JPMorgan Chase & Co. Cuts Sonic Automotive (NYSE:SAH) Price Target to $65.00

Sonic Automotive (NYSE:SAH) had its price objective reduced by JPMorgan Chase & Co. from $80.00 to $65.00 in a research report released on Thursday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also recently issued reports on SAH. Needham & Company LLC lowered their price objective on Sonic Automotive from $100.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. Stephens increased their price objective on Sonic Automotive from $83.00 to $92.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, StockNews.com cut shares of Sonic Automotive from a “buy” rating to a “hold” rating in a research note on Monday, March 24th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Sonic Automotive currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.80.

Sonic Automotive Trading Down 3.2 %

NYSE SAH opened at $54.93 on Thursday. The firm has a market capitalization of $1.85 billion, a PE ratio of 8.89 and a beta of 1.70. The stock’s 50 day moving average is $68.13 and its 200 day moving average is $63.95. Sonic Automotive has a twelve month low of $47.82 and a twelve month high of $76.78. The company has a quick ratio of 0.35, a current ratio of 1.09 and a debt-to-equity ratio of 1.75.

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

Sonic Automotive Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be paid a $0.35 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.55%. Sonic Automotive’s dividend payout ratio (DPR) is presently 22.65%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SAH. Phocas Financial Corp. raised its position in shares of Sonic Automotive by 86.6% during the fourth quarter. Phocas Financial Corp. now owns 116,343 shares of the company’s stock valued at $7,370,000 after buying an additional 54,008 shares during the last quarter. Denali Advisors LLC boosted its stake in Sonic Automotive by 111.2% during the fourth quarter. Denali Advisors LLC now owns 87,100 shares of the company’s stock valued at $5,518,000 after buying an additional 45,857 shares during the last quarter. Voloridge Investment Management LLC raised its holdings in shares of Sonic Automotive by 110.9% during the 4th quarter. Voloridge Investment Management LLC now owns 69,766 shares of the company’s stock worth $4,420,000 after acquiring an additional 36,691 shares in the last quarter. HITE Hedge Asset Management LLC increased its position in Sonic Automotive by 105.2% in the fourth quarter. HITE Hedge Asset Management LLC now owns 58,526 shares of the company’s stock worth $3,708,000 after purchasing an additional 30,002 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in Sonic Automotive by 52.1% during the fourth quarter. JPMorgan Chase & Co. now owns 80,957 shares of the company’s stock valued at $5,129,000 after purchasing an additional 27,726 shares during 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.