Sonic Automotive (NYSE:SAH) Given New $93.00 Price Target at Needham & Company LLC

Sonic Automotive (NYSE:SAH) had its price objective dropped by research analysts at Needham & Company LLC from $100.00 to $93.00 in a research report issued on Wednesday, Marketbeat Ratings reports. The firm currently has a “buy” rating on the stock. Needham & Company LLC’s price objective suggests a potential upside of 55.60% from the company’s current price.

Several other analysts have also issued reports on the company. StockNews.com raised Sonic Automotive from a “hold” rating to a “buy” rating in a research note on Wednesday, February 12th. Stephens upped their target price on Sonic Automotive from $83.00 to $92.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. boosted their price objective on Sonic Automotive from $74.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. Finally, Seaport Res Ptn upgraded Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. One investment analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $77.80.

Sonic Automotive Stock Down 0.2 %

Shares of SAH opened at $59.77 on Wednesday. The firm has a market cap of $2.02 billion, a P/E ratio of 9.67 and a beta of 1.70. The stock has a 50 day simple moving average of $69.06 and a two-hundred day simple moving average of $63.89. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.09 and a quick ratio of 0.35. Sonic Automotive has a 1 year low of $47.82 and a 1 year high of $76.78.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Wednesday, February 12th. The company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.46 by $0.05. Sonic Automotive had a return on equity of 19.96% and a net margin of 1.52%. On average, analysts forecast that Sonic Automotive will post 6.14 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sonic Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pacific Global Investment Management Co. raised its holdings in shares of Sonic Automotive by 4.1% during the fourth quarter. Pacific Global Investment Management Co. now owns 4,554 shares of the company’s stock valued at $288,000 after acquiring an additional 179 shares in the last quarter. New York State Teachers Retirement System raised its holdings in shares of Sonic Automotive by 0.8% during the fourth quarter. New York State Teachers Retirement System now owns 25,935 shares of the company’s stock valued at $1,643,000 after acquiring an additional 212 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Sonic Automotive by 4.8% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,370 shares of the company’s stock valued at $530,000 after acquiring an additional 380 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Sonic Automotive by 1.9% during the fourth quarter. American Century Companies Inc. now owns 20,596 shares of the company’s stock valued at $1,305,000 after acquiring an additional 390 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Sonic Automotive by 515.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 480 shares of the company’s stock valued at $30,000 after acquiring an additional 402 shares in the last quarter. 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.