Sonic Automotive, Inc. (NYSE:SAH) Shares Sold by Public Employees Retirement Association of Colorado

Public Employees Retirement Association of Colorado lowered its position in Sonic Automotive, Inc. (NYSE:SAH) by 23.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,299 shares of the company’s stock after selling 716 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Sonic Automotive were worth $125,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hsbc Holdings PLC grew its holdings in Sonic Automotive by 46.5% during the fourth quarter. Hsbc Holdings PLC now owns 18,299 shares of the company’s stock worth $1,032,000 after acquiring an additional 5,805 shares during the period. TFO Wealth Partners LLC grew its stake in shares of Sonic Automotive by 35,366.7% during the 4th quarter. TFO Wealth Partners LLC now owns 2,128 shares of the company’s stock worth $120,000 after purchasing an additional 2,122 shares during the period. Campbell & CO Investment Adviser LLC purchased a new position in shares of Sonic Automotive during the 4th quarter valued at approximately $795,000. Westwood Holdings Group Inc. acquired a new position in shares of Sonic Automotive in the 4th quarter valued at $31,473,000. Finally, Quadrature Capital Ltd purchased a new stake in Sonic Automotive during the fourth quarter worth $1,724,000. Institutional investors and hedge funds own 46.92% of the company’s stock.

Sonic Automotive Stock Up 1.7 %

Shares of SAH opened at $59.06 on Monday. The stock has a 50 day moving average price of $58.48 and a 200 day moving average price of $56.38. Sonic Automotive, Inc. has a one year low of $41.19 and a one year high of $64.68. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.36 and a current ratio of 1.10. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 12.10 and a beta of 1.61.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Monday, August 5th. The company reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.09. The business had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.56 billion. Sonic Automotive had a net margin of 1.35% and a return on equity of 25.31%. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.83 earnings per share. Equities research analysts forecast that Sonic Automotive, Inc. will post 5.79 earnings per share for the current fiscal year.

Sonic Automotive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.03%. The ex-dividend date is Friday, September 13th. Sonic Automotive’s dividend payout ratio is currently 24.59%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America decreased their price objective on shares of Sonic Automotive from $68.00 to $67.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Needham & Company LLC assumed coverage on Sonic Automotive in a research report on Tuesday, August 20th. They issued a “buy” rating and a $73.00 price objective for the company. JPMorgan Chase & Co. increased their target price on Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, Stephens initiated coverage on shares of Sonic Automotive in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 price target on the stock. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.50.

Insider Activity

In other Sonic Automotive news, CFO Heath Byrd sold 19,827 shares of the business’s stock in a transaction on Thursday, July 18th. The stock was sold at an average price of $60.00, for a total transaction of $1,189,620.00. Following the transaction, the chief financial officer now owns 173,618 shares of the company’s stock, valued at $10,417,080. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 40.95% 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.