Sonic Automotive (NYSE:SAH) Releases Q3 Earnings Guidance
Sonic Automotive (NYSE:SAH) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $1.08-1.15 for the period, compared to the Thomson Reuters consensus estimate of $1.08. Sonic Automotive also updated its Q3 2020
Pre-Market guidance to 1.08-1.15 EPS.
NYSE:SAH opened at $42.53 on Wednesday. The company has a market capitalization of $1.81 billion, a PE ratio of -18.74 and a beta of 2.78. The company has a quick ratio of 0.32, a current ratio of 0.99 and a debt-to-equity ratio of 0.96. Sonic Automotive has a 52-week low of $9.00 and a 52-week high of $46.50. The stock has a fifty day simple moving average of $42.32 and a 200-day simple moving average of $28.77.
Sonic Automotive (NYSE:SAH) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.33. The business had revenue of $2.11 billion during the quarter, compared to the consensus estimate of $2.16 billion. Sonic Automotive had a positive return on equity of 14.21% and a negative net margin of 0.94%. The business’s revenue was down 19.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.62 EPS. As a group, equities analysts anticipate that Sonic Automotive will post 3.43 earnings per share for the current year.
A number of research firms recently commented on SAH. ValuEngine upgraded Sonic Automotive from a strong sell rating to a sell rating in a research report on Tuesday, September 1st. Benchmark lifted their price objective on Sonic Automotive from $27.50 to $39.00 and gave the stock a buy rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. lifted their price objective on Sonic Automotive from $38.00 to $39.00 and gave the stock a neutral rating in a research report on Wednesday, July 8th. Morgan Stanley lifted their price objective on Sonic Automotive from $35.00 to $38.00 and gave the stock an equal weight rating in a research report on Wednesday, August 5th. Finally, Zacks Investment Research reiterated a buy rating on shares of Sonic Automotive in a research report on Thursday, July 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. Sonic Automotive presently has a consensus rating of Hold and a consensus target price of $39.00.
In other Sonic Automotive news, President Jeff Dyke sold 25,000 shares of Sonic Automotive stock in a transaction dated Wednesday, July 15th. The stock was sold at an average price of $40.00, for a total value of $1,000,000.00. Following the completion of the sale, the president now owns 1,065,153 shares in the company, valued at approximately $42,606,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Heath Byrd sold 11,935 shares of Sonic Automotive stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $35.00, for a total value of $417,725.00. Following the completion of the sale, the chief financial officer now owns 141,801 shares of the company’s stock, valued at approximately $4,963,035. The disclosure for this sale can be found here. Insiders sold a total of 81,445 shares of company stock valued at $3,262,467 in the last 90 days. 33.01% of the stock is owned by company insiders.
About Sonic Automotive
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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