Renaissance Technologies LLC Purchases 9,100 Shares of Sonic Automotive, Inc. $SAH

Renaissance Technologies LLC lifted its position in shares of Sonic Automotive, Inc. (NYSE:SAH) by 11.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 88,126 shares of the company’s stock after purchasing an additional 9,100 shares during the quarter. Renaissance Technologies LLC owned approximately 0.28% of Sonic Automotive worth $6,043,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its position in Sonic Automotive by 992.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 437 shares of the company’s stock worth $35,000 after purchasing an additional 397 shares during the period. Camelot Portfolios LLC bought a new stake in Sonic Automotive in the 4th quarter valued at $41,000. Torren Management LLC acquired a new position in shares of Sonic Automotive in the 4th quarter valued at $50,000. National Bank of Canada FI acquired a new position in shares of Sonic Automotive in the 3rd quarter valued at $78,000. Finally, State of Wyoming bought a new position in shares of Sonic Automotive during the 1st quarter worth about $79,000. 46.92% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. lowered their target price on shares of Sonic Automotive from $76.00 to $72.00 and set an “underweight” rating on the stock in a research note on Tuesday. Citigroup raised their price target on shares of Sonic Automotive from $95.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday. Morgan Stanley set a $72.00 price objective on Sonic Automotive in a report on Thursday, May 7th. Barclays upped their price objective on Sonic Automotive from $77.00 to $92.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 15th. Finally, Stephens set a $89.00 target price on Sonic Automotive in a research report on Monday, July 13th. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Sonic Automotive currently has an average rating of “Hold” and an average target price of $97.89.

Sonic Automotive Trading Up 0.9%

Shares of Sonic Automotive stock opened at $88.05 on Wednesday. Sonic Automotive, Inc. has a 12-month low of $54.11 and a 12-month high of $113.67. The stock has a market capitalization of $2.78 billion, a P/E ratio of 14.04, a price-to-earnings-growth ratio of 1.38 and a beta of 0.86. The company has a 50-day simple moving average of $88.92 and a 200 day simple moving average of $74.37. The company has a quick ratio of 0.25, a current ratio of 1.01 and a debt-to-equity ratio of 1.88.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.82 earnings per share for the quarter, topping the consensus estimate of $1.75 by $0.07. Sonic Automotive had a net margin of 1.37% and a return on equity of 20.75%. The firm had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.78 billion. During the same period in the prior year, the firm earned $2.19 earnings per share. The company’s quarterly revenue was up 7.6% compared to the same quarter last year. Research analysts expect that Sonic Automotive, Inc. will post 7 earnings per share for the current fiscal year.

Sonic Automotive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.41 per share. This represents a $1.64 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Sonic Automotive’s dividend payout ratio (DPR) is currently 26.16%.

Insider Transactions at Sonic Automotive

In other Sonic Automotive news, President Jeff Dyke sold 50,000 shares of the business’s stock in a transaction on 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 owned 111,622 shares of the company’s stock, valued at approximately $9,261,277.34. The trade was a 30.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 100,000 shares of company stock valued at $8,408,160. Insiders own 43.68% of the company’s stock.

Sonic Automotive 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.