Russell Investments Group Ltd. Cuts Stock Position in Sonic Automotive, Inc. (NYSE:SAH)

Russell Investments Group Ltd. lessened its holdings in Sonic Automotive, Inc. (NYSE:SAH – Get Rating) by 8.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 39,625 shares of the company’s stock after selling 3,524 shares during the period. Russell Investments Group Ltd.’s holdings in Sonic Automotive were worth $1,683,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. NorthCrest Asset Manangement LLC grew its position in shares of Sonic Automotive by 1.4% during the first quarter. NorthCrest Asset Manangement LLC now owns 18,000 shares of the company’s stock valued at $765,000 after purchasing an additional 250 shares in the last quarter. Pinebridge Investments L.P. purchased a new position in shares of Sonic Automotive during the fourth quarter valued at about $45,000. Raymond James & Associates grew its position in shares of Sonic Automotive by 4.6% during the fourth quarter. Raymond James & Associates now owns 24,421 shares of the company’s stock valued at $1,208,000 after purchasing an additional 1,070 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Sonic Automotive by 3.2% in the 4th quarter. BNP Paribas Arbitrage SA now owns 37,724 shares of the company’s stock valued at $1,865,000 after acquiring an additional 1,172 shares during the last quarter. Finally, Islay Capital Management LLC lifted its holdings in shares of Sonic Automotive by 66.5% in the 4th quarter. Islay Capital Management LLC now owns 3,871 shares of the company’s stock valued at $191,000 after acquiring an additional 1,546 shares during the last quarter. Hedge funds and other institutional investors own 59.34% of the company’s stock.

Insider Buying and Selling at Sonic Automotive

In other Sonic Automotive news, President Jeff Dyke sold 28,196 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $42.67, for a total value of $1,203,123.32. Following the completion of the sale, the president now directly owns 190,168 shares in the company, valued at $8,114,468.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Heath Byrd sold 93,714 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $41.27, for a total value of $3,867,576.78. Following the completion of the transaction, the chief financial officer now directly owns 146,600 shares in the company, valued at $6,050,182. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Jeff Dyke sold 28,196 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $42.67, for a total value of $1,203,123.32. Following the completion of the transaction, the president now owns 190,168 shares of the company’s stock, valued at $8,114,468.56. The disclosure for this sale can be found here. 36.07% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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SAH has been the subject of several analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Sonic Automotive from $51.00 to $47.00 in a research note on Friday, July 15th. Benchmark decreased their price objective on shares of Sonic Automotive to $71.00 in a research note on Tuesday, August 9th. Morgan Stanley decreased their price objective on shares of Sonic Automotive from $40.00 to $33.00 and set an “underweight” rating for the company in a research note on Thursday, July 14th. Seaport Res Ptn downgraded shares of Sonic Automotive from a “buy” rating to a “neutral” rating in a research note on Friday, April 29th. Finally, StockNews.com downgraded shares of Sonic Automotive from a “buy” rating to a “hold” rating in a research note on Friday, July 15th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $50.33.

Sonic Automotive Trading Up 6.6 %

Shares of NYSE SAH opened at $53.30 on Wednesday. The company has a debt-to-equity ratio of 1.39, a current ratio of 1.10 and a quick ratio of 0.44. The stock has a market capitalization of $2.09 billion, a P/E ratio of 6.01 and a beta of 2.05. Sonic Automotive, Inc. has a 1-year low of $34.17 and a 1-year high of $58.00. The business has a fifty day moving average price of $40.15 and a 200 day moving average price of $44.51.

Sonic Automotive (NYSE:SAH – Get Rating) last issued its quarterly earnings data on Thursday, July 28th. The company reported $2.45 earnings per share for the quarter, missing analysts’ consensus estimates of $2.55 by ($0.10). The company had revenue of $3.65 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Sonic Automotive had a return on equity of 36.00% and a net margin of 2.76%. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.63 earnings per share. Equities research analysts expect that Sonic Automotive, Inc. will post 10.13 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 15th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date of this dividend is Wednesday, September 14th. Sonic Automotive’s dividend payout ratio (DPR) is presently 11.27%.

Sonic Automotive Profile

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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 for its guests.