Sonic Automotive, Inc. (NYSE:SAH – Get Free Report) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $65.02 and traded as high as $76.64. Sonic Automotive shares last traded at $75.93, with a volume of 359,019 shares changing hands.
Wall Street Analyst Weigh In
SAH has been the subject of several recent research reports. Zacks Research raised Sonic Automotive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Barclays increased their target price on Sonic Automotive from $67.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 5th. Weiss Ratings reissued a “hold (c)” rating on shares of Sonic Automotive in a report on Friday, March 27th. Bank of America initiated coverage on Sonic Automotive in a research note on Wednesday, March 4th. They set a “neutral” rating on the stock. Finally, Citigroup lifted their price target on Sonic Automotive from $82.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Sonic Automotive currently has an average rating of “Hold” and a consensus target price of $82.13.
Sonic Automotive Trading Up 2.8%
Sonic Automotive (NYSE:SAH – Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.62 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.22. Sonic Automotive had a return on equity of 22.45% and a net margin of 0.72%.The business had revenue of $3.69 billion during the quarter, compared to analyst estimates of $3.73 billion. During the same period in the prior year, the company earned $1.48 earnings per share. Sonic Automotive’s revenue was up 1.0% compared to the same quarter last year. Equities analysts expect that Sonic Automotive, Inc. will post 6.8 EPS for the current fiscal year.
Sonic Automotive Increases Dividend
The company also recently declared 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 represents a $1.64 annualized dividend and a yield of 2.1%. This is an increase from Sonic Automotive’s previous quarterly dividend of $0.38. The ex-dividend date of this dividend is Monday, June 15th. Sonic Automotive’s dividend payout ratio is presently 48.41%.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of SAH. Mitsubishi UFJ Trust & Banking Corp increased its holdings in Sonic Automotive by 1.2% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,603 shares of the company’s stock valued at $965,000 after purchasing an additional 190 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Sonic Automotive by 1.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,426 shares of the company’s stock worth $924,000 after purchasing an additional 273 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Sonic Automotive by 8.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the company’s stock valued at $221,000 after acquiring an additional 284 shares in the last quarter. CWM LLC lifted its position in Sonic Automotive by 11.3% in the 4th quarter. CWM LLC now owns 2,858 shares of the company’s stock valued at $177,000 after acquiring an additional 291 shares in the last quarter. Finally, Creative Planning raised its stake in Sonic Automotive by 12.4% during the 3rd quarter. Creative Planning now owns 3,000 shares of the company’s stock valued at $228,000 after buying an additional 332 shares during the last quarter. Hedge funds and other institutional investors 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.
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