Sonic Automotive’s (SAH) “Buy” Rating Reiterated at Needham & Company LLC

Sonic Automotive (NYSE:SAH)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They currently have a $90.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 34.67% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Sonic Automotive in a report on Friday. Wall Street Zen downgraded shares of Sonic Automotive from a “buy” rating to a “hold” rating in a report on Sunday, January 11th. Zacks Research lowered shares of Sonic Automotive from a “hold” rating to a “strong sell” rating in a research report on Monday, March 2nd. Barclays set a $67.00 target price on shares of Sonic Automotive in a report on Monday, February 23rd. Finally, Bank of America began coverage on shares of Sonic Automotive in a research note on Wednesday, March 4th. They issued a “neutral” rating on the stock. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $77.50.

Sonic Automotive Price Performance

NYSE SAH opened at $66.83 on Tuesday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 0.32 and a current ratio of 1.09. The stock has a market cap of $2.24 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 2.00 and a beta of 0.91. The business has a 50 day simple moving average of $62.02 and a 200 day simple moving average of $65.49. Sonic Automotive has a 52-week low of $52.00 and a 52-week high of $89.62.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings results on Wednesday, February 18th. The company reported $1.52 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.01). The company had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.94 billion. Sonic Automotive had a net margin of 0.78% and a return on equity of 21.54%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter last year, the company earned $1.51 EPS. Analysts anticipate that Sonic Automotive will post 6.14 earnings per share for the current fiscal year.

Insider Activity

In other Sonic Automotive news, major shareholder Paul P. Rusnak bought 48,540 shares of the firm’s stock in a transaction on Friday, February 13th. The shares were purchased at an average price of $59.92 per share, for a total transaction of $2,908,516.80. Following the completion of the transaction, the insider directly owned 5,088,519 shares in the company, valued at approximately $304,904,058.48. The trade was a 0.96% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In the last 90 days, insiders acquired 100,000 shares of company stock valued at $5,994,472. Company insiders own 43.68% of the company’s stock.

Institutional Trading of Sonic Automotive

Hedge funds and other institutional investors have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd bought a new stake in shares of Sonic Automotive during the third quarter worth about $647,000. Jackson Creek Investment Advisors LLC raised its holdings in Sonic Automotive by 311.2% in the 3rd quarter. Jackson Creek Investment Advisors LLC now owns 23,571 shares of the company’s stock valued at $1,794,000 after buying an additional 17,839 shares during the last quarter. Vanguard Group Inc. boosted its position in Sonic Automotive by 6.2% during the 3rd quarter. Vanguard Group Inc. now owns 1,646,450 shares of the company’s stock worth $125,278,000 after buying an additional 96,836 shares during the period. Public Sector Pension Investment Board grew its holdings in Sonic Automotive by 39.5% during the 3rd quarter. Public Sector Pension Investment Board now owns 68,842 shares of the company’s stock worth $5,238,000 after acquiring an additional 19,483 shares during the last quarter. Finally, CWA Asset Management Group LLC bought a new stake in Sonic Automotive during the 3rd quarter worth approximately $2,006,000. Institutional investors own 46.92% of the company’s stock.

Sonic Automotive Company Profile

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.