Sonic Automotive, Inc. (NYSE:SAH) Shares Bought by Teacher Retirement System of Texas

Teacher Retirement System of Texas boosted its stake in Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 38.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,286 shares of the company's stock after acquiring an additional 3,952 shares during the quarter. Teacher Retirement System of Texas' holdings in Sonic Automotive were worth $814,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SAH. Canada Pension Plan Investment Board acquired a new stake in Sonic Automotive in the 4th quarter worth about $51,000. Aster Capital Management DIFC Ltd raised its holdings in Sonic Automotive by 1,429.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,545 shares of the company's stock worth $98,000 after buying an additional 1,444 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Sonic Automotive during the fourth quarter worth $185,000. Mariner LLC purchased a new stake in shares of Sonic Automotive in the fourth quarter valued at about $225,000. Finally, XTX Topco Ltd purchased a new stake in Sonic Automotive during the fourth quarter worth about $242,000. 46.92% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. restated an "underweight" rating and issued a $72.00 price objective (up from $65.00) on shares of Sonic Automotive in a report on Thursday. Bank of America increased their price objective on shares of Sonic Automotive from $80.00 to $94.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Benchmark initiated coverage on shares of Sonic Automotive in a research note on Wednesday, May 28th. They issued a "buy" rating and a $76.00 price objective on the stock. Needham & Company LLC reduced their target price on shares of Sonic Automotive from $93.00 to $74.00 and set a "buy" rating for the company in a report on Thursday, April 24th. Finally, Stephens downgraded Sonic Automotive from an "overweight" rating to an "equal weight" rating and upped their price objective for the company from $72.00 to $82.00 in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Sonic Automotive presently has an average rating of "Moderate Buy" and a consensus price target of $74.29.

Sonic Automotive Stock Performance

NYSE SAH traded up $0.47 during trading hours on Friday, reaching $76.77. The stock had a trading volume of 93,189 shares, compared to its average volume of 223,293. The stock has a fifty day moving average of $76.31 and a 200 day moving average of $68.86. The stock has a market cap of $2.61 billion, a P/E ratio of 10.94, a price-to-earnings-growth ratio of 0.75 and a beta of 1.04. Sonic Automotive, Inc. has a 52-week low of $52.00 and a 52-week high of $89.62. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.38 and a current ratio of 1.09.

Sonic Automotive (NYSE:SAH - Get Free Report) last announced its earnings results on Thursday, April 24th. The company reported $1.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.46 by $0.02. Sonic Automotive had a return on equity of 19.42% and a net margin of 1.69%. The firm had revenue of $3.65 billion for the quarter, compared to analyst estimates of $3.47 billion. During the same quarter last year, the firm posted $1.36 EPS. The business's revenue was up 7.9% on a year-over-year basis. Sell-side analysts predict that Sonic Automotive, Inc. will post 6.14 earnings per share for the current year.

Sonic Automotive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 13th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date was Friday, June 13th. Sonic Automotive's dividend payout ratio (DPR) is 19.94%.

Insider Buying and Selling

In other news, President Jeff Dyke sold 31,152 shares of Sonic Automotive stock in a transaction dated Friday, May 30th. The stock was sold at an average price of $70.05, for a total value of $2,182,197.60. Following the completion of the transaction, the president owned 605,969 shares in the company, valued at approximately $42,448,128.45. This trade represents a 4.89% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last three months, insiders sold 50,000 shares of company stock worth $3,502,062. Company insiders own 42.65% of the company's stock.

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.