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Sonic Automotive (NYSE:SAH) Reports Earnings

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Sonic Automotive Inc (NYSE: SAH) released its results for the prior quarter on Thursday. According to Briefing.com, the company’s quarterly earnings per share of $2.23 was significantly lower than the average estimate of $2.47, a difference of $0.24. The estimate was derived from the views of several different specialists. Sonic Automotive’s return on equity was 36% and the company’s net margin was 2.76%. The company’s revenue was $3.45 billion for the quarter, significantly below the average forecast of $3.67 billion made by financial analysts. The previous year, the company posted a profit of $1.96 per share during the same period. The company’s quarterly sales increased 12.2% from a year ago.

Additionally, the company revealed that it has authorized the payment of a quarterly dividend, which will be paid from the 13th of this month. Shareholders still registered as holding their shares as of December 15 will be eligible to receive a dividend payment of $0.28 per share. The previous dividend payment made by Sonic Automotive, which was $0.25 per quarter, has been increased to the new amount. Calculated on an annualized basis, this equates to a dividend payment of $1.12 per share and a dividend yield of 2.40%. The dividend payment date must be respected is December 14, which falls on a Wednesday. Sonic Automotive’s dividend payout ratio (DPR) is currently 11.27%.
At midday on Friday, the price of NYSE:SAH fell $0.38, bringing the price to $46.62. The typical number of shares traded in the company is 452,934, so trading just 2,740 of those shares is a significant drop from the norm. The stock price reached $47.59, which is its 50-day moving average, and $44.22, which is its 200-day moving average. In the previous year, Sonic Automotive’s price range ranged from a high of $59.19 to a low of $59.19. The stock has a price/earnings ratio of 5.35 and its beta value is 1.93; together, these numbers give the stock a market value of $1.83 billion. The debt ratio is 1.39, the quick ratio is 0.44 and the current ratio is 1.10 in this scenario.
Recent events have prompted several stock analysts to offer their views on the company’s stock price. In a research note distributed Sept. 1, Morgan Stanley raised the price target it previously set for Sonic Automotive from $33.00 to $35.00. On top of that, the company gave the stock an “underweight” rating. JPMorgan Chase & Co. downgraded Sonic Automotive from a “neutral” rating to an “overweight” rating and set a target price of $60.00 for the company in a research note released Thursday, October 6. The “buy” recommendation that Bank of America previously assigned to Sonic Automotive was downgraded to an “underperform” rating in a research report published on Friday, September 9. On August 9, Benchmark lowered its price target for Sonic Automotive shares to $71.00, resulting in a current price of $71. . The first day StockNews.com reported on Sonic Automotive shares was Wednesday, October 12; this brings the total number of days the website has reported on the company to 12. They recommended that shareholders “keep” their shares in the company. The stock received a buy rating from two analysts, a hold rating from two other analysts and a sell rating from two other analysts. Two equity research experts suggested the stock should be sold. Sonic Automotive’s overall rating on the Bloomberg.com website is “Hold,” and the company’s average price target should be $55.33 shortly.

The sale of 28,196 shares of the company was completed on August 1 by company chairman Jeff Dyke. The purchase of each share occurred at an average price of $42.67 when sold, resulting in a total transaction value of $1,203,123.32. Following the successful completion of the sale, the president of the company is now the proud owner of 190,168 shares of the company, the total value of which is approximately $8,114,468.56. If you follow this link, you will be redirected to the SEC filing, where the transaction was discussed in more detail. In other related news, on August 25, the company’s CEO, David Bruton Smith, sold a total of 54,670 shares of the company. The purchase of each share occurred at an average price of $55.60 when sold, resulting in a total transaction value of $3,039,652.00. Following the closing of the transaction, the CEO will own 467,856 shares of the company, which have a value of $26,012,793.60. If you follow this link, you will be redirected to the SEC filing where the transaction was discussed in more detail.
Additionally, on August 1, 28,196 shares of the company were sold by Jeff Dyke, president of the company. A total of $1,203,123.32 shares were traded at an average price of $42.67 per share, bringing the total amount at stake to $1,203,123.32. As a direct result of the transaction, the president of the company now has a total of 190,168 shares in his possession, and the total value of those shares is $8,114,468.56. Disclosures related to the sale can be found in this section of the website. In the last quarter, business insiders sold 176,580 shares. This raised $8,110,352, or 36.07% of the company’s total equity.

Several hedge funds and other types of institutional investors have changed the processes by which they invest in SAH in recent months. During the second quarter, Millennium Management LLC acquired an additional 1,726.2% stake in Sonic Automotive. This represents an increase from the previous quarter. Following the acquisition of 431,324 shares during the last quarter, Millennium Management LLC now directly owns 456,311 shares of the company, with a value of $16,715,000. This brings the total number of shares directly owned by Millennium Management LLC to 466,311. Goldman Sachs Group Inc.’s level of ownership in Sonic Automotive was 33.6% higher at the end of the second quarter than it was at the end of the first trimester. Following the acquisition of an additional 84,274 shares during the last fiscal quarter, Goldman Sachs Group Inc. now holds a total of 335,252 shares of the company in its portfolio. This number of shares is worth a total of $12,281,000. In the first quarter of 2018, Invesco Ltd. increased the number of Sonic Automotive shares held by 21.2%. Invesco Ltd. now owns 333,343 shares of the company following the acquisition of 58,218 additional shares during the most recent period. The current share value of Invesco Ltd. is $14,171,000. A new investment of $1,433,000 in Sonic Automotive by Vident Investment Advisory LLC in the first three months of 2018. Not to mention that Vanguard Group Inc. increased its holdings of Sonic Automotive shares by 1.5% in the first three months. month of 2018. After purchasing an additional 33,306 shares in the most recent period, Vanguard Group Inc. now owns a total stake in the company equal to 2,312,003 shares for a total of $98,283,000. This brings the total number of shares held by the company to $2,312,003. Institutional investors and hedge funds hold 57.10% of the company’s total share capital.

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