Point72 Asia Singapore Pte. Ltd. Has $33,000 Stock Holdings in Sonic Automotive, Inc. (NYSE:SAH)

Point72 Asia Singapore Pte. Ltd. cut its holdings in Sonic Automotive, Inc. (NYSE:SAH) by 50.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 597 shares of the company’s stock after selling 616 shares during the quarter. Point72 Asia Singapore Pte. Ltd.’s holdings in Sonic Automotive were worth $33,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Squarepoint Ops LLC increased its stake in shares of Sonic Automotive by 679.8% in the second quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock valued at $5,175,000 after buying an additional 82,823 shares in the last quarter. Point72 DIFC Ltd increased its stake in shares of Sonic Automotive by 6.9% in the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock valued at $158,000 after buying an additional 187 shares in the last quarter. Marshall Wace LLP increased its stake in shares of Sonic Automotive by 831.1% in the second quarter. Marshall Wace LLP now owns 35,969 shares of the company’s stock valued at $1,959,000 after buying an additional 32,106 shares in the last quarter. Public Sector Pension Investment Board increased its stake in shares of Sonic Automotive by 6.1% in the second quarter. Public Sector Pension Investment Board now owns 32,718 shares of the company’s stock valued at $1,782,000 after buying an additional 1,876 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in shares of Sonic Automotive in the second quarter valued at $228,000. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Heath Byrd sold 19,827 shares of Sonic Automotive stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $60.00, for a total transaction of $1,189,620.00. Following the transaction, the chief financial officer now owns 173,618 shares in the company, valued at approximately $10,417,080. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 40.95% of the stock is currently owned by company insiders.

Sonic Automotive Price Performance

Sonic Automotive stock opened at $58.06 on Wednesday. The firm has a market capitalization of $1.98 billion, a P/E ratio of 11.90 and a beta of 1.61. Sonic Automotive, Inc. has a 1 year low of $41.19 and a 1 year high of $64.68. The business has a 50-day moving average of $58.57 and a 200-day moving average of $56.46. The company has a current ratio of 1.10, a quick ratio of 0.36 and a debt-to-equity ratio of 2.04.

Sonic Automotive (NYSE:SAH) last posted its earnings results on Monday, August 5th. The company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.09. The company had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.56 billion. Sonic Automotive had a return on equity of 25.31% and a net margin of 1.35%. The company’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.83 EPS. On average, equities analysts anticipate that Sonic Automotive, Inc. will post 5.79 EPS for the current year.

Sonic Automotive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, September 13th. Sonic Automotive’s dividend payout ratio (DPR) is presently 24.59%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on SAH shares. Needham & Company LLC started coverage on Sonic Automotive in a research report on Tuesday, August 20th. They issued a “buy” rating and a $73.00 price objective for the company. Stephens started coverage on Sonic Automotive in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 price objective for the company. JPMorgan Chase & Co. lifted their price objective on Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Bank of America lowered their price objective on Sonic Automotive from $68.00 to $67.00 and set a “buy” rating for the company in a research report on Monday, July 22nd. Finally, Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and lifted their price objective for the stock from $40.00 to $58.00 in a research report on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $66.50.

Sonic Automotive Profile

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.