Hsbc Holdings PLC Raises Stock Holdings in Sonic Automotive, Inc. $SAH

Hsbc Holdings PLC increased its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH) by 66.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 13,519 shares of the company’s stock after acquiring an additional 5,411 shares during the quarter. Hsbc Holdings PLC’s holdings in Sonic Automotive were worth $922,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. increased its position in shares of Sonic Automotive by 992.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 437 shares of the company’s stock valued at $35,000 after purchasing an additional 397 shares during the last quarter. Camelot Portfolios LLC bought a new stake in shares of Sonic Automotive during the 4th quarter worth $41,000. Torren Management LLC purchased a new position in shares of Sonic Automotive in the 4th quarter worth about $50,000. National Bank of Canada FI purchased a new position in shares of Sonic Automotive in the 3rd quarter worth about $78,000. Finally, CoreCap Advisors LLC grew its position in Sonic Automotive by 28.0% during the fourth quarter. CoreCap Advisors LLC now owns 1,829 shares of the company’s stock valued at $113,000 after buying an additional 400 shares during the period. Hedge funds and other institutional investors own 46.92% of the company’s stock.

Sonic Automotive Stock Up 7.3%

Shares of NYSE:SAH opened at $112.29 on Thursday. The firm has a fifty day moving average price of $87.78 and a two-hundred day moving average price of $73.57. The company has a market cap of $3.55 billion, a price-to-earnings ratio of 35.76, a PEG ratio of 1.60 and a beta of 0.89. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.03 and a quick ratio of 0.29. Sonic Automotive, Inc. has a one year low of $54.11 and a one year high of $113.67.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.22. The firm had revenue of $3.69 billion for the quarter, compared to analysts’ expectations of $3.73 billion. Sonic Automotive had a net margin of 0.72% and a return on equity of 22.45%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.48 earnings per share. Analysts anticipate that Sonic Automotive, Inc. will post 6.93 EPS for the current fiscal year.

Analysts Set New Price Targets

SAH has been the subject of a number of research analyst reports. Stephens set a $89.00 price objective on shares of Sonic Automotive in a research report on Monday, July 13th. Seaport Research Partners cut shares of Sonic Automotive from a “buy” rating to a “neutral” rating and boosted their target price for the company from $185.00 to $205.00 in a research note on Friday, July 17th. JPMorgan Chase & Co. decreased their price target on shares of Sonic Automotive from $77.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday, July 13th. Weiss Ratings upgraded shares of Sonic Automotive from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, July 23rd. Finally, Zacks Research raised shares of Sonic Automotive from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Sonic Automotive has an average rating of “Hold” and a consensus price target of $90.67.

Insider Buying and Selling

In other Sonic Automotive news, President Jeff Dyke sold 50,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $82.97, for a total value of $4,148,500.00. Following the transaction, the president directly owned 111,622 shares in the company, valued at $9,261,277.34. This represents a 30.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,000 shares of company stock worth $8,408,160 in the last three months. 43.68% of the stock is owned by insiders.

Sonic Automotive Company Profile

Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive’s dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.

In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.