Sonic Automotive (NYSE:SAH) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says
by Renee Jackson · The Cerbat GemSonic Automotive (NYSE:SAH – Get Free Report) had its target price raised by stock analysts at JPMorgan Chase & Co. from $65.00 to $67.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would indicate a potential downside of 6.01% from the stock’s previous close.
Other equities analysts have also issued reports about the company. Bank of America began coverage on Sonic Automotive in a research note on Wednesday, March 4th. They set a “neutral” rating for the company. Barclays set a $67.00 price objective on Sonic Automotive in a research report on Monday, February 23rd. Weiss Ratings reiterated a “hold (c)” rating on shares of Sonic Automotive in a research report on Friday, March 27th. Needham & Company LLC reiterated a “buy” rating and set a $90.00 price objective on shares of Sonic Automotive in a research report on Tuesday, March 31st. Finally, Stephens reduced their target price on Sonic Automotive from $68.00 to $67.00 and set an “equal weight” rating for the company in a report on Thursday, February 19th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Sonic Automotive currently has an average rating of “Hold” and an average target price of $77.50.
Read Our Latest Research Report on SAH
Sonic Automotive Stock Performance
SAH stock traded up $3.91 on Friday, reaching $71.28. The company’s stock had a trading volume of 51,038 shares, compared to its average volume of 281,420. Sonic Automotive has a 52 week low of $54.11 and a 52 week high of $89.62. The company has a market capitalization of $2.39 billion, a P/E ratio of 21.03, a price-to-earnings-growth ratio of 1.93 and a beta of 0.82. The firm has a fifty day moving average of $63.31 and a two-hundred day moving average of $64.59. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.09 and a quick ratio of 0.32.
Sonic Automotive (NYSE:SAH – Get Free Report) last issued its quarterly earnings data on Wednesday, February 18th. The company reported $1.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.01). Sonic Automotive had a return on equity of 21.54% and a net margin of 0.78%.The business had revenue of $3.87 billion during the quarter, compared to the consensus estimate of $3.94 billion. During the same period last year, the company earned $1.51 earnings per share. The business’s quarterly revenue was down .6% compared to the same quarter last year. As a group, analysts predict that Sonic Automotive will post 6.14 EPS for the current fiscal year.
Insider Buying and Selling
In other Sonic Automotive news, major shareholder Paul P. Rusnak purchased 48,540 shares of the stock in a transaction dated Friday, February 13th. The shares were bought at an average cost of $59.92 per share, with a total value of $2,908,516.80. Following the completion of the transaction, the insider owned 5,088,519 shares in the company, valued at $304,904,058.48. This trade represents a 0.96% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired 100,000 shares of company stock worth $5,994,472 over the last 90 days. Corporate insiders own 43.68% of the company’s stock.
Institutional Investors Weigh In On Sonic Automotive
A number of institutional investors have recently added to or reduced their stakes in SAH. Northwestern Mutual Wealth Management Co. raised its position in 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. Camelot Portfolios LLC acquired a new position in shares of Sonic Automotive during the 4th quarter worth about $41,000. Torren Management LLC acquired a new position in shares of Sonic Automotive during the 4th quarter worth about $50,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Sonic Automotive during the 3rd quarter worth about $63,000. Finally, National Bank of Canada FI acquired a new position in shares of Sonic Automotive during the 3rd quarter worth about $78,000. 46.92% of the stock is 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.