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

Sonic Automotive (NYSE:SAH) had its target price dropped by equities researchers at Bank of America from $67.00 to $66.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target would suggest a potential upside of 20.26% from the company’s previous close.

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

Sonic Automotive Price Performance

Shares of NYSE:SAH opened at $54.88 on Monday. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 11.25 and a beta of 1.60. The stock’s 50 day moving average is $58.12 and its 200-day moving average is $56.51. Sonic Automotive has a twelve month low of $42.56 and a twelve month high of $64.68. The company has a quick ratio of 0.36, a current ratio of 1.10 and a debt-to-equity ratio of 2.04.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results 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 return on equity of 25.31% and a net margin of 1.35%. The company had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.56 billion. During the same quarter in the prior year, the company earned $1.83 EPS. The firm’s quarterly revenue was down 5.5% compared to the same quarter last year. Sell-side analysts forecast that Sonic Automotive will post 5.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Sonic Automotive news, CFO Heath Byrd sold 19,827 shares of the firm’s 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 transaction, the chief financial officer now owns 173,618 shares of the company’s stock, valued at approximately $10,417,080. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 40.95% of the company’s stock.

Institutional Investors Weigh In On Sonic Automotive

A number of large investors have recently made changes to their positions in the company. Point72 DIFC Ltd grew its position in 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 in the last quarter. Inspire Investing LLC grew its position in Sonic Automotive by 3.4% during the second quarter. Inspire Investing LLC now owns 6,475 shares of the company’s stock valued at $353,000 after purchasing an additional 211 shares in the last quarter. Arizona State Retirement System grew its position in Sonic Automotive by 10.8% during the second quarter. Arizona State Retirement System now owns 4,324 shares of the company’s stock valued at $236,000 after purchasing an additional 420 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Sonic Automotive by 3.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 12,806 shares of the company’s stock valued at $730,000 after purchasing an additional 458 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new position in Sonic Automotive during the first quarter valued at approximately $30,000. Institutional investors and hedge funds 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.