Schwab Charles Investment Management Inc. increased its stake in Sonic Automotive, Inc. (NYSE:SAH) by 12.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 356,413 shares of the company’s stock after buying an additional 39,514 shares during the period. Schwab Charles Investment Management Inc. owned about 0.79% of Sonic Automotive worth $7,147,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently made changes to their positions in SAH. Hotchkis & Wiley Capital Management LLC increased its position in shares of Sonic Automotive by 1.3% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 2,632,623 shares of the company’s stock valued at $52,784,000 after buying an additional 34,790 shares during the last quarter. LSV Asset Management increased its position in shares of Sonic Automotive by 12.5% in the first quarter. LSV Asset Management now owns 2,403,776 shares of the company’s stock valued at $48,195,000 after buying an additional 267,492 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Sonic Automotive by 3.5% in the first quarter. Vanguard Group Inc. now owns 2,344,255 shares of the company’s stock valued at $47,002,000 after buying an additional 78,687 shares during the last quarter. FMR LLC increased its position in shares of Sonic Automotive by 2.8% in the first quarter. FMR LLC now owns 1,259,500 shares of the company’s stock valued at $25,253,000 after buying an additional 34,500 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Sonic Automotive by 67.1% in the first quarter. Bank of New York Mellon Corp now owns 835,575 shares of the company’s stock valued at $16,753,000 after buying an additional 335,459 shares during the last quarter. 63.25% of the stock is currently owned by hedge funds and other institutional investors.
Sonic Automotive, Inc. (NYSE SAH) traded up 0.30% on Friday, reaching $16.90. The company had a trading volume of 264,835 shares. The company’s 50 day moving average is $18.53 and its 200-day moving average is $19.95. Sonic Automotive, Inc. has a one year low of $16.45 and a one year high of $27.45. The firm has a market capitalization of $741.25 million, a price-to-earnings ratio of 11.37 and a beta of 1.51.
Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Friday, July 28th. The company reported $0.40 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.46 by $0.06. The company had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Sonic Automotive had a return on equity of 11.14% and a net margin of 0.69%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.50 EPS. On average, equities research analysts expect that Sonic Automotive, Inc. will post $1.86 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 15th will be issued a $0.05 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.18%. Sonic Automotive’s dividend payout ratio is currently 13.42%.
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Several research analysts have commented on SAH shares. TheStreet downgraded Sonic Automotive from a “b” rating to a “c+” rating in a report on Tuesday, May 30th. Jefferies Group LLC reissued a “hold” rating and issued a $22.00 price objective on shares of Sonic Automotive in a research note on Wednesday, May 3rd. BidaskClub downgraded Sonic Automotive from a “sell” rating to a “strong sell” rating in a research note on Thursday. ValuEngine downgraded Sonic Automotive from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. Finally, Morgan Stanley dropped their price objective on Sonic Automotive from $25.00 to $23.00 and set an “overweight” rating on the stock in a research note on Friday, June 9th. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $21.75.
About Sonic Automotive
Sonic Automotive, Inc is an automotive retailer in the United States. The Company’s operating segments include Franchised Dealerships and EchoPark. Its Franchised Dealerships segment consists of retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle repair and maintenance services, and arrange finance and insurance products.
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