JPMorgan Chase & Co. Issues Pessimistic Forecast for Sonic Automotive (NYSE:SAH) Stock Price

Sonic Automotive (NYSE:SAH) had its price target dropped by investment analysts at JPMorgan Chase & Co. from $70.00 to $67.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 6.68% from the stock’s current price.

Other analysts have also issued reports about the stock. Morgan Stanley set a $68.00 target price on shares of Sonic Automotive in a research report on Monday, December 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sonic Automotive in a report on Monday, December 29th. Benchmark increased their target price on Sonic Automotive from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, September 18th. Wall Street Zen downgraded Sonic Automotive from a “buy” rating to a “hold” rating in a research report on Sunday, January 11th. Finally, Citigroup upgraded Sonic Automotive from a “neutral” rating to a “buy” rating and set a $82.00 price target on the stock in a research report on Thursday, November 6th. Four research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $79.88.

Sonic Automotive Price Performance

Shares of SAH stock opened at $62.81 on Friday. Sonic Automotive has a 12 month low of $52.00 and a 12 month high of $89.62. The company has a market capitalization of $2.15 billion, a P/E ratio of 16.97 and a beta of 0.92. The stock has a 50 day moving average of $63.48 and a two-hundred day moving average of $72.12. The company has a current ratio of 1.02, a quick ratio of 0.27 and a debt-to-equity ratio of 1.68.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Thursday, October 23rd. The company reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $1.82 by ($0.41). Sonic Automotive had a net margin of 0.86% and a return on equity of 21.65%. The firm had revenue of $3.97 billion during the quarter, compared to analyst estimates of $3.59 billion. During the same quarter in the previous year, the company posted $1.26 earnings per share. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. As a group, equities analysts expect that Sonic Automotive will post 6.14 EPS for the current year.

Institutional Trading of Sonic Automotive

Hedge funds and other institutional investors have recently made changes to their positions in the business. Voya Investment Management LLC lifted its position in 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 buying an additional 136 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Sonic Automotive by 3.8% in the second quarter. Nisa Investment Advisors LLC now owns 4,509 shares of the company’s stock worth $362,000 after acquiring an additional 165 shares during the last quarter. Oliver Luxxe Assets LLC lifted its position in shares of Sonic Automotive by 0.9% during the second 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 in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Sonic Automotive by 1.9% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,426 shares of the company’s stock valued at $924,000 after purchasing an additional 273 shares during the last quarter. Finally, Creative Planning increased its holdings in shares of Sonic Automotive by 12.4% in the third quarter. Creative Planning now owns 3,000 shares of the company’s stock valued at $228,000 after purchasing an additional 332 shares in the last quarter. 46.92% of the stock is currently owned by institutional investors and hedge funds.

About Sonic Automotive

Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive’s dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.

In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.