Teachers Advisors LLC reduced its stake in shares of Sonic Automotive, Inc. (NYSE:SAH) by 43.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,658 shares of the company’s stock after selling 37,152 shares during the quarter. Teachers Advisors LLC owned approximately 0.11% of Sonic Automotive worth $946,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Strs Ohio increased its position in Sonic Automotive by 11.0% during the 2nd quarter. Strs Ohio now owns 39,300 shares of the company’s stock valued at $764,000 after purchasing an additional 3,900 shares during the period. Schwab Charles Investment Management Inc. increased its position in Sonic Automotive by 11.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 397,632 shares of the company’s stock valued at $7,734,000 after purchasing an additional 41,219 shares during the period. Principal Financial Group Inc. increased its position in Sonic Automotive by 3.7% during the 1st quarter. Principal Financial Group Inc. now owns 199,784 shares of the company’s stock valued at $4,006,000 after purchasing an additional 7,111 shares during the period. Prudential Financial Inc. increased its position in Sonic Automotive by 49.4% during the 2nd quarter. Prudential Financial Inc. now owns 422,930 shares of the company’s stock valued at $8,226,000 after purchasing an additional 139,778 shares during the period. Finally, SG Americas Securities LLC increased its position in Sonic Automotive by 69.6% during the 2nd quarter. SG Americas Securities LLC now owns 64,305 shares of the company’s stock valued at $1,251,000 after purchasing an additional 26,379 shares during the period. 63.72% of the stock is currently owned by institutional investors and hedge funds.
Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Tuesday, October 24th. The company reported $0.40 EPS for the quarter, meeting the consensus estimate of $0.40. The firm had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.54 billion. Sonic Automotive had a return on equity of 10.47% and a net margin of 0.70%. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.47 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Stockholders of record on Friday, December 15th will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.20 annualized dividend and a dividend yield of 0.96%. Sonic Automotive’s dividend payout ratio is currently 13.07%.
A number of analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a research report on Thursday. Jefferies Group LLC reaffirmed a “hold” rating and issued a $22.00 target price on shares of Sonic Automotive in a research report on Wednesday, July 19th. BidaskClub downgraded shares of Sonic Automotive from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. TheStreet raised shares of Sonic Automotive from a “c+” rating to a “b” rating in a research report on Wednesday, October 18th. Finally, Bank of America Corporation downgraded shares of Sonic Automotive from a “neutral” rating to an “underperform” rating in a research report on Thursday, October 19th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $21.75.
In other Sonic Automotive news, EVP Jeff Dyke sold 8,551 shares of Sonic Automotive stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $20.10, for a total value of $171,875.10. Following the transaction, the executive vice president now owns 1,262,056 shares in the company, valued at $25,367,325.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Heath Byrd sold 11,000 shares of Sonic Automotive stock in a transaction dated Friday, October 27th. The shares were sold at an average price of $20.43, for a total value of $224,730.00. Following the completion of the transaction, the chief financial officer now owns 143,306 shares in the company, valued at approximately $2,927,741.58. The disclosure for this sale can be found here. Company insiders own 30.29% of the company’s stock.
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Sonic Automotive Profile
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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