OLD National Bancorp IN boosted its stake in shares of Sonic Automotive Inc. (NYSE:SAH) by 14.5% during the second quarter, Holdings Channel reports. The fund owned 11,903 shares of the company’s stock after buying an additional 1,511 shares during the period. OLD National Bancorp IN’s holdings in Sonic Automotive were worth $204,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in SAH. BNP Paribas Arbitrage SA increased its stake in shares of Sonic Automotive by 82.7% in the second quarter. BNP Paribas Arbitrage SA now owns 10,444 shares of the company’s stock valued at $179,000 after buying an additional 4,726 shares during the last quarter. Selway Asset Management purchased a new stake in shares of Sonic Automotive during the second quarter valued at approximately $274,000. Menta Capital LLC purchased a new stake in shares of Sonic Automotive during the first quarter valued at approximately $410,000. Bank of Montreal Can purchased a new stake in shares of Sonic Automotive during the second quarter valued at approximately $431,000. Finally, A.R.T. Advisors LLC purchased a new stake in shares of Sonic Automotive during the first quarter valued at approximately $867,000. Hedge funds and other institutional investors own 65.88% of the company’s stock.
Sonic Automotive Inc. (NYSE:SAH) traded down 0.75% during trading on Tuesday, reaching $17.12. 71,907 shares of the company traded hands. The firm has a 50-day moving average price of $17.20 and a 200-day moving average price of $17.66. The company has a market capitalization of $778.05 million, a P/E ratio of 8.71 and a beta of 1.94. Sonic Automotive Inc. has a 52 week low of $15.68 and a 52 week high of $25.77.
Sonic Automotive (NYSE:SAH) last released its earnings results on Tuesday, July 26th. The company reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.48 billion. Sonic Automotive had a net margin of 0.99% and a return on equity of 14.65%. Sonic Automotive’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.46 EPS. Analysts forecast that Sonic Automotive Inc. will post $2.10 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.16%. The ex-dividend date of this dividend is Tuesday, September 13th. Sonic Automotive’s dividend payout ratio is presently 10.26%.
Separately, Zacks Investment Research upgraded shares of Sonic Automotive from a “sell” rating to a “hold” rating in a research report on Friday, September 2nd.
In other Sonic Automotive news, insider O Bruton Smith acquired 50,000 shares of the company’s stock in a transaction dated Wednesday, August 24th. The shares were acquired at an average cost of $16.83 per share, with a total value of $841,500.00. Following the acquisition, the insider now directly owns 525,242 shares of the company’s stock, valued at $8,839,822.86. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 29.32% of the company’s stock.
About Sonic Automotive
Sonic Automotive, Inc is an automotive retailer in the United States. The Company’s operating segments include Franchised Dealerships and EchoPark. The Company’s Franchised Dealerships segment consists of traditional retail automotive franchises that sell new and used vehicles, replacement parts and vehicle repair and maintenance services, and finance and insurance products.
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