Dimensional Fund Advisors LP Trims Stock Holdings in Sonic Automotive, Inc. (NYSE:SAH)

Dimensional Fund Advisors LP decreased its position in Sonic Automotive, Inc. (NYSE:SAH) by 1.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,739,553 shares of the company’s stock after selling 24,912 shares during the period. Dimensional Fund Advisors LP owned approximately 0.05% of Sonic Automotive worth $94,754,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SAH. Westwood Holdings Group Inc. purchased a new position in Sonic Automotive in the 4th quarter worth $31,473,000. Victory Capital Management Inc. raised its stake in Sonic Automotive by 524.4% in the 2nd quarter. Victory Capital Management Inc. now owns 100,602 shares of the company’s stock worth $5,480,000 after acquiring an additional 84,489 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Sonic Automotive in the 4th quarter worth $1,724,000. Harbor Capital Advisors Inc. raised its stake in Sonic Automotive by 270.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 24,652 shares of the company’s stock worth $1,343,000 after acquiring an additional 17,989 shares during the last quarter. Finally, TrueMark Investments LLC purchased a new position in Sonic Automotive in the 2nd quarter worth $917,000. Hedge funds and other institutional investors own 46.92% of the company’s stock.

Sonic Automotive Price Performance

NYSE:SAH opened at $57.44 on Wednesday. Sonic Automotive, Inc. has a 52 week low of $41.19 and a 52 week high of $64.68. The company has a quick ratio of 0.36, a current ratio of 1.10 and a debt-to-equity ratio of 2.04. The stock has a market capitalization of $1.95 billion, a PE ratio of 11.77 and a beta of 1.61. The stock’s 50-day moving average price is $58.48 and its 200-day moving average price is $56.25.

Sonic Automotive (NYSE:SAH) last posted 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 firm had revenue of $3.45 billion for the quarter, compared to analysts’ expectations of $3.56 billion. During the same period last year, the firm earned $1.83 EPS. The company’s quarterly revenue was down 5.5% on a year-over-year basis. As a group, equities analysts expect that Sonic Automotive, Inc. will post 5.79 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Friday, September 13th. Sonic Automotive’s payout ratio is 24.59%.

Insider Buying and Selling

In related 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 value of $1,189,620.00. Following the sale, the chief financial officer now directly owns 173,618 shares in the company, valued at approximately $10,417,080. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 40.95% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SAH. Stephens began coverage on Sonic Automotive in a research report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target on the stock. Bank of America cut their price target on Sonic Automotive from $68.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, July 22nd. JPMorgan Chase & Co. increased their price target on Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Finally, Needham & Company LLC began coverage on Sonic Automotive in a research report on Tuesday, August 20th. They set a “buy” rating and a $73.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $63.50.

Sonic Automotive Company 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.