Panagora Asset Management Inc. raised its stake in shares of Sonic Automotive Inc (NYSE:SAH) by 5,208.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,644 shares of the company’s stock after buying an additional 13,387 shares during the period. Panagora Asset Management Inc.’s holdings in Sonic Automotive were worth $319,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the business. C M Bidwell & Associates Ltd. bought a new position in shares of Sonic Automotive during the 2nd quarter worth about $38,000. Capital Investment Advisory Services LLC lifted its stake in Sonic Automotive by 32.2% in the second quarter. Capital Investment Advisory Services LLC now owns 4,051 shares of the company’s stock valued at $96,000 after acquiring an additional 986 shares during the last quarter. BNP Paribas Arbitrage SA lifted its stake in Sonic Automotive by 291.4% in the first quarter. BNP Paribas Arbitrage SA now owns 6,689 shares of the company’s stock valued at $99,000 after acquiring an additional 4,980 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in Sonic Automotive in the second quarter valued at $204,000. Finally, Louisiana State Employees Retirement System acquired a new stake in Sonic Automotive in the second quarter valued at $209,000. 61.36% of the stock is owned by institutional investors.
Shares of NYSE SAH traded down $0.59 during mid-day trading on Friday, reaching $31.15. 2,945 shares of the company were exchanged, compared to its average volume of 280,669. The company’s 50-day simple moving average is $27.39 and its 200-day simple moving average is $20.88. The company has a quick ratio of 0.25, a current ratio of 1.03 and a debt-to-equity ratio of 1.35. The stock has a market capitalization of $1.35 billion, a P/E ratio of 17.62, a P/E/G ratio of 4.59 and a beta of 1.87. Sonic Automotive Inc has a twelve month low of $12.78 and a twelve month high of $32.68.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 1.28%. The ex-dividend date of this dividend is Thursday, September 12th. Sonic Automotive’s dividend payout ratio is currently 22.60%.
In other Sonic Automotive news, President Jeff Dyke sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $30.00, for a total value of $750,000.00. Following the transaction, the president now directly owns 1,290,003 shares of the company’s stock, valued at approximately $38,700,090. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 31.60% of the stock is owned by company insiders.
A number of analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of Sonic Automotive from an “underweight” rating to a “neutral” rating and increased their price target for the company from $23.00 to $30.00 in a research note on Tuesday. Bank of America cut shares of Sonic Automotive from a “neutral” rating to an “underperform” rating in a research note on Friday. Morgan Stanley increased their price target on shares of Sonic Automotive from $18.00 to $20.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. TheStreet upgraded shares of Sonic Automotive from a “c” rating to a “b” rating in a research note on Tuesday, May 28th. Finally, Buckingham Research raised their target price on shares of Sonic Automotive from $15.00 to $20.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Sonic Automotive has an average rating of “Hold” and an average target price of $24.50.
Sonic Automotive Company Profile
Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and EchoPark. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products.
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