Squarepoint Ops LLC Sells 100,363 Shares of Sonic Automotive, Inc. $SAH

Key Points

• Squarepoint Ops LLC reduced its Sonic Automotive stake by 65.1% in the second quarter, selling 100,363 shares and retaining 53,885 shares valued at approximately $4.6 million. Institutional investors collectively own 46.92% of the company.
• Sonic Automotive exceeded quarterly expectations, reporting earnings of $1.82 per share versus the $1.75 consensus and revenue of $3.93 billion, up 7.6% year over year.
• The company declared a quarterly dividend of $0.41 per share, representing a 2.2% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $97.33 compared with the reported share price of $76.03.

Squarepoint Ops LLC trimmed its position in shares of Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 65.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 53,885 shares of the company's stock after selling 100,363 shares during the quarter. Squarepoint Ops LLC owned 0.17% of Sonic Automotive worth $4,569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of SAH. California State Teachers Retirement System increased its position in Sonic Automotive by 9,481.6% during the second quarter. California State Teachers Retirement System now owns 1,318,145 shares of the company's stock valued at $111,766,000 after acquiring an additional 1,304,388 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Sonic Automotive by 124.9% in the first quarter. Goldman Sachs Group Inc. now owns 355,328 shares of the company's stock worth $20,239,000 after purchasing an additional 197,336 shares during the last quarter. Heartland Advisors Inc. bought a new stake in shares of Sonic Automotive during the 1st quarter valued at about $8,450,000. Bridgeway Capital Management LLC purchased a new stake in shares of Sonic Automotive during the 4th quarter valued at about $7,384,000. Finally, Qube Research & Technologies Ltd bought a new position in shares of Sonic Automotive in the 3rd quarter worth approximately $7,450,000. 46.92% of the stock is currently owned by hedge funds and other institutional investors.

Sonic Automotive Trading Down 0.6%

Sonic Automotive stock opened at $76.03 on Friday. 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 $2.40 billion, a price-to-earnings ratio of 12.13, a P/E/G ratio of 1.23 and a beta of 0.86. The firm has a 50 day moving average of $86.68 and a 200 day moving average of $77.70. The company has a current ratio of 1.01, a quick ratio of 0.25 and a debt-to-equity ratio of 1.88.

Sonic Automotive (NYSE:SAH - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.07. The business had revenue of $3.93 billion for the quarter, compared to the consensus estimate of $3.78 billion. Sonic Automotive had a net margin of 1.37% and a return on equity of 20.75%. The company's revenue for the quarter was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.19 earnings per share. As a group, research analysts predict that Sonic Automotive, Inc. will post 6.92 earnings per share for the current year.

Sonic Automotive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.41 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.2%. Sonic Automotive's payout ratio is 26.16%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on SAH shares. Weiss Ratings upgraded shares of Sonic Automotive from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, August 6th. Barclays decreased their price target on shares of Sonic Automotive from $92.00 to $87.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 19th. Needham & Company LLC lifted their price target on shares of Sonic Automotive from $90.00 to $139.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. Stephens set a $89.00 price objective on shares of Sonic Automotive in a research report on Monday, July 13th. Finally, JPMorgan Chase & Co. reduced their price objective on Sonic Automotive from $76.00 to $72.00 and set an "underweight" rating for the company in a research note on Tuesday, August 4th. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $97.33.

Sonic Automotive Company Profile

Sonic Automotive, Inc is an automotive retailer headquartered in Charlotte, North Carolina. The company operates franchised dealerships that sell new and pre-owned vehicles from a range of automobile manufacturers, along with replacement parts, vehicle maintenance and repair services, financing, insurance products and other related offerings.

Sonic also operates EchoPark Automotive, a retail platform focused primarily on high-quality pre-owned vehicles. Through its dealership and EchoPark operations, the company provides vehicle purchasing, trade-in, financing and service options to consumers.

Founded in 1997, Sonic Automotive serves customers through locations across the United States.

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