Sonic Automotive (NYSE:SAH – Get Free Report) had its price target decreased by JPMorgan Chase & Co. from $77.00 to $76.00 in a report released on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s target price indicates a potential downside of 18.82% from the stock’s current price.
SAH has been the subject of several other research reports. Morgan Stanley set a $72.00 target price on shares of Sonic Automotive in a report on Thursday, May 7th. Citigroup upped their price target on Sonic Automotive from $82.00 to $95.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Needham & Company LLC restated a “buy” rating and set a $90.00 price target on shares of Sonic Automotive in a research report on Tuesday, March 31st. Barclays lifted their price objective on Sonic Automotive from $67.00 to $77.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 5th. Finally, Stephens set a $89.00 target price on Sonic Automotive in a report on Monday. Five research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Sonic Automotive has an average rating of “Hold” and an average price target of $89.00.
Read Our Latest Analysis on SAH
Sonic Automotive Trading Down 1.0%
Sonic Automotive (NYSE:SAH – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.62 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.22. The business had revenue of $3.69 billion during the quarter, compared to analysts’ expectations of $3.73 billion. Sonic Automotive had a net margin of 0.72% and a return on equity of 22.45%. The business’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period last year, the business earned $1.48 earnings per share. As a group, sell-side analysts forecast that Sonic Automotive will post 6.94 EPS for the current fiscal year.
Insider Buying and Selling
In other Sonic Automotive news, President Jeff Dyke sold 50,000 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $82.97, for a total transaction of $4,148,500.00. Following the sale, the president owned 111,622 shares in the company, valued at $9,261,277.34. This represents a 30.94% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 100,000 shares of company stock worth $8,408,160. Insiders own 43.68% of the company’s stock.
Institutional Trading of Sonic Automotive
A number of large investors have recently made changes to their positions in SAH. A&I Financial Services LLC raised its holdings in Sonic Automotive by 0.9% in the second quarter. A&I Financial Services LLC now owns 11,755 shares of the company’s stock valued at $997,000 after acquiring an additional 109 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Sonic Automotive by 1.2% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 15,603 shares of the company’s stock valued at $965,000 after purchasing an additional 190 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Sonic Automotive by 1.9% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 14,426 shares of the company’s stock valued at $924,000 after purchasing an additional 273 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Sonic Automotive by 8.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the company’s stock worth $221,000 after purchasing an additional 284 shares during the last quarter. Finally, CWM LLC grew its stake in shares of Sonic Automotive by 11.3% during the fourth quarter. CWM LLC now owns 2,858 shares of the company’s stock worth $177,000 after purchasing an additional 291 shares in the last quarter. 46.92% of the stock is currently owned by hedge funds and other institutional investors.
Sonic Automotive Company Profile
Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive’s dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.
In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.
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