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

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

Several other research firms have also issued reports on SAH. Needham & Company LLC cut their target price on Sonic Automotive from $100.00 to $93.00 and set a “buy” rating on the stock in a research note on Wednesday, March 19th. Stephens increased their target price on shares of 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 downgraded shares of Sonic Automotive from a “buy” rating to a “hold” rating in a research note on Monday, March 24th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.80.

Sonic Automotive Stock Performance

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

Sonic Automotive (NYSE:SAH) last released 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%. As a group, equities analysts predict that Sonic Automotive will post 6.14 EPS for the current year.

Sonic Automotive Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date is Friday, March 14th. Sonic Automotive’s dividend payout ratio is presently 22.65%.

Institutional Trading of Sonic Automotive

A number of hedge funds and other institutional investors have recently made changes to their positions in SAH. Phocas Financial Corp. grew its position in Sonic Automotive by 86.6% during the 4th quarter. Phocas Financial Corp. now owns 116,343 shares of the company’s stock worth $7,370,000 after purchasing an additional 54,008 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Sonic Automotive by 6.1% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 33,412 shares of the company’s stock valued at $2,117,000 after acquiring an additional 1,911 shares in the last quarter. Voloridge Investment Management LLC lifted its holdings in Sonic Automotive by 110.9% in the fourth quarter. Voloridge Investment Management LLC now owns 69,766 shares of the company’s stock valued at $4,420,000 after acquiring an additional 36,691 shares during the period. Squarepoint Ops LLC boosted its position in Sonic Automotive by 93.1% in the 4th quarter. Squarepoint Ops LLC now owns 20,010 shares of the company’s stock worth $1,268,000 after purchasing an additional 9,646 shares in the last quarter. Finally, Wexford Capital LP purchased a new position in shares of Sonic Automotive during the 4th quarter valued at approximately $465,000. Institutional investors and hedge funds 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.