Sonic Automotive (NYSE:SAH) Price Target Raised to $94.00

Sonic Automotive (NYSE:SAH) had its target price boosted by Bank of America from $80.00 to $94.00 in a research note issued to investors on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts have also recently weighed in on the company. Benchmark began coverage on Sonic Automotive in a research note on Wednesday, May 28th. They issued a “buy” rating and a $76.00 price target on the stock. Citigroup initiated coverage on shares of Sonic Automotive in a research report on Wednesday, April 23rd. They issued a “neutral” rating and a $64.00 target price on the stock. Wall Street Zen raised shares of Sonic Automotive from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 24th. JPMorgan Chase & Co. dropped their price objective on shares of Sonic Automotive from $80.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Finally, Needham & Company LLC decreased their target price on shares of Sonic Automotive from $93.00 to $74.00 and set a “buy” rating for the company in a research note on Thursday, April 24th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $74.71.

Sonic Automotive Price Performance

Shares of NYSE SAH opened at $77.14 on Monday. Sonic Automotive has a 1 year low of $51.27 and a 1 year high of $78.11. The stock has a market capitalization of $2.62 billion, a P/E ratio of 12.48 and a beta of 1.02. The company’s 50-day moving average is $66.06 and its 200 day moving average is $66.14. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.09 and a quick ratio of 0.35.

Sonic Automotive (NYSE:SAH) last posted its earnings results on Thursday, April 24th. The company reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.02. Sonic Automotive had a return on equity of 19.96% and a net margin of 1.52%. The firm had revenue of $3.65 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter in the prior year, the business earned $1.36 EPS. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, sell-side analysts expect that Sonic Automotive will post 6.14 earnings per share for the current year.

Sonic Automotive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Friday, June 13th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.81%. The ex-dividend date is Friday, June 13th. Sonic Automotive’s dividend payout ratio (DPR) is 19.94%.

Insider Buying and Selling at Sonic Automotive

In other news, President Jeff Dyke sold 31,152 shares of the business’s stock in a transaction on Friday, May 30th. The stock was sold at an average price of $70.05, for a total value of $2,182,197.60. Following the completion of the transaction, the president now owns 605,969 shares in the company, valued at $42,448,128.45. The trade was a 4.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In the last ninety days, insiders sold 50,000 shares of company stock worth $3,502,062. 42.65% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sonic Automotive

Several institutional investors have recently modified their holdings of SAH. Smartleaf Asset Management LLC raised its position in Sonic Automotive by 515.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 480 shares of the company’s stock worth $30,000 after buying an additional 402 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Sonic Automotive in the fourth quarter worth approximately $51,000. Quarry LP purchased a new position in shares of Sonic Automotive during the first quarter valued at approximately $84,000. Aster Capital Management DIFC Ltd lifted its position in Sonic Automotive by 1,429.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,545 shares of the company’s stock valued at $98,000 after purchasing an additional 1,444 shares during the period. Finally, KLP Kapitalforvaltning AS purchased a new stake in Sonic Automotive in the fourth quarter worth approximately $185,000. 46.92% of the stock is owned by hedge funds and other institutional investors.

About Sonic Automotive

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.