Sonic Automotive Inc (NYSE:SAH) Expected to Post Quarterly Sales of $1.96 Billion

Wall Street analysts predict that Sonic Automotive Inc (NYSE:SAH) will announce sales of $1.96 billion for the current quarter, according to Zacks. Two analysts have made estimates for Sonic Automotive’s earnings, with estimates ranging from $1.78 billion to $2.14 billion. Sonic Automotive reported sales of $2.61 billion during the same quarter last year, which would suggest a negative year over year growth rate of 24.9%. The firm is scheduled to announce its next quarterly earnings report on Thursday, July 23rd.

According to Zacks, analysts expect that Sonic Automotive will report full year sales of $9.58 billion for the current fiscal year, with estimates ranging from $9.40 billion to $9.72 billion. For the next year, analysts forecast that the company will report sales of $11.19 billion, with estimates ranging from $10.88 billion to $11.54 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Sonic Automotive.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.18. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.27 billion. Sonic Automotive had a positive return on equity of 13.54% and a negative net margin of 0.94%. The firm’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.39 EPS.

A number of equities research analysts have weighed in on SAH shares. JPMorgan Chase & Co. boosted their target price on shares of Sonic Automotive from $25.00 to $29.00 in a research note on Wednesday, May 27th. ValuEngine lowered shares of Sonic Automotive from a “hold” rating to a “sell” rating in a research note on Wednesday, June 17th. Benchmark boosted their target price on shares of Sonic Automotive from $27.50 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, June 17th. Finally, Morgan Stanley boosted their target price on shares of Sonic Automotive from $18.00 to $20.00 and gave the company an “equal weight” rating in a research note on Monday, May 18th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. Sonic Automotive has a consensus rating of “Hold” and a consensus target price of $29.50.

SAH stock traded down $0.39 during midday trading on Friday, hitting $30.07. The company’s stock had a trading volume of 578,785 shares, compared to its average volume of 503,333. The company has a market cap of $1.29 billion, a PE ratio of -12.69 and a beta of 2.69. Sonic Automotive has a 12 month low of $9.00 and a 12 month high of $35.41. The company has a current ratio of 1.06, a quick ratio of 0.26 and a debt-to-equity ratio of 1.63. The firm’s 50-day moving average is $26.69 and its 200-day moving average is $25.42.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.33%. The ex-dividend date of this dividend is Friday, June 12th. Sonic Automotive’s dividend payout ratio (DPR) is presently 15.09%.

In other Sonic Automotive news, Director Victor H. Doolan sold 5,000 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $28.46, for a total transaction of $142,300.00. Following the completion of the transaction, the director now owns 32,088 shares of the company’s stock, valued at approximately $913,224.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 33.01% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in the stock. Comerica Bank lifted its holdings in shares of Sonic Automotive by 1.4% in the 4th quarter. Comerica Bank now owns 22,860 shares of the company’s stock valued at $757,000 after acquiring an additional 326 shares during the last quarter. Swiss National Bank lifted its holdings in shares of Sonic Automotive by 1.1% in the 1st quarter. Swiss National Bank now owns 45,200 shares of the company’s stock valued at $600,000 after acquiring an additional 500 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Sonic Automotive by 2.1% in the 1st quarter. First Trust Advisors LP now owns 43,986 shares of the company’s stock valued at $651,000 after acquiring an additional 885 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of Sonic Automotive by 5.3% in the 1st quarter. Thrivent Financial for Lutherans now owns 20,334 shares of the company’s stock valued at $270,000 after acquiring an additional 1,015 shares during the last quarter. Finally, Hancock Whitney Corp lifted its holdings in shares of Sonic Automotive by 12.8% in the 1st quarter. Hancock Whitney Corp now owns 11,607 shares of the company’s stock valued at $154,000 after acquiring an additional 1,320 shares during the last quarter. 59.01% of the stock is owned by hedge funds and other institutional investors.

Sonic Automotive Company Profile

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and EchoPark. 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.

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