Sonic Automotive (NYSE:SAH) Sets New 12-Month High - Here's What Happened

Sonic Automotive, Inc. (NYSE:SAH - Get Free Report)'s stock price hit a new 52-week high on Wednesday . The company traded as high as $77.40 and last traded at $77.64, with a volume of 79872 shares traded. The stock had previously closed at $76.01.

Analyst Ratings Changes

A number of analysts have recently issued reports on SAH shares. JPMorgan Chase & Co. dropped their price target on shares of Sonic Automotive from $80.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. Stephens raised their target price on shares of Sonic Automotive from $83.00 to $92.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Needham & Company LLC cut their target price on shares of Sonic Automotive from $93.00 to $74.00 and set a "buy" rating for the company in a research report on Thursday, April 24th. Citigroup started coverage on Sonic Automotive in a report on Wednesday, April 23rd. They set a "neutral" rating and a $64.00 price target on the stock. Finally, Benchmark started coverage on Sonic Automotive in a research note on Wednesday, May 28th. They issued a "buy" rating and a $76.00 price target on the stock. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Sonic Automotive presently has an average rating of "Buy" and a consensus price target of $70.71.

Sonic Automotive Stock Down 1.2%

The company has a current ratio of 1.09, a quick ratio of 0.35 and a debt-to-equity ratio of 1.75. The firm has a market cap of $2.57 billion, a PE ratio of 12.23 and a beta of 1.02. The company's 50 day moving average price is $65.28 and its two-hundred day moving average price is $66.10.

Sonic Automotive (NYSE:SAH - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.02. The business had revenue of $3.65 billion during the quarter, compared to analyst estimates of $3.47 billion. Sonic Automotive had a return on equity of 19.96% and a net margin of 1.52%. Sonic Automotive's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.36 earnings per share. On average, equities research analysts expect that Sonic Automotive, Inc. will post 6.14 EPS for the current fiscal year.

Sonic Automotive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.85%. The ex-dividend date of this dividend is Friday, June 13th. Sonic Automotive's dividend payout ratio is 19.94%.

Insiders Place Their Bets

In other Sonic Automotive news, President Jeff Dyke sold 576 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $70.02, for a total transaction of $40,331.52. Following the sale, the president now directly owns 605,393 shares of the company's stock, valued at $42,389,617.86. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 50,000 shares of company stock worth $3,502,062. Company insiders own 42.65% of the company's stock.

Institutional Trading of Sonic Automotive

Several institutional investors have recently made changes to their positions in SAH. Vanguard Group Inc. lifted its holdings in Sonic Automotive by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 1,557,344 shares of the company's stock worth $98,658,000 after purchasing an additional 20,058 shares in the last quarter. Westwood Holdings Group Inc. lifted its holdings in shares of Sonic Automotive by 26.2% in the first quarter. Westwood Holdings Group Inc. now owns 641,237 shares of the company's stock worth $36,525,000 after buying an additional 133,044 shares in the last quarter. Millennium Management LLC lifted its holdings in shares of Sonic Automotive by 3.9% in the fourth quarter. Millennium Management LLC now owns 476,107 shares of the company's stock worth $30,161,000 after buying an additional 17,965 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Sonic Automotive by 124.9% during the first quarter. Goldman Sachs Group Inc. now owns 355,328 shares of the company's stock worth $20,239,000 after acquiring an additional 197,336 shares during the last quarter. Finally, Northern Trust Corp grew its stake in Sonic Automotive by 0.3% during the first quarter. Northern Trust Corp now owns 291,941 shares of the company's stock valued at $16,629,000 after acquiring an additional 808 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 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.