Victory Capital Management Inc. Has $7.08 Million Stake in Sonic Automotive, Inc. (NYSE:SAH)

Key Points

• Victory Capital Management Inc. increased its stake in Sonic Automotive by 50.5%, now owning about 0.37% or 124,342 shares valued at $7.08 million.
• Analysts have raised their price targets on Sonic Automotive shares, with Needham & Company setting a target of $95.00 and maintaining a "buy" rating.
• Sonic Automotive recently declared a quarterly dividend of $0.38 per share, up from $0.35, with a dividend yield of 1.93%.

Victory Capital Management Inc. boosted its position in shares of Sonic Automotive, Inc. (NYSE:SAH - Free Report) by 50.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 124,342 shares of the company's stock after buying an additional 41,722 shares during the quarter. Victory Capital Management Inc. owned 0.37% of Sonic Automotive worth $7,083,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Principal Financial Group Inc. boosted its position in shares of Sonic Automotive by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 72,902 shares of the company's stock valued at $4,152,000 after purchasing an additional 1,851 shares during the period. Teacher Retirement System of Texas boosted its position in shares of Sonic Automotive by 38.2% in the 1st quarter. Teacher Retirement System of Texas now owns 14,286 shares of the company's stock valued at $814,000 after purchasing an additional 3,952 shares during the period. Handelsbanken Fonder AB boosted its position in shares of Sonic Automotive by 44.4% in the 1st quarter. Handelsbanken Fonder AB now owns 6,500 shares of the company's stock valued at $370,000 after purchasing an additional 2,000 shares during the period. SG Americas Securities LLC boosted its position in shares of Sonic Automotive by 266.1% in the 1st quarter. SG Americas Securities LLC now owns 14,096 shares of the company's stock valued at $803,000 after purchasing an additional 10,246 shares during the period. Finally, Harbor Capital Advisors Inc. boosted its position in shares of Sonic Automotive by 11.8% in the 1st quarter. Harbor Capital Advisors Inc. now owns 62,994 shares of the company's stock valued at $3,588,000 after purchasing an additional 6,633 shares during the period. Institutional investors own 46.92% of the company's stock.

Sonic Automotive Stock Performance

Shares of SAH stock traded up $3.47 during trading hours on Friday, reaching $78.90. 351,086 shares of the company's stock were exchanged, compared to its average volume of 233,692. Sonic Automotive, Inc. has a fifty-two week low of $52.00 and a fifty-two week high of $89.62. The stock has a market capitalization of $2.68 billion, a P/E ratio of 17.53 and a beta of 1.04. The business has a fifty day moving average price of $77.46 and a 200-day moving average price of $69.49. The company has a quick ratio of 0.38, a current ratio of 1.09 and a debt-to-equity ratio of 1.67.

Sonic Automotive (NYSE:SAH - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $2.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.63 by $0.56. The business had revenue of $3.66 billion for the quarter, compared to analysts' expectations of $3.66 billion. Sonic Automotive had a return on equity of 21.27% and a net margin of 1.07%. Sonic Automotive's quarterly revenue was up 5.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.47 earnings per share. Analysts predict that Sonic Automotive, Inc. will post 6.14 EPS for the current fiscal year.

Sonic Automotive Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 1.93%. This is a boost from Sonic Automotive's previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Monday, September 15th. Sonic Automotive's dividend payout ratio is 19.94%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SAH. Needham & Company LLC upped their target price on Sonic Automotive from $74.00 to $95.00 and gave the company a "buy" rating in a report on Friday. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $72.00 price target (up from $65.00) on shares of Sonic Automotive in a research report on Thursday, July 17th. Bank of America increased their price target on shares of Sonic Automotive from $80.00 to $94.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. Stephens lowered shares of Sonic Automotive from an "overweight" rating to an "equal weight" rating and increased their price target for the stock from $72.00 to $82.00 in a research report on Thursday, July 17th. Finally, Citigroup initiated coverage on shares of Sonic Automotive in a research report on Wednesday, April 23rd. They issued a "neutral" rating and a $64.00 price target for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Sonic Automotive has an average rating of "Moderate Buy" and a consensus price target of $77.86.

Insiders Place Their Bets

In other Sonic Automotive news, President Jeff Dyke sold 576 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $70.02, for a total value of $40,331.52. Following the sale, the president directly owned 605,393 shares in the company, valued at $42,389,617.86. This represents a 0.10% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 50,000 shares of company stock valued at $3,502,062 in the last quarter. Corporate insiders own 42.65% of the company's stock.

Sonic Automotive 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.