Wall Street Zen cut shares of Sonic Automotive (NYSE:SAH – Free Report) from a strong-buy rating to a buy rating in a research report report published on Saturday.
A number of other equities analysts have also weighed in on SAH. Needham & Company LLC lowered their target price on Sonic Automotive from $93.00 to $74.00 and set a “buy” rating on the stock in a research note on Thursday, April 24th. Citigroup assumed coverage on Sonic Automotive in a research note on Wednesday, April 23rd. They set a “neutral” rating and a $64.00 price objective on the stock. Benchmark initiated coverage on Sonic Automotive in a research note on Wednesday, May 28th. They set a “buy” rating and a $76.00 price objective on the stock. Bank of America raised their target price on Sonic Automotive from $80.00 to $94.00 and gave the company a “buy” rating in a report on Monday, June 16th. Finally, JPMorgan Chase & Co. reduced their target price on Sonic Automotive from $80.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $74.71.
Get Our Latest Research Report on Sonic Automotive
Sonic Automotive Price Performance
Sonic Automotive (NYSE:SAH – Get Free Report) last announced 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. The company had revenue of $3.65 billion for the quarter, compared to analyst estimates of $3.47 billion. Sonic Automotive had a return on equity of 19.42% and a net margin of 1.69%. The firm’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.36 earnings per share. Equities research analysts predict that Sonic Automotive will post 6.14 earnings per share for the current year.
Sonic Automotive Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Friday, June 13th. Sonic Automotive’s dividend payout ratio is 19.94%.
Insider Activity at Sonic Automotive
In other news, President Jeff Dyke sold 16,434 shares of the company’s stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $70.03, for a total value of $1,150,873.02. Following the completion of the transaction, the president now directly owns 638,959 shares of the company’s stock, valued at $44,746,298.77. This represents a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 50,000 shares of company stock valued at $3,502,062 in the last three months. Corporate insiders own 42.65% of the company’s stock.
Hedge Funds Weigh In On Sonic Automotive
Institutional investors have recently bought and sold shares of the company. Voya Investment Management LLC lifted its position in shares of Sonic Automotive by 1.9% during the first quarter. Voya Investment Management LLC now owns 7,451 shares of the company’s stock worth $424,000 after acquiring an additional 136 shares in the last quarter. Jane Street Group LLC raised its position in shares of Sonic Automotive by 263.4% in the first quarter. Jane Street Group LLC now owns 62,908 shares of the company’s stock worth $3,583,000 after buying an additional 45,596 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Sonic Automotive by 15.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 38,698 shares of the company’s stock worth $2,204,000 after buying an additional 5,286 shares in the last quarter. Aristeia Capital L.L.C. purchased a new stake in shares of Sonic Automotive in the first quarter worth $238,000. Finally, Caxton Associates LLP purchased a new stake in shares of Sonic Automotive in the first quarter worth $639,000. Hedge funds and other institutional investors own 46.92% of the company’s stock.
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.
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