Sonic Automotive (NYSE:SAH) Price Target Lowered to $66.00 at Bank of America

Sonic Automotive (NYSE:SAHFree Report) had its price objective lowered by Bank of America from $67.00 to $66.00 in a report released on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research analysts have also recently issued reports on SAH. JPMorgan Chase & Co. increased 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. Stephens assumed 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. Needham & Company LLC assumed 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. Finally, Morgan Stanley upgraded Sonic Automotive from an underweight rating to an equal weight rating and raised their price target for the company from $40.00 to $58.00 in a research report on Wednesday, September 25th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $66.33.

Read Our Latest Analysis on SAH

Sonic Automotive Price Performance

Sonic Automotive stock opened at $54.95 on Monday. Sonic Automotive has a 12 month low of $42.56 and a 12 month high of $64.68. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.10 and a quick ratio of 0.36. The business has a 50 day simple moving average of $58.17 and a 200-day simple moving average of $56.52. The stock has a market capitalization of $1.87 billion, a PE ratio of 10.16 and a beta of 1.60.

Sonic Automotive (NYSE:SAHGet Free Report) last released its quarterly earnings results on Monday, August 5th. The company reported $1.47 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $3.56 billion. During the same quarter in the prior year, the business earned $1.83 earnings per share. The company’s quarterly revenue was down 5.5% compared to the same quarter last year. Equities analysts predict that Sonic Automotive will post 5.68 earnings per share for the current year.

Sonic Automotive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend is Friday, September 13th. Sonic Automotive’s payout ratio is currently 22.18%.

Insider Activity at Sonic Automotive

In related news, CFO Heath Byrd sold 19,827 shares of the 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 sale, the chief financial officer now owns 173,618 shares of the company’s stock, valued at $10,417,080. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 40.95% of the company’s stock.

Institutional Trading of Sonic Automotive

A number of hedge funds have recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. boosted its stake in Sonic Automotive by 12.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 630,450 shares of the company’s stock worth $35,898,000 after buying an additional 70,540 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Sonic Automotive by 3.8% in the 2nd quarter. Millennium Management LLC now owns 456,588 shares of the company’s stock worth $24,870,000 after purchasing an additional 16,556 shares during the period. Victory Capital Management Inc. raised its holdings in shares of 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 purchasing an additional 84,489 shares during the period. Squarepoint Ops LLC raised its holdings in shares of Sonic Automotive by 679.8% in the 2nd quarter. Squarepoint Ops LLC now owns 95,006 shares of the company’s stock worth $5,175,000 after purchasing an additional 82,823 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of Sonic Automotive by 26.8% in the 2nd quarter. Renaissance Technologies LLC now owns 88,826 shares of the company’s stock worth $4,838,000 after purchasing an additional 18,800 shares during the period. 46.92% of the stock is owned by institutional investors and hedge funds.

About Sonic Automotive

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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.

Further Reading

Analyst Recommendations for Sonic Automotive (NYSE:SAH)

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