JPMorgan Chase & Co. Increases Sonic Automotive (NYSE:SAH) Price Target to $39.00

Sonic Automotive (NYSE:SAH) had its price objective boosted by JPMorgan Chase & Co. from $38.00 to $39.00 in a research note released on Wednesday morning, The Fly reports. The firm currently has a neutral rating on the stock.

Several other analysts have also commented on the stock. Morgan Stanley increased their price target on shares of Sonic Automotive from $18.00 to $20.00 and gave the company an equal weight rating in a research report on Monday, May 18th. Benchmark increased their price target on Sonic Automotive from $27.50 to $39.00 and gave the stock a buy rating in a research note on Wednesday, June 17th. Zacks Investment Research restated a buy rating on shares of Sonic Automotive in a report on Thursday, July 2nd. Finally, ValuEngine lowered Sonic Automotive from a hold rating to a sell rating in a research note on Wednesday, June 17th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and an average price target of $33.67.

SAH stock opened at $35.45 on Wednesday. The company’s 50 day simple moving average is $29.74 and its 200-day simple moving average is $25.43. The firm has a market capitalization of $1.45 billion, a PE ratio of -14.24 and a beta of 2.73. Sonic Automotive has a 12 month low of $9.00 and a 12 month high of $35.53. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.06 and a quick ratio of 0.26.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.40 EPS for the quarter, beating the consensus estimate of $0.22 by $0.18. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.27 billion. Sonic Automotive had a negative net margin of 0.94% and a positive return on equity of 13.54%. The company’s quarterly revenue was down 3.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.39 earnings per share. As a group, sell-side analysts anticipate that Sonic Automotive will post 2.2 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be paid a $0.10 dividend. The ex-dividend date is Friday, June 12th. This represents a $0.40 annualized dividend and a yield of 1.13%. Sonic Automotive’s payout ratio is currently 15.09%.

In other Sonic Automotive news, Director Victor H. Doolan sold 5,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $28.46, for a total transaction of $142,300.00. Following the completion of the sale, the director now directly owns 32,088 shares in the company, valued at $913,224.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Heath Byrd sold 7,565 shares of the company’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $35.01, for a total value of $264,850.65. Following the sale, the chief financial officer now owns 141,801 shares of the company’s stock, valued at $4,964,453.01. The disclosure for this sale can be found here. Insiders sold 24,500 shares of company stock valued at $824,876 over the last quarter. Insiders own 33.01% of the company’s stock.

Large investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new stake in Sonic Automotive during the fourth quarter worth about $66,000. Advisor Group Inc. increased its stake in Sonic Automotive by 66.9% during the fourth quarter. Advisor Group Inc. now owns 4,010 shares of the company’s stock worth $124,000 after acquiring an additional 1,607 shares during the last quarter. Two Sigma Investments LP acquired a new stake in Sonic Automotive during the first quarter worth about $141,000. Caxton Associates LP acquired a new stake in Sonic Automotive during the fourth quarter worth about $351,000. Finally, Hancock Whitney Corp increased its stake in Sonic Automotive by 12.8% during the first quarter. Hancock Whitney Corp now owns 11,607 shares of the company’s stock worth $154,000 after acquiring an additional 1,320 shares during the last quarter. Institutional investors own 59.01% of the company’s stock.

Sonic Automotive Company Profile

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in two segments, Franchised Dealerships and EchoPark. 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.

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The Fly

Analyst Recommendations for Sonic Automotive (NYSE:SAH)

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