Sonic Automotive (NYSE:SAH) Shares Cross Above 200 Day Moving Average – Here’s What Happened
by Michael Walen · The Markets DailySonic Automotive, Inc. (NYSE:SAH – Get Free Report)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $68.53 and traded as high as $84.37. Sonic Automotive shares last traded at $82.60, with a volume of 187,399 shares changing hands.
Wall Street Analysts Forecast Growth
A number of analysts have recently weighed in on SAH shares. UBS Group began coverage on shares of Sonic Automotive in a research note on Wednesday, May 27th. They issued a “buy” rating and a $90.00 price target for the company. Bank of America started coverage on Sonic Automotive in a report on Wednesday, March 4th. They set a “neutral” rating on the stock. Zacks Research raised Sonic Automotive from a “strong sell” rating to a “hold” rating in a research note on Tuesday, April 28th. Weiss Ratings upgraded Sonic Automotive from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $90.00 price objective on shares of Sonic Automotive in a research note on Tuesday, March 31st. Four equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Sonic Automotive has a consensus rating of “Hold” and an average price target of $81.62.
Read Our Latest Research Report on SAH
Sonic Automotive Price Performance
The firm has a market capitalization of $2.66 billion, a P/E ratio of 26.78, a P/E/G ratio of 1.90 and a beta of 0.88. 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 business’s fifty day moving average is $78.74 and its 200 day moving average is $68.64.
Sonic Automotive (NYSE:SAH – Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.22. The company had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.73 billion. Sonic Automotive had a return on equity of 22.45% and a net margin of 0.72%.The firm’s revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.48 earnings per share. As a group, analysts forecast that Sonic Automotive, Inc. will post 6.92 EPS for the current year.
Sonic Automotive Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.41 per share. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.38. This represents a $1.64 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Monday, June 15th. Sonic Automotive’s payout ratio is currently 52.23%.
Insider Buying and Selling at Sonic Automotive
In other news, President Jeff Dyke sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $82.97, for a total transaction of $4,148,500.00. Following the sale, the president owned 111,622 shares in the company, valued at $9,261,277.34. The trade was a 30.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,000 shares of company stock valued at $8,408,160 over the last quarter. Company insiders own 43.68% of the company’s stock.
Institutional Trading of Sonic Automotive
Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in Sonic Automotive by 6.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,646,450 shares of the company’s stock valued at $125,278,000 after acquiring an additional 96,836 shares in the last quarter. Tudor Investment Corp ET AL grew its position in Sonic Automotive by 41.2% during the third quarter. Tudor Investment Corp ET AL now owns 183,522 shares of the company’s stock valued at $13,964,000 after purchasing an additional 53,510 shares in the last quarter. Picton Mahoney Asset Management acquired a new position in Sonic Automotive in the 3rd quarter valued at approximately $779,000. BNP Paribas Financial Markets lifted its position in Sonic Automotive by 70.8% in the 4th quarter. BNP Paribas Financial Markets now owns 181,189 shares of the company’s stock worth $11,208,000 after buying an additional 75,125 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in shares of Sonic Automotive by 22.3% during the 4th quarter. ProShare Advisors LLC now owns 94,898 shares of the company’s stock valued at $5,870,000 after buying an additional 17,286 shares during the period. Institutional investors and hedge funds 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.