Heath Byrd Sells 11,000 Shares of Sonic Automotive, Inc. (SAH) Stock

Sonic Automotive, Inc. (NYSE:SAH) CFO Heath Byrd sold 11,000 shares of Sonic Automotive stock in a transaction that occurred on Friday, October 27th. The stock was sold at an average price of $20.43, for a total transaction of $224,730.00. Following the completion of the sale, the chief financial officer now directly owns 143,306 shares in the company, valued at approximately $2,927,741.58. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Tuesday, October 24th. The company reported $0.40 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. Sonic Automotive had a net margin of 0.70% and a return on equity of 10.47%. The company had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same quarter last year, the company posted $0.47 earnings per share. The firm’s quarterly revenue was down 2.0% on a year-over-year basis.

The business also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, December 15th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.01%. The ex-dividend date is Thursday, December 14th. Sonic Automotive’s dividend payout ratio is currently 13.07%.

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A number of hedge funds have recently modified their holdings of the stock. Crossmark Global Holdings Inc. purchased a new stake in Sonic Automotive in the third quarter worth approximately $351,000. Nationwide Fund Advisors boosted its holdings in Sonic Automotive by 6.7% in the third quarter. Nationwide Fund Advisors now owns 73,488 shares of the company’s stock worth $1,499,000 after purchasing an additional 4,605 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Sonic Automotive by 7.0% in the second quarter. Public Employees Retirement System of Ohio now owns 9,515 shares of the company’s stock worth $185,000 after purchasing an additional 624 shares during the last quarter. Proxima Capital Management LLC boosted its holdings in Sonic Automotive by 44.8% in the second quarter. Proxima Capital Management LLC now owns 166,500 shares of the company’s stock worth $3,238,000 after purchasing an additional 51,500 shares during the last quarter. Finally, Elliott Management Corp boosted its holdings in Sonic Automotive by 17.6% in the second quarter. Elliott Management Corp now owns 892,275 shares of the company’s stock worth $17,355,000 after purchasing an additional 133,700 shares during the last quarter. Institutional investors own 63.72% of the company’s stock.

A number of research firms recently commented on SAH. Jefferies Group LLC reaffirmed a “hold” rating and issued a $22.00 price target on shares of Sonic Automotive in a report on Wednesday, July 19th. BidaskClub cut shares of Sonic Automotive from a “hold” rating to a “sell” rating in a report on Friday, July 28th. TheStreet raised shares of Sonic Automotive from a “c+” rating to a “b” rating in a report on Wednesday, October 18th. Bank of America Corporation cut shares of Sonic Automotive from a “neutral” rating to an “underperform” rating in a report on Thursday, October 19th. Finally, Zacks Investment Research raised shares of Sonic Automotive from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $21.75.

About Sonic Automotive

Sonic Automotive, Inc is an automotive retailer in the United States. The Company’s operating segments include Franchised Dealerships and EchoPark. Its Franchised Dealerships segment consists of retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle repair and maintenance services, and arrange finance and insurance products.

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