Sonic Automotive (NYSE:SAH) Share Price Crosses Above Two Hundred Day Moving Average - Here's Why

Shares of Sonic Automotive, Inc. (NYSE:SAH - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $66.95 and traded as high as $80.86. Sonic Automotive shares last traded at $79.95, with a volume of 168,798 shares changing hands.

Analyst Ratings Changes

Several analysts have recently weighed in on SAH shares. Citigroup began coverage on Sonic Automotive in a report on Wednesday, April 23rd. They issued a "neutral" rating and a $64.00 price objective for the company. Bank of America raised 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. JPMorgan Chase & Co. reduced their price objective on Sonic Automotive from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Wall Street Zen cut Sonic Automotive from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Benchmark assumed coverage on Sonic Automotive in a report on Wednesday, May 28th. They set a "buy" rating and a $76.00 target price for the company. Two equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $74.71.

Sonic Automotive Stock Performance

The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.38 and a current ratio of 1.09. The firm has a 50 day moving average of $70.49 and a 200-day moving average of $67.06. The stock has a market capitalization of $2.93 billion, a PE ratio of 12.29, a P/E/G ratio of 0.73 and a beta of 1.04.

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

Sonic Automotive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Friday, June 13th. Sonic Automotive's dividend payout ratio (DPR) is presently 19.94%.

Insider Activity

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

Hedge Funds Weigh In On Sonic Automotive

Hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its stake in Sonic Automotive by 266.1% in the first quarter. SG Americas Securities LLC now owns 14,096 shares of the company's stock valued at $803,000 after acquiring an additional 10,246 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Sonic Automotive by 6,802.4% in the 1st quarter. GAMMA Investing LLC now owns 11,734 shares of the company's stock valued at $668,000 after purchasing an additional 11,564 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Sonic Automotive by 1.3% in the fourth 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. JPMorgan Chase & Co. increased its position in Sonic Automotive by 52.1% during the fourth quarter. JPMorgan Chase & Co. now owns 80,957 shares of the company's stock worth $5,129,000 after buying an additional 27,726 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Sonic Automotive by 6.7% during the fourth quarter. Northern Trust Corp now owns 291,133 shares of the company's stock valued at $18,443,000 after buying an additional 18,232 shares in the last quarter. Institutional investors and hedge funds own 46.92% of the company's stock.

About Sonic Automotive

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.