Sonic Automotive (NYSE:SAH) Given New $66.00 Price Target at Bank of America

Sonic Automotive (NYSE:SAHGet Free Report) had its price objective cut by analysts at Bank of America from $67.00 to $66.00 in a report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 21.46% from the stock’s previous close.

A number of other research firms have also weighed in on SAH. Needham & Company LLC initiated coverage on shares of Sonic Automotive in a research note on Tuesday, August 20th. They issued a “buy” rating and a $73.00 price objective on the stock. Morgan Stanley raised Sonic Automotive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the stock from $40.00 to $58.00 in a report on Wednesday, September 25th. JPMorgan Chase & Co. raised their target price on Sonic Automotive from $63.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Stephens began coverage on Sonic Automotive in a report on Thursday, September 12th. They set an “equal weight” rating and a $64.00 price target for the company. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Sonic Automotive presently has an average rating of “Moderate Buy” and an average price target of $66.33.

Read Our Latest Report on SAH

Sonic Automotive Stock Down 0.5 %

Shares of SAH traded down $0.28 during trading hours on Monday, hitting $54.34. The stock had a trading volume of 29,485 shares, compared to its average volume of 197,316. Sonic Automotive has a 1-year low of $42.56 and a 1-year high of $64.68. The firm has a market capitalization of $1.85 billion, a P/E ratio of 10.06 and a beta of 1.60. The firm has a 50 day simple moving average of $58.23 and a 200-day simple moving average of $56.54. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.10 and a quick ratio of 0.36.

Sonic Automotive (NYSE:SAHGet Free Report) last released its quarterly earnings data on Monday, August 5th. The company reported $1.47 EPS for the quarter, beating the consensus estimate of $1.38 by $0.09. Sonic Automotive had a return on equity of 25.31% and a net margin of 1.35%. The firm had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.56 billion. During the same quarter in the previous year, the company posted $1.83 earnings per share. The company’s quarterly revenue was down 5.5% on a year-over-year basis. Sell-side analysts predict that Sonic Automotive will post 5.68 EPS for the current fiscal year.

Insider Transactions at Sonic Automotive

In related news, CFO Heath Byrd sold 19,827 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $60.00, for a total transaction of $1,189,620.00. Following the completion of the transaction, the chief financial officer now owns 173,618 shares in the company, valued at approximately $10,417,080. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 40.95% of the company’s stock.

Institutional Trading of Sonic Automotive

Several hedge funds have recently made changes to their positions in SAH. Allspring Global Investments Holdings LLC purchased a new stake in shares of Sonic Automotive during the 1st quarter valued at approximately $30,000. Innealta Capital LLC bought a new position in shares of Sonic Automotive in the second quarter worth $41,000. AM Squared Ltd purchased a new position in shares of Sonic Automotive in the second quarter valued at $82,000. Point72 DIFC Ltd raised its stake in shares of Sonic Automotive by 6.9% during the 2nd quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock valued at $158,000 after purchasing an additional 187 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in Sonic Automotive during the 2nd quarter worth about $228,000. 46.92% of the stock is currently owned by institutional investors.

Sonic Automotive Company Profile

(Get Free Report)

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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