Sonic Automotive (NYSE:SAH) PT Lowered to $67.00

Sonic Automotive (NYSE:SAH) had its price objective cut by investment analysts at Bank of America from $68.00 to $67.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Bank of America‘s target price points to a potential upside of 18.56% from the stock’s previous close.

Separately, JPMorgan Chase & Co. upgraded Sonic Automotive from an “underweight” rating to a “neutral” rating and increased their target price for the company from $53.00 to $58.00 in a research note on Monday, June 10th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, Sonic Automotive has an average rating of “Hold” and a consensus price target of $56.75.

Sonic Automotive Price Performance

Shares of NYSE:SAH traded down $0.59 on Monday, reaching $56.51. 39,413 shares of the company were exchanged, compared to its average volume of 205,704. The company has a current ratio of 1.09, a quick ratio of 0.35 and a debt-to-equity ratio of 2.11. The company has a 50-day moving average of $56.21 and a 200-day moving average of $54.31. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of 11.59 and a beta of 1.62. Sonic Automotive has a 1-year low of $41.19 and a 1-year high of $64.68.

Sonic Automotive (NYSE:SAH) last announced its earnings results on Thursday, April 25th. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.06. The firm had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $3.45 billion. Sonic Automotive had a net margin of 1.21% and a return on equity of 27.46%. The firm’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.33 EPS. Equities analysts forecast that Sonic Automotive will post 5.8 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO David Bruton Smith sold 3,861 shares of the firm’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $61.43, for a total value of $237,181.23. Following the transaction, the chief executive officer now directly owns 583,054 shares in the company, valued at approximately $35,817,007.22. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO David Bruton Smith sold 3,861 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $61.43, for a total transaction of $237,181.23. Following the completion of the transaction, the chief executive officer now owns 583,054 shares in the company, valued at approximately $35,817,007.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Heath Byrd sold 2,480 shares of the stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $60.00, for a total value of $148,800.00. Following the completion of the sale, the chief financial officer now directly owns 193,445 shares in the company, valued at $11,606,700. The disclosure for this sale can be found here. Insiders have sold a total of 167,396 shares of company stock valued at $9,863,864 in the last quarter. Insiders own 40.95% of the company’s stock.

Institutional Investors Weigh In On Sonic Automotive

Several large investors have recently made changes to their positions in the company. Westwood Holdings Group Inc. bought a new position in shares of Sonic Automotive in the fourth quarter worth $31,473,000. Assenagon Asset Management S.A. acquired a new stake in Sonic Automotive during the 4th quarter worth about $1,770,000. Quadrature Capital Ltd purchased a new stake in shares of Sonic Automotive in the 4th quarter valued at approximately $1,724,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Sonic Automotive by 2,718.9% in the third quarter. Public Employees Retirement System of Ohio now owns 29,880 shares of the company’s stock valued at $1,427,000 after purchasing an additional 28,820 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in Sonic Automotive by 125.4% in the 4th quarter. BNP Paribas Financial Markets now owns 43,175 shares of the company’s stock worth $2,427,000 after acquiring an additional 24,021 shares in the last quarter. Institutional investors and hedge funds own 46.92% of the company’s stock.

Sonic Automotive Company Profile

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.