Thrivent Financial for Lutherans Lowers Stock Position in Sonic Automotive, Inc. (NYSE:SAH)

Thrivent Financial for Lutherans lessened its holdings in Sonic Automotive, Inc. (NYSE:SAH) by 4.3% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 12,341 shares of the company’s stock after selling 553 shares during the period. Thrivent Financial for Lutherans’ holdings in Sonic Automotive were worth $672,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Allspring Global Investments Holdings LLC purchased a new stake in Sonic Automotive during the first quarter valued at approximately $30,000. Innealta Capital LLC acquired a new stake in shares of Sonic Automotive in the second quarter valued at about $41,000. AM Squared Ltd acquired a new stake in shares of Sonic Automotive in the second quarter valued at about $82,000. Intech Investment Management LLC acquired a new stake in shares of Sonic Automotive in the second quarter valued at about $228,000. Finally, Arizona State Retirement System lifted its stake in shares of Sonic Automotive by 10.8% in the second quarter. Arizona State Retirement System now owns 4,324 shares of the company’s stock worth $236,000 after buying an additional 420 shares in the last quarter. Hedge funds and other institutional investors own 46.92% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Sonic Automotive

In other news, CFO Heath Byrd sold 19,827 shares of the company’s stock in a transaction on 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 completion of the sale, the chief financial officer now directly owns 173,618 shares in the company, valued at approximately $10,417,080. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 40.95% of the stock is currently owned by corporate insiders.

Sonic Automotive Price Performance

Shares of SAH opened at $55.79 on Tuesday. The business’s 50-day moving average is $58.50 and its 200-day moving average is $56.54. Sonic Automotive, Inc. has a fifty-two week low of $41.19 and a fifty-two week high of $64.68. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 11.43 and a beta of 1.60. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.10 and a quick ratio of 0.36.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Monday, August 5th. The company reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.09. Sonic Automotive had a return on equity of 25.31% and a net margin of 1.35%. The business had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.56 billion. During the same period in the prior year, the company posted $1.83 earnings per share. Sonic Automotive’s revenue was down 5.5% on a year-over-year basis. Equities research analysts expect that Sonic Automotive, Inc. will post 5.79 EPS for the current fiscal year.

Sonic Automotive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Friday, September 13th. Sonic Automotive’s dividend payout ratio (DPR) is 24.59%.

About Sonic Automotive

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.