Sonic Automotive (NYSE:SAH) Price Target Lowered to $74.00 at Needham & Company LLC

Sonic Automotive (NYSE:SAH) had its target price reduced by Needham & Company LLC from $93.00 to $74.00 in a research report report published on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

A number of other brokerages also recently weighed in on SAH. StockNews.com upgraded shares of Sonic Automotive from a “hold” rating to a “buy” rating in a research report on Monday. Stephens boosted their price target on Sonic Automotive from $83.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Citigroup assumed coverage on shares of Sonic Automotive in a research note on Wednesday. They issued a “neutral” rating and a $64.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their target price on shares of Sonic Automotive from $80.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $69.83.

Sonic Automotive Stock Up 1.7 %

SAH stock opened at $60.06 on Thursday. The company has a quick ratio of 0.35, a current ratio of 1.09 and a debt-to-equity ratio of 1.75. The business has a 50 day moving average of $62.24 and a 200 day moving average of $64.12. Sonic Automotive has a twelve month low of $51.27 and a twelve month high of $76.78. The firm has a market cap of $2.03 billion, a PE ratio of 9.72 and a beta of 1.43.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Thursday, April 24th. The company reported $1.48 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.13. Sonic Automotive had a return on equity of 19.96% and a net margin of 1.52%. On average, research analysts forecast that Sonic Automotive will post 6.14 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date was Friday, March 14th. Sonic Automotive’s dividend payout ratio (DPR) is 22.65%.

Hedge Funds Weigh In On Sonic Automotive

Several hedge funds have recently modified their holdings of the stock. Smartleaf Asset Management LLC lifted its stake 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 purchasing an additional 402 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Sonic Automotive during the 4th quarter valued at approximately $51,000. R Squared Ltd purchased a new stake in shares of Sonic Automotive during the 4th quarter worth approximately $72,000. Aster Capital Management DIFC Ltd increased its position in 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 purchasing an additional 1,444 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Sonic Automotive in the 4th quarter worth about $185,000. 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.