Sonic Automotive (NYSE:SAH) Given New $76.00 Price Target at JPMorgan Chase & Co.

Sonic Automotive (NYSE:SAH) had its target price upped by JPMorgan Chase & Co. from $74.00 to $76.00 in a report issued on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

Other research analysts have also recently issued research reports about the stock. Citigroup raised their target price on shares of Sonic Automotive from $81.00 to $82.00 and gave the stock a “neutral” rating in a report on Thursday, September 25th. Zacks Research upgraded shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Tuesday, September 23rd. Wall Street Zen cut shares of Sonic Automotive from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 21st. Bank of America lifted their price target on shares of Sonic Automotive from $80.00 to $94.00 and gave the company a “buy” rating in a report on Monday, June 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Sonic Automotive in a report on Thursday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $83.71.

Sonic Automotive Trading Up 5.5%

SAH stock opened at $75.83 on Tuesday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 0.24 and a current ratio of 1.03. Sonic Automotive has a one year low of $52.00 and a one year high of $89.62. The company has a market capitalization of $2.59 billion, a PE ratio of 16.85 and a beta of 0.95. The company’s 50 day moving average price is $78.40 and its two-hundred day moving average price is $73.37.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Thursday, July 24th. The company reported $2.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.63 by $0.56. Sonic Automotive had a net margin of 1.07% and a return on equity of 21.40%. The firm had revenue of $3.66 billion for the quarter, compared to analysts’ expectations of $3.66 billion. During the same quarter last year, the business earned $1.47 earnings per share. The business’s revenue was up 5.9% on a year-over-year basis. As a group, analysts predict that Sonic Automotive will post 6.14 earnings per share for the current fiscal year.

Sonic Automotive Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be given a $0.38 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.52 annualized dividend and a dividend yield of 2.0%. This is a boost from Sonic Automotive’s previous quarterly dividend of $0.35. Sonic Automotive’s payout ratio is presently 33.78%.

Hedge Funds Weigh In On Sonic Automotive

Large investors have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. raised its position in shares of Sonic Automotive by 992.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 437 shares of the company’s stock worth $35,000 after purchasing an additional 397 shares during the last quarter. Quarry LP purchased a new position in shares of Sonic Automotive in the 1st quarter worth about $84,000. Raymond James Financial Inc. purchased a new position in shares of Sonic Automotive in the 2nd quarter worth about $168,000. Entropy Technologies LP purchased a new position in shares of Sonic Automotive in the 2nd quarter worth about $208,000. Finally, Creative Planning purchased a new position in shares of Sonic Automotive in the 2nd quarter worth about $213,000. Hedge funds and other institutional investors 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.