Sonic Automotive (NYSE:SAH) Rating Increased to Strong-Buy at Wall Street Zen

Sonic Automotive (NYSE:SAH) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued on Saturday.

SAH has been the subject of several other reports. JPMorgan Chase & Co. decreased their price target on Sonic Automotive from $80.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Needham & Company LLC dropped their price objective on Sonic Automotive from $93.00 to $74.00 and set a “buy” rating for the company in a research report on Thursday, April 24th. Stephens lifted their price target on Sonic Automotive from $83.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Citigroup began coverage on Sonic Automotive in a report on Wednesday, April 23rd. They issued a “neutral” rating and a $64.00 price target for the company. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $69.83.

Sonic Automotive Stock Down 0.1%

SAH stock opened at $67.17 on Friday. The firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 10.87 and a beta of 1.04. Sonic Automotive has a fifty-two week low of $51.27 and a fifty-two week high of $76.78. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.35 and a current ratio of 1.09. The company’s 50 day moving average price is $61.68 and its 200 day moving average price is $65.41.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Thursday, April 24th. The company reported $1.48 EPS for the quarter, beating the consensus estimate of $1.46 by $0.02. The company had revenue of $3.65 billion for the quarter, compared to analyst estimates of $3.47 billion. Sonic Automotive had a net margin of 1.52% and a return on equity of 19.96%. The firm’s revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.36 earnings per share. On average, equities research analysts anticipate that Sonic Automotive will post 6.14 EPS for the current fiscal year.

Hedge Funds Weigh In On Sonic Automotive

A number of institutional investors have recently made changes to their positions in the business. Goldman Sachs Group Inc. increased its holdings in shares of Sonic Automotive by 124.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 355,328 shares of the company’s stock valued at $20,239,000 after acquiring an additional 197,336 shares during the last quarter. Westwood Holdings Group Inc. lifted its position in Sonic Automotive by 26.2% in the first quarter. Westwood Holdings Group Inc. now owns 641,237 shares of the company’s stock worth $36,525,000 after purchasing an additional 133,044 shares during the period. Nuveen LLC acquired a new position in Sonic Automotive during the first quarter worth about $7,317,000. HITE Hedge Asset Management LLC boosted its position in shares of Sonic Automotive by 111.4% during the 1st quarter. HITE Hedge Asset Management LLC now owns 123,724 shares of the company’s stock valued at $7,047,000 after purchasing an additional 65,198 shares in the last quarter. Finally, Phocas Financial Corp. lifted its position in shares of Sonic Automotive by 86.6% during the 4th quarter. Phocas Financial Corp. now owns 116,343 shares of the company’s stock valued at $7,370,000 after acquiring an additional 54,008 shares during the last quarter. 46.92% of the stock is owned by institutional investors and hedge funds.

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.