Millennium Management LLC now owns 383,117 shares of the company's stock valued at $29,151,000 after acquiring an additional 65,266 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Sonic Automotive by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 375,034 shares of the company's stock worth $23,204,000 after acquiring an additional 4,443 shares during the period. Institutional investors own 46.92% of the company's stock.

Insiders Place Their Bets

In other news, President Jeff Dyke sold 50,000 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $82.97, for a total transaction of $4,148,500.00. Following the completion of the sale, the president directly owned 111,622 shares of the company's stock, valued at $9,261,277.34. This trade represents a 30.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 100,000 shares of company stock valued at $8,408,160. Corporate insiders own 43.68% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on SAH shares. Needham & Company LLC raised their price target on Sonic Automotive from $90.00 to $139.00 and gave the company a "buy" rating in a report on Friday, July 31st. JPMorgan Chase & Co. reduced their price objective on shares of Sonic Automotive from $76.00 to $72.00 and set an "underweight" rating for the company in a report on Tuesday, August 4th. Barclays increased their target price on shares of Sonic Automotive from $77.00 to $92.00 and gave the company an "equal weight" rating in a research report on Wednesday, July 15th. Zacks Research upgraded shares of Sonic Automotive from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 28th. Finally, Stephens set a $89.00 price target on shares of Sonic Automotive in a research note on Monday, July 13th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Sonic Automotive presently has an average rating of "Hold" and an average price target of $97.89.

Sonic Automotive Trading Down 2.9%

Shares of NYSE:SAH opened at $80.09 on Tuesday. The firm has a fifty day moving average of $88.91 and a two-hundred day moving average of $74.94. The company has a quick ratio of 0.25, a current ratio of 1.01 and a debt-to-equity ratio of 1.88. Sonic Automotive, Inc. has a 12-month low of $54.11 and a 12-month high of $113.67. The firm has a market capitalization of $2.53 billion, a P/E ratio of 12.77, a price-to-earnings-growth ratio of 1.32 and a beta of 0.86.

Sonic Automotive (NYSE:SAH - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.82 earnings per share for the quarter, topping analysts' consensus estimates of $1.75 by $0.07. Sonic Automotive had a net margin of 1.37% and a return on equity of 20.75%. The business had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.78 billion. During the same period in the prior year, the business posted $2.19 earnings per share. Sonic Automotive's revenue for the quarter was up 7.6% compared to the same quarter last year. On average, equities analysts expect that Sonic Automotive, Inc. will post 6.93 EPS for the current fiscal year.

Sonic Automotive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be given a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, September 15th. Sonic Automotive's dividend payout ratio is presently 26.16%.

Sonic Automotive Profile

Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive's dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.

In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.

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