Formula Growth Ltd. Lowers Stake in Sonic Automotive, Inc. (SAH)

Formula Growth Ltd. cut its stake in shares of Sonic Automotive, Inc. (NYSE:SAH) by 25.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 75,000 shares of the company’s stock after selling 25,000 shares during the period. Formula Growth Ltd. owned 0.17% of Sonic Automotive worth $1,530,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in SAH. Teachers Advisors LLC grew its stake in shares of Sonic Automotive by 4.3% during the 1st quarter. Teachers Advisors LLC now owns 85,810 shares of the company’s stock valued at $1,720,000 after buying an additional 3,501 shares during the period. Vanguard Group Inc. grew its stake in shares of Sonic Automotive by 3.5% during the 1st 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 period. Geode Capital Management LLC grew its stake in shares of Sonic Automotive by 2.3% during the 1st quarter. Geode Capital Management LLC now owns 210,753 shares of the company’s stock valued at $4,225,000 after buying an additional 4,721 shares during the period. Bank of America Corp DE grew its stake in shares of Sonic Automotive by 23.8% during the 1st quarter. Bank of America Corp DE now owns 118,715 shares of the company’s stock valued at $2,381,000 after buying an additional 22,812 shares during the period. Finally, State Street Corp grew its stake in shares of Sonic Automotive by 8.2% during the 1st quarter. State Street Corp now owns 823,177 shares of the company’s stock valued at $16,501,000 after buying an additional 62,209 shares during the period. 64.31% of the stock is owned by institutional investors.

Shares of Sonic Automotive, Inc. (NYSE:SAH) traded up $0.15 during trading on Friday, reaching $21.40. 166,697 shares of the company were exchanged, compared to its average volume of 200,633. The company has a current ratio of 1.06, a quick ratio of 0.26 and a debt-to-equity ratio of 1.41. Sonic Automotive, Inc. has a 12-month low of $15.95 and a 12-month high of $27.45. The stock has a market cap of $917.89, a PE ratio of 12.57, a price-to-earnings-growth ratio of 3.88 and a beta of 1.56.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Tuesday, October 24th. The company reported $0.40 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.40. Sonic Automotive had a net margin of 0.70% and a return on equity of 10.47%. The firm had revenue of $2.51 billion during the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the company earned $0.47 EPS. The firm’s revenue was down 2.0% on a year-over-year basis. analysts predict that Sonic Automotive, Inc. will post 1.82 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, December 15th will be given a dividend of $0.05 per share. The ex-dividend date is Thursday, December 14th. This represents a $0.20 dividend on an annualized basis and a yield of 0.93%. Sonic Automotive’s dividend payout ratio (DPR) is 13.07%.

Several analysts have recently issued reports on the stock. ValuEngine raised shares of Sonic Automotive from a “hold” rating to a “buy” rating in a research note on Friday. Bank of America cut shares of Sonic Automotive from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 19th. Zacks Investment Research raised shares of Sonic Automotive from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. TheStreet raised shares of Sonic Automotive from a “c+” rating to a “b” rating in a research note on Wednesday, October 18th. Finally, KeyCorp reissued a “hold” rating on shares of Sonic Automotive in a research note on Friday, September 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $23.67.

In other Sonic Automotive news, CFO Heath Byrd sold 11,000 shares of the company’s 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 directly owns 143,306 shares of the company’s stock, valued at approximately $2,927,741.58. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jeff Dyke sold 8,551 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $20.10, for a total transaction of $171,875.10. Following the completion of the transaction, the executive vice president now directly owns 1,262,056 shares of the company’s stock, valued at $25,367,325.60. The disclosure for this sale can be found here. 30.29% of the stock is currently owned by corporate insiders.

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Sonic Automotive Company 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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Institutional Ownership by Quarter for Sonic Automotive (NYSE:SAH)

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