Sonic Automotive (NYSE:SAH) Price Target Lowered to $93.00 at Needham & Company LLC

Sonic Automotive (NYSE:SAH) had its price objective decreased by Needham & Company LLC from $100.00 to $93.00 in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. Needham & Company LLC currently has a buy rating on the stock.

SAH has been the subject of several other research reports. Seaport Res Ptn raised Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. JPMorgan Chase & Co. increased their price target on Sonic Automotive from $74.00 to $80.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. Stephens boosted their price objective on shares of Sonic Automotive from $83.00 to $92.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, StockNews.com raised shares of Sonic Automotive from a “hold” rating to a “buy” rating in a research note on Wednesday, February 12th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $77.80.

Sonic Automotive Trading Up 0.1 %

Shares of SAH stock opened at $60.70 on Wednesday. Sonic Automotive has a twelve month low of $47.82 and a twelve month high of $76.78. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 9.82 and a beta of 1.70. The company’s 50-day moving average price is $68.85 and its 200-day moving average price is $63.84. The company has a current ratio of 1.09, a quick ratio of 0.35 and a debt-to-equity ratio of 1.75.

Sonic Automotive (NYSE:SAH) last posted its earnings results on Wednesday, February 12th. The company reported $1.51 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.05. Sonic Automotive had a net margin of 1.52% and a return on equity of 19.96%. As a group, equities analysts predict that Sonic Automotive will post 6.14 earnings per share for the current year.

Sonic Automotive Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.31%. The ex-dividend date is Friday, March 14th. Sonic Automotive’s payout ratio is 22.65%.

Hedge Funds Weigh In On Sonic Automotive

Several institutional investors have recently bought and sold shares of SAH. Smartleaf Asset Management LLC lifted its position in shares of Sonic Automotive by 515.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 480 shares of the company’s stock worth $30,000 after purchasing an additional 402 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Sonic Automotive during the 4th quarter worth approximately $51,000. R Squared Ltd acquired a new stake in Sonic Automotive during the 4th quarter worth approximately $72,000. Point72 Asia Singapore Pte. Ltd. lifted its holdings in Sonic Automotive by 100.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company’s stock worth $70,000 after buying an additional 599 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd grew its stake in shares of Sonic Automotive by 1,429.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,545 shares of the company’s stock worth $98,000 after acquiring an additional 1,444 shares in the last quarter. 46.92% of the stock is owned by institutional investors and hedge funds.

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.