Sonic Automotive, Inc. (NYSE:SAH – Get Free Report) major shareholder Paul Rusnak acquired 13,701 shares of the company’s stock in a transaction on Wednesday, October 7th. The shares were acquired at an average cost of $59.78 per share, for a total transaction of $819,045.78. Following the completion of the acquisition, the insider owned 5,164,221 shares of the company’s stock, valued at approximately $308,717,131.38. The trade was a 0.27% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.
Sonic Automotive Stock Performance
NYSE:SAH traded down $1.16 on Friday, reaching $60.35. 228,185 shares of the company’s stock were exchanged, compared to its average volume of 288,620. The firm has a market cap of $1.91 billion, a price-to-earnings ratio of 9.63, a P/E/G ratio of 0.99 and a beta of 0.92. The company has a debt-to-equity ratio of 1.88, a current ratio of 1.01 and a quick ratio of 0.25. The stock has a fifty day simple moving average of $74.25 and a 200-day simple moving average of $78.22. Sonic Automotive, Inc. has a 52 week low of $54.11 and a 52 week high of $113.67.
Sonic Automotive (NYSE:SAH – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $1.82 EPS for the quarter, beating analysts’ consensus estimates of $1.75 by $0.07. Sonic Automotive had a net margin of 1.37% and a return on equity of 20.75%. The company had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same period in the prior year, the company posted $2.19 EPS. Sonic Automotive’s revenue was up 7.6% compared to the same quarter last year. As a group, sell-side analysts predict that Sonic Automotive, Inc. will post 6.81 earnings per share for the current year.
Sonic Automotive Dividend Announcement
Institutional Trading of Sonic Automotive
Several institutional investors and hedge funds have recently modified their holdings of SAH. CoreCap Advisors LLC grew its holdings in shares of Sonic Automotive by 15.5% during the third quarter. CoreCap Advisors LLC now owns 1,550 shares of the company’s stock worth $94,000 after purchasing an additional 208 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Sonic Automotive in the second quarter valued at approximately $373,000. Ameritas Advisory Services LLC bought a new stake in Sonic Automotive during the second quarter valued at approximately $88,000. Northwestern Mutual Wealth Management Co. lifted its position in Sonic Automotive by 14.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,594 shares of the company’s stock valued at $390,000 after purchasing an additional 582 shares during the last quarter. Finally, Denali Advisors LLC purchased a new position in Sonic Automotive in the 2nd quarter worth approximately $4,799,000. Hedge funds and other institutional investors own 46.92% of the company’s stock.
Wall Street Analyst Weigh In
Several brokerages have commented on SAH. UBS Group cut their target price on Sonic Automotive from $107.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday. Morgan Stanley lowered their price target on shares of Sonic Automotive from $72.00 to $57.00 and set an “underweight” rating on the stock in a report on Monday. JPMorgan Chase & Co. cut their price objective on shares of Sonic Automotive from $72.00 to $64.00 and set an “underweight” rating for the company in a research report on Tuesday. Weiss Ratings lowered shares of Sonic Automotive from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 16th. Finally, Barclays lowered their target price on shares of Sonic Automotive from $87.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $90.12.
About Sonic Automotive
Sonic Automotive, Inc is an automotive retailer headquartered in Charlotte, North Carolina. The company operates franchised dealerships that sell new and used cars and light trucks from a range of manufacturers, along with related automotive products and services.
Its dealership operations provide vehicle financing and insurance products, parts and maintenance services, collision repair, and other after-sales support. Sonic Automotive also operates EchoPark Automotive, a used-vehicle retail business focused on providing a broad selection of pre-owned vehicles and related services.
Founded in 1997 by automotive entrepreneur O.
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