Susquehanna Portfolio Strategies LLC Sells 6,253 Shares of Sonic Automotive, Inc. (NYSE:SAH)

Susquehanna Portfolio Strategies LLC lessened its position in Sonic Automotive, Inc. (NYSE:SAH) by 40.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,080 shares of the company’s stock after selling 6,253 shares during the quarter. Susquehanna Portfolio Strategies LLC’s holdings in Sonic Automotive were worth $495,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Westwood Holdings Group Inc. increased its stake in shares of Sonic Automotive by 12.6% in the first quarter. Westwood Holdings Group Inc. now owns 630,450 shares of the company’s stock worth $35,898,000 after purchasing an additional 70,540 shares during the period. Millennium Management LLC increased its position in Sonic Automotive by 3.8% in the 2nd quarter. Millennium Management LLC now owns 456,588 shares of the company’s stock worth $24,870,000 after buying an additional 16,556 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Sonic Automotive by 524.4% during the second quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock worth $5,480,000 after buying an additional 84,489 shares during the last quarter. Squarepoint Ops LLC boosted its position in shares of Sonic Automotive by 679.8% in the second quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock valued at $5,175,000 after acquiring an additional 82,823 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Sonic Automotive by 26.8% in the second quarter. Renaissance Technologies LLC now owns 88,826 shares of the company’s stock worth $4,838,000 after acquiring an additional 18,800 shares during the last quarter. Institutional investors and hedge funds own 46.92% of the company’s stock.

Sonic Automotive Stock Up 1.7 %

NYSE SAH opened at $59.06 on Friday. Sonic Automotive, Inc. has a 1-year low of $41.19 and a 1-year high of $64.68. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of 12.10 and a beta of 1.61. The stock’s 50 day moving average is $58.48 and its two-hundred day moving average is $56.35. The company has a current ratio of 1.10, a quick ratio of 0.36 and a debt-to-equity ratio of 2.04.

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

Sonic Automotive Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Investors 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 yield of 2.03%. The ex-dividend date of this dividend is Friday, September 13th. Sonic Automotive’s dividend payout ratio is currently 24.59%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SAH. Needham & Company LLC started coverage on shares of Sonic Automotive in a research note on Tuesday, August 20th. They set a “buy” rating and a $73.00 target price for the company. Morgan Stanley raised shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $40.00 to $58.00 in a research report on Wednesday. Stephens began coverage on Sonic Automotive in a research report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Bank of America decreased their price objective on Sonic Automotive from $68.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Sonic Automotive currently has an average rating of “Moderate Buy” and an average target price of $66.50.

Insider Activity at Sonic Automotive

In other news, CFO Heath Byrd sold 19,827 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $60.00, for a total transaction of $1,189,620.00. Following the completion of the sale, 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 document filed with the SEC, which is accessible through this link. 40.95% of the stock is currently owned by insiders.

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.