Sonic Automotive (NYSE:SAH) Shares Pass Above 200 Day Moving Average – Here’s Why
by Teresa Graham · The Cerbat GemSonic Automotive, Inc. (NYSE:SAH – Get Free Report) shares passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $64.61 and traded as high as $68.20. Sonic Automotive shares last traded at $67.82, with a volume of 181,767 shares traded.
Wall Street Analyst Weigh In
Several brokerages have commented on SAH. Wall Street Zen downgraded Sonic Automotive from a “buy” rating to a “hold” rating in a report on Sunday, January 11th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sonic Automotive in a report on Friday, March 27th. JPMorgan Chase & Co. lowered their target price on shares of Sonic Automotive from $70.00 to $67.00 and set an “underweight” rating on the stock in a research note on Friday, January 16th. Bank of America assumed coverage on shares of Sonic Automotive in a report on Wednesday, March 4th. They issued a “neutral” rating on the stock. Finally, Barclays set a $67.00 price target on shares of Sonic Automotive in a report on Monday, February 23rd. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $77.50.
Get Our Latest Analysis on SAH
Sonic Automotive Trading Down 3.7%
The company has a debt-to-equity ratio of 1.80, a current ratio of 1.09 and a quick ratio of 0.32. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 19.37, a price-to-earnings-growth ratio of 2.08 and a beta of 0.82. The business has a fifty day moving average price of $63.10 and a 200 day moving average price of $64.57.
Sonic Automotive (NYSE:SAH – Get Free Report) last announced its quarterly earnings data on Wednesday, February 18th. The company reported $1.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.53 by ($0.01). The company had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.94 billion. Sonic Automotive had a return on equity of 21.54% and a net margin of 0.78%.The company’s revenue was down .6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.51 EPS. On average, equities analysts expect that Sonic Automotive, Inc. will post 6.14 EPS for the current fiscal year.
Sonic Automotive Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Friday, March 13th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, March 13th. Sonic Automotive’s dividend payout ratio (DPR) is currently 44.84%.
Insider Activity
In related news, major shareholder Paul P. Rusnak acquired 48,540 shares of the business’s stock in a transaction dated Friday, February 13th. The stock was acquired at an average price of $59.92 per share, with a total value of $2,908,516.80. Following the completion of the transaction, the insider owned 5,088,519 shares of the company’s stock, valued at approximately $304,904,058.48. This represents a 0.96% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last quarter, insiders have bought 100,000 shares of company stock worth $5,994,472. Insiders own 43.68% of the company’s stock.
Hedge Funds Weigh In On Sonic Automotive
Several institutional investors and hedge funds have recently added to or reduced their stakes in SAH. Northwestern Mutual Wealth Management Co. lifted its position in shares of Sonic Automotive by 992.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 437 shares of the company’s stock worth $35,000 after acquiring an additional 397 shares during the period. Camelot Portfolios LLC bought a new stake in shares of Sonic Automotive during the fourth quarter valued at approximately $41,000. Torren Management LLC bought a new stake in shares of Sonic Automotive during the fourth quarter valued at approximately $50,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Sonic Automotive in the third quarter valued at $63,000. Finally, National Bank of Canada FI bought a new position in Sonic Automotive in the third quarter worth $78,000. 46.92% of the stock is currently owned by institutional investors.
About Sonic Automotive
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.