Jeff Dyke Sells 14,886 Shares of Sonic Automotive (NYSE:SAH) Stock

Key Points

• President Jeff Dyke sold shares of Sonic Automotive, including 14,886 shares on June 9 at an average price of $85.13, as part of a pre-arranged Rule 10b5-1 plan. He also sold additional shares on June 8 and June 10, reducing his position modestly overall.
• Sonic Automotive’s stock was slightly lower on the day, trading down 0.3% to $84.54, near its 12-month high of $89.62. The company has a market cap of $2.67 billion and is trading well above its 50-day and 200-day moving averages.
• The company raised its quarterly dividend to $0.41 per share from $0.38, implying an annualized dividend of $1.64 and a yield of about 1.9%. Sonic Automotive recently beat EPS expectations in its latest quarterly report, though revenue came in slightly below estimates.

Sonic Automotive, Inc. (NYSE:SAH - Get Free Report) President Jeff Dyke sold 14,886 shares of the business's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $85.13, for a total value of $1,267,245.18. Following the completion of the transaction, the president owned 578,782 shares in the company, valued at approximately $49,271,711.66. This trade represents a 2.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Jeff Dyke also recently made the following trade(s):

• On Wednesday, June 10th, Jeff Dyke sold 35,114 shares of Sonic Automotive stock. The shares were sold at an average price of $85.22, for a total value of $2,992,415.08.
• On Monday, June 8th, Jeff Dyke sold 50,000 shares of Sonic Automotive stock. The shares were sold at an average price of $82.97, for a total value of $4,148,500.00.

Sonic Automotive Stock Down 0.3%

Sonic Automotive stock traded down $0.28 during midday trading on Wednesday, hitting $84.54. The stock had a trading volume of 255,648 shares, compared to its average volume of 281,487. The company has a current ratio of 1.03, a quick ratio of 0.29 and a debt-to-equity ratio of 1.93. The stock has a market cap of $2.67 billion, a P/E ratio of 26.92, a P/E/G ratio of 1.90 and a beta of 0.88. Sonic Automotive, Inc. has a 12 month low of $54.11 and a 12 month high of $89.62. The business has a fifty day moving average price of $74.53 and a 200 day moving average price of $66.88.

Sonic Automotive (NYSE:SAH - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.22. The firm had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.73 billion. Sonic Automotive had a return on equity of 22.45% and a net margin of 0.72%.Sonic Automotive's quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.48 earnings per share. Research analysts predict that Sonic Automotive, Inc. will post 6.92 EPS for the current year.

Sonic Automotive Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be issued a $0.41 dividend. This is a positive change from Sonic Automotive's previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.64 dividend on an annualized basis and a yield of 1.9%. Sonic Automotive's dividend payout ratio is currently 48.41%.

Wall Street Analyst Weigh In

SAH has been the subject of a number of research reports. Zacks Research raised Sonic Automotive from a "strong sell" rating to a "hold" rating in a research note on Tuesday, April 28th. JPMorgan Chase & Co. increased their price target on Sonic Automotive from $67.00 to $77.00 and gave the company an "underweight" rating in a research note on Thursday, May 7th. Barclays increased their price target on Sonic Automotive from $67.00 to $77.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 5th. Needham & Company LLC reaffirmed a "buy" rating and set a $90.00 price target on shares of Sonic Automotive in a research note on Tuesday, March 31st. Finally, Bank of America initiated coverage on Sonic Automotive in a research note on Wednesday, March 4th. They set a "neutral" rating for the company. Four investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $83.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Mitsubishi UFJ Trust & Banking Corp raised its position in Sonic Automotive by 1.2% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,603 shares of the company's stock valued at $965,000 after buying an additional 190 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in Sonic Automotive by 1.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,426 shares of the company's stock worth $924,000 after acquiring an additional 273 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Sonic Automotive by 8.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the company's stock worth $221,000 after acquiring an additional 284 shares in the last quarter. CWM LLC lifted its stake in Sonic Automotive by 11.3% in the 4th quarter. CWM LLC now owns 2,858 shares of the company's stock worth $177,000 after acquiring an additional 291 shares in the last quarter. Finally, Creative Planning lifted its stake in Sonic Automotive by 12.4% in the 3rd quarter. Creative Planning now owns 3,000 shares of the company's stock worth $228,000 after acquiring an additional 332 shares in the last quarter. Hedge funds and other institutional investors own 46.92% of the company's stock.

Sonic Automotive Company 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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