Denali Advisors LLC Raises Stock Position in Sonic Automotive, Inc. (NYSE:SAH)

Denali Advisors LLC increased its position in shares of Sonic Automotive, Inc. (NYSE:SAH) by 31.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 48,100 shares of the company’s stock after purchasing an additional 11,400 shares during the period. Denali Advisors LLC owned approximately 0.14% of Sonic Automotive worth $2,620,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SAH. Westwood Holdings Group Inc. raised its holdings in shares of Sonic Automotive by 12.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 630,450 shares of the company’s stock valued at $35,898,000 after purchasing an additional 70,540 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Sonic Automotive by 524.4% during the 2nd quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock valued at $5,480,000 after purchasing an additional 84,489 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Sonic Automotive by 26.8% during the 2nd quarter. Renaissance Technologies LLC now owns 88,826 shares of the company’s stock valued at $4,838,000 after purchasing an additional 18,800 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Sonic Automotive by 125.4% during the 4th quarter. BNP Paribas Financial Markets now owns 43,175 shares of the company’s stock valued at $2,427,000 after purchasing an additional 24,021 shares in the last quarter. Finally, Quadrature Capital Ltd purchased a new position in shares of Sonic Automotive during the 4th quarter valued at approximately $1,724,000. 46.92% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SAH. JPMorgan Chase & Co. boosted their price target on shares of Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Bank of America lowered their price target on shares of Sonic Automotive from $68.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. Needham & Company LLC started coverage on shares of Sonic Automotive in a report on Tuesday, August 20th. They issued a “buy” rating and a $73.00 price objective on the stock. Finally, Stephens started coverage on shares of Sonic Automotive in a research note on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $63.50.

Sonic Automotive Stock Performance

Shares of SAH opened at $55.51 on Tuesday. The stock has a 50 day moving average price of $58.21 and a 200 day moving average price of $56.04. The company has a quick ratio of 0.36, a current ratio of 1.10 and a debt-to-equity ratio of 2.04. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 11.38 and a beta of 1.61. Sonic Automotive, Inc. has a 52-week low of $41.19 and a 52-week high of $64.68.

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

Sonic Automotive Dividend Announcement

The business 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 dividend yield of 2.16%. The ex-dividend date is Friday, September 13th. Sonic Automotive’s dividend payout ratio is presently 24.59%.

Insider Buying and Selling

In related news, CFO Heath Byrd sold 19,827 shares of the 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 completion of the sale, the chief financial officer now directly owns 173,618 shares of the company’s stock, valued at $10,417,080. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 40.95% of the company’s stock.

Sonic Automotive Company Profile

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.