Shell Asset Management Co. sells 1,189 shares of Sonic Automotive, Inc. (NYSE: SAH)


Shell Asset Management Co. reduced its stake in Sonic Automotive, Inc. (NYSE:SAH – Get Rating) by 12.9% during the 1st quarter, according to the company in its latest 13F filing with the Securities and Exchange Commission. The company held 8,040 shares of the company after selling 1,189 shares during the period. Shell Asset Management Co.’s holdings in Sonic Automotive were worth $342,000 when it last filed with the Securities and Exchange Commission.

Several other large investors have also recently changed their stock holdings. Beck Bode LLC purchased a new stake in Sonic Automotive stock in Q1 worth approximately $443,000. SG Americas Securities LLC increased its position in Sonic Automotive by 104.5% in the 1st quarter. SG Americas Securities LLC now owns 18,341 shares of the company worth $780,000 after acquiring 9,373 additional shares in the last quarter. Inspire Investing LLC purchased a new stake in Sonic Automotive during Q1 for approximately $234,000. Denali Advisors LLC purchased a new stake in Sonic Automotive during Q1 worth approximately $455,000. Finally, NorthCrest Asset Management LLC increased its position in Sonic Automotive by 1.4% in the 1st quarter. NorthCrest Asset Management LLC now owns 18,000 shares of the company worth $765,000 after acquiring 250 additional shares in the last quarter. 59.34% of the shares are currently held by institutional investors.

Analysts set new price targets

A number of equity research analysts have recently commented on the company. StockNews.com downgraded Sonic Automotive from a “buy” rating to a “hold” rating in a Friday, July 15 research report. Morgan Stanley cut its price target on Sonic Automotive from $40.00 to $33.00 and set an “underweight” rating on the stock in a Thursday, July 14 research report. JPMorgan Chase & Co. cut its price target on Sonic Automotive from $51.00 to $47.00 in a Friday, July 15 research report. Seaport Res Ptn downgraded Sonic Automotive from a “buy” rating to a “neutral” rating in a Friday, April 29 report. Finally, Benchmark cut its price target on Sonic Automotive from $85.00 to $71.00 and set a “buy” rating on the stock in a Monday, August 1 report. One analyst rated the stock with a sell rating, three gave the company a hold rating and one assigned a buy rating. According to data from MarketBeat.com, Sonic Automotive currently has an average rating of “Hold” and a consensus target price of $50.33.

Insider activity

In other news, Chairman Jeff Dyke sold 28,196 shares in a trade on Monday August 1. The stock was sold at an average price of $42.67, for a total value of $1,203,123.32. Following the transaction, the president now owns 190,168 shares of the company, valued at approximately $8,114,468.56. The transaction was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. Separately, Chairman Jeff Dyke sold 28,196 shares of the company in a trade on Monday, August 1. The stock was sold at an average price of $42.67, for a total transaction of $1,203,123.32. Following the sale, the president now owns 190,168 shares of the company, valued at approximately $8,114,468.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, accessible via this link. Additionally, Chief Financial Officer Heath Byrd sold 93,714 shares of the company in a trade on Monday, August 1. The stock was sold at an average price of $41.27, for a total value of $3,867,576.78. Following the sale, the CFO now directly owns 146,600 shares of the company, valued at approximately $6,050,182. The disclosure of this sale can be found here. 36.07% of the shares are currently held by insiders of the company.

Sonic Automotive stock up 0.8%

NYSE: SAH opened at $44.20 on Friday. The stock’s fifty-day moving average price is $39.75 and its two-hundred-day moving average price is $44.52. Sonic Automotive, Inc. has a 52 week low of $34.17 and a 52 week high of $58.00. The company has a debt ratio of 1.39, a quick ratio of 0.44 and a current ratio of 1.10. The company has a market capitalization of $1.75 billion, a price-earnings ratio of 4.98 and a beta of 2.05.

Sonic Automotive (NYSE:SAH – Get Rating) last released its quarterly results on Thursday, July 28. The company reported earnings per share of $2.45 for the quarter, missing analyst consensus estimates of $2.55 per ($0.10). The company posted revenue of $3.65 billion in the quarter, versus analyst estimates of $3.90 billion. Sonic Automotive achieved a net margin of 2.76% and a return on equity of 36.01%. The company’s revenue for the quarter increased by 8.9% compared to the same quarter last year. During the same period last year, the company achieved EPS of $2.63. On average, analysts expect Sonic Automotive, Inc. to post EPS of 10.13 for the current year.

Sonic Automotive Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 14. Shareholders of record on Thursday, September 15 will receive a dividend of $0.25. This represents a dividend of $1.00 on an annualized basis and a dividend yield of 2.26%. The ex-dividend date is Wednesday, September 14. Sonic Automotive’s dividend payout ratio (DPR) is currently 11.27%.

About Sonic Automotive

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Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchise Dealers and EchoPark. The franchise dealer segment is involved in the sale of new and used cars and light trucks, and spare parts; providing vehicle maintenance services, manufacturer’s warranty repair, and paint and collision repair services; and arranging extended warranties, service contracts, financing, insurance and other aftermarket products for its customers.

Further reading

Want to see which other hedge funds hold AHS? Visit HoldingsChannel.com for the latest 13F filings and insider trading for Sonic Automotive, Inc. (NYSE:SAH – Get Rating).

Institutional ownership by quarter for Sonic Automotive (NYSE:SAH)



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