Bank of America Cuts Sonic Automotive (NYSE:SAH) Price Target to $66.00

Sonic Automotive (NYSE:SAH) had its target price cut by Bank of America from $67.00 to $66.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Stephens assumed coverage on shares of Sonic Automotive in a research note on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 price objective on the stock. Needham & Company LLC assumed 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. JPMorgan Chase & Co. boosted their price objective on shares of Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Morgan Stanley raised shares of 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 research note on Wednesday, September 25th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Sonic Automotive presently has an average rating of “Moderate Buy” and an average price target of $66.33.

Sonic Automotive Stock Performance

NYSE SAH opened at $56.78 on Monday. The firm’s fifty day moving average price is $58.07 and its two-hundred day moving average price is $56.51. The stock has a market cap of $1.92 billion, a PE ratio of 11.63 and a beta of 1.60. Sonic Automotive has a fifty-two week low of $42.57 and a fifty-two week high of $64.68. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.36 and a current ratio of 1.10.

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

Sonic Automotive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.11%. Sonic Automotive’s dividend payout ratio (DPR) is currently 24.59%.

Institutional Trading of Sonic Automotive

A number of institutional investors have recently bought and sold shares of SAH. Inspire Investing LLC raised its holdings in shares of Sonic Automotive by 8.7% during the third quarter. Inspire Investing LLC now owns 7,036 shares of the company’s stock valued at $411,000 after purchasing an additional 561 shares during the period. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Sonic Automotive during the second quarter valued at about $1,351,000. Point72 DIFC Ltd raised its holdings in shares of Sonic Automotive by 6.9% during the second 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. Susquehanna Fundamental Investments LLC acquired a new position in shares of Sonic Automotive during the second quarter valued at about $645,000. Finally, Millennium Management LLC raised its holdings in shares of Sonic Automotive by 3.8% during the second quarter. Millennium Management LLC now owns 456,588 shares of the company’s stock valued at $24,870,000 after purchasing an additional 16,556 shares during the period. Institutional investors own 46.92% of the company’s stock.

Sonic Automotive Company Profile

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.