Denali Advisors LLC Purchases 8,900 Shares of Sonic Automotive, Inc. (NYSE:SAH)

Denali Advisors LLC boosted its position in shares of Sonic Automotive, Inc. (NYSE:SAH) by 32.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,700 shares of the company’s stock after buying an additional 8,900 shares during the period. Denali Advisors LLC owned approximately 0.11% of Sonic Automotive worth $2,090,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new stake in Sonic Automotive during the first quarter valued at approximately $30,000. TFO Wealth Partners LLC raised its position in Sonic Automotive by 35,366.7% during the fourth quarter. TFO Wealth Partners LLC now owns 2,128 shares of the company’s stock valued at $120,000 after purchasing an additional 2,122 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Sonic Automotive by 16.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,132 shares of the company’s stock worth $176,000 after buying an additional 447 shares during the period. Quest Partners LLC purchased a new stake in shares of Sonic Automotive in the fourth quarter worth approximately $185,000. Finally, Mackenzie Financial Corp purchased a new stake in shares of Sonic Automotive in the fourth quarter worth approximately $218,000. 46.92% of the stock is owned by institutional investors.

Insider Transactions at Sonic Automotive

In other Sonic Automotive news, CEO David Bruton Smith sold 67,703 shares of Sonic Automotive stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $58.43, for a total value of $3,955,886.29. Following the transaction, the chief executive officer now owns 583,054 shares in the company, valued at approximately $34,067,845.22. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, President Jeff Dyke sold 16,734 shares of the firm’s stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $60.00, for a total value of $1,004,040.00. Following the transaction, the president now owns 817,753 shares of the company’s stock, valued at approximately $49,065,180. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO David Bruton Smith sold 67,703 shares of the firm’s stock in a transaction on Thursday, May 9th. The shares were sold at an average price of $58.43, for a total transaction of $3,955,886.29. Following the completion of the transaction, the chief executive officer now directly owns 583,054 shares in the company, valued at approximately $34,067,845.22. The disclosure for this sale can be found here. Insiders sold a total of 147,569 shares of company stock valued at $8,674,244 in the last ninety days. Corporate insiders own 42.64% of the company’s stock.

Sonic Automotive Stock Down 0.1 %

Shares of SAH stock traded down $0.05 on Wednesday, reaching $53.73. 54,650 shares of the stock were exchanged, compared to its average volume of 209,167. The company has a current ratio of 1.09, a quick ratio of 0.35 and a debt-to-equity ratio of 2.11. Sonic Automotive, Inc. has a twelve month low of $41.19 and a twelve month high of $64.68. The company has a market capitalization of $1.82 billion, a price-to-earnings ratio of 11.03 and a beta of 1.62. The business’s 50 day moving average price is $56.85 and its 200 day moving average price is $54.41.

Sonic Automotive (NYSE:SAH) last announced its earnings results on Thursday, April 25th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.06. The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.45 billion. Sonic Automotive had a net margin of 1.21% and a return on equity of 27.46%. The business’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.33 earnings per share. As a group, sell-side analysts expect that Sonic Automotive, Inc. will post 5.86 earnings per share for the current fiscal year.

Sonic Automotive Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 14th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.23%. Sonic Automotive’s dividend payout ratio (DPR) is presently 24.59%.

Wall Street Analyst Weigh In

Several analysts have issued reports on SAH shares. Bank of America raised Sonic Automotive from an “underperform” rating to a “buy” rating and increased their target price for the company from $55.00 to $68.00 in a research report on Friday, April 26th. TheStreet upgraded Sonic Automotive from a “c+” rating to a “b” rating in a research note on Wednesday, March 6th. Finally, JPMorgan Chase & Co. upgraded Sonic Automotive from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $53.00 to $58.00 in a report on Monday, June 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $57.60.

About Sonic Automotive

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. 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.