Brokerages Set Sonic Automotive, Inc. (NYSE:SAH) PT at $74.71

Shares of Sonic Automotive, Inc. (NYSE:SAH) have received a consensus rating of “Moderate Buy” from the eight research firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $74.71.

SAH has been the topic of a number of recent analyst reports. Benchmark initiated coverage on Sonic Automotive in a report on Wednesday, May 28th. They set a “buy” rating and a $76.00 target price on the stock. JPMorgan Chase & Co. reduced their target price on Sonic Automotive from $80.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Wall Street Zen cut Sonic Automotive from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 21st. Citigroup initiated coverage on Sonic Automotive in a report on Wednesday, April 23rd. They set a “neutral” rating and a $64.00 target price on the stock. Finally, Bank of America raised their target price on Sonic Automotive from $80.00 to $94.00 and gave the stock a “buy” rating in a report on Monday, June 16th.

Sonic Automotive Stock Performance

Shares of NYSE:SAH opened at $84.95 on Friday. Sonic Automotive has a twelve month low of $52.00 and a twelve month high of $89.62. The firm has a market cap of $2.88 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 0.78 and a beta of 1.04. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.38 and a current ratio of 1.09. The business has a fifty day moving average of $75.65 and a 200-day moving average of $68.66.

Sonic Automotive (NYSE:SAH) last announced its earnings results on Thursday, April 24th. The company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.02. Sonic Automotive had a return on equity of 19.42% and a net margin of 1.69%. The company had revenue of $3.65 billion during the quarter, compared to analyst estimates of $3.47 billion. During the same period last year, the company posted $1.36 earnings per share. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. On average, equities research analysts predict that Sonic Automotive will post 6.14 EPS for the current fiscal year.

Sonic Automotive Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.65%. The ex-dividend date was Friday, June 13th. Sonic Automotive’s dividend payout ratio is currently 19.94%.

Insider Activity at Sonic Automotive

In other news, President Jeff Dyke sold 576 shares of the firm’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $70.02, for a total transaction of $40,331.52. Following the sale, the president owned 605,393 shares of the company’s stock, valued at $42,389,617.86. This trade represents a 0.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 50,000 shares of company stock worth $3,502,062 over the last quarter. Company insiders own 42.65% of the company’s stock.

Institutional Investors Weigh In On Sonic Automotive

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Harrell Investment Partners LLC acquired a new position in shares of Sonic Automotive during the 2nd quarter worth approximately $240,000. Counterpoint Mutual Funds LLC acquired a new position in shares of Sonic Automotive during the 2nd quarter worth approximately $360,000. Oliver Luxxe Assets LLC increased its position in shares of Sonic Automotive by 0.9% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 23,141 shares of the company’s stock worth $1,850,000 after purchasing an additional 205 shares during the last quarter. Contravisory Investment Management Inc. acquired a new position in shares of Sonic Automotive during the 2nd quarter worth approximately $270,000. Finally, Voya Investment Management LLC increased its position in shares of Sonic Automotive by 1.9% during the 1st quarter. Voya Investment Management LLC now owns 7,451 shares of the company’s stock worth $424,000 after purchasing an additional 136 shares during the last quarter. Institutional investors and hedge funds own 46.92% of the company’s stock.

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.