JPMorgan Chase & Co. Lowers Sonic Automotive (NYSE:SAH) Price Target to $74.00

Sonic Automotive (NYSE:SAH) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $75.00 to $74.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 7.86% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the company. Morgan Stanley upgraded Sonic Automotive from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $40.00 to $58.00 in a research note on Wednesday, September 25th. Bank of America dropped their price target on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Needham & Company LLC reissued a “buy” rating and issued a $74.00 target price on shares of Sonic Automotive in a research note on Thursday. Finally, Seaport Res Ptn raised shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $67.20.

Sonic Automotive Trading Up 0.4 %

NYSE SAH traded up $0.28 during trading hours on Friday, hitting $68.61. 6,557 shares of the company’s stock were exchanged, compared to its average volume of 153,921. The company has a current ratio of 1.11, a quick ratio of 0.35 and a debt-to-equity ratio of 1.87. Sonic Automotive has a 1-year low of $47.82 and a 1-year high of $70.88. The stock has a 50-day simple moving average of $65.57 and a 200 day simple moving average of $60.29. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of 12.21 and a beta of 1.67.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Thursday, October 24th. The company reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.17). Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. The business had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the firm posted $2.02 EPS. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. On average, equities analysts forecast that Sonic Automotive will post 5.6 EPS for the current fiscal year.

Institutional Trading of Sonic Automotive

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SAH. Point72 Asia Singapore Pte. Ltd. increased its holdings in Sonic Automotive by 100.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company’s stock worth $70,000 after acquiring an additional 599 shares in the last quarter. Point72 DIFC Ltd boosted its position in shares of Sonic Automotive by 6.9% in the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock worth $158,000 after purchasing an additional 187 shares during the period. Intech Investment Management LLC purchased a new stake in shares of Sonic Automotive in the second quarter worth $228,000. Inspire Investing LLC lifted its stake in shares of Sonic Automotive by 3.4% during the 2nd quarter. Inspire Investing LLC now owns 6,475 shares of the company’s stock valued at $353,000 after buying an additional 211 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in Sonic Automotive by 36.0% in the 2nd quarter. Hsbc Holdings PLC now owns 6,743 shares of the company’s stock worth $366,000 after buying an additional 1,784 shares during the period. 46.92% of the stock is owned by hedge funds and other institutional investors.

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.