Sonic Automotive (NYSE:SAH) Rating Lowered to Equal Weight at Stephens

Stephens downgraded shares of Sonic Automotive (NYSE:SAH - Free Report) from an overweight rating to an equal weight rating in a research note issued to investors on Thursday, MarketBeat reports. They currently have $82.00 price objective on the stock, up from their prior price objective of $72.00.

Several other equities analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Sonic Automotive from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 21st. Benchmark assumed coverage on shares of Sonic Automotive in a report on Wednesday, May 28th. They issued a "buy" rating and a $76.00 price target on the stock. JPMorgan Chase & Co. lowered their price objective on Sonic Automotive from $80.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Citigroup assumed coverage on Sonic Automotive in a research report on Wednesday, April 23rd. They issued a "neutral" rating and a $64.00 price objective on the stock. Finally, Bank of America upped their price objective on Sonic Automotive from $80.00 to $94.00 and gave the stock a "buy" rating in a research report on Monday, June 16th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Sonic Automotive currently has an average rating of "Moderate Buy" and a consensus target price of $74.29.

Sonic Automotive Stock Down 10.6%

Sonic Automotive stock traded down $9.01 during trading hours on Thursday, reaching $76.17. The stock had a trading volume of 510,954 shares, compared to its average volume of 198,486. Sonic Automotive has a 52 week low of $52.00 and a 52 week high of $89.62. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.09 and a quick ratio of 0.38. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 10.85, a PEG ratio of 0.75 and a beta of 1.04. The business's 50 day moving average price is $76.31 and its 200-day moving average price is $68.86.

Sonic Automotive (NYSE:SAH - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.02. Sonic Automotive had a net margin of 1.69% and a return on equity of 19.42%. The firm had revenue of $3.65 billion for the quarter, compared to the consensus estimate of $3.47 billion. During the same quarter in the prior year, the company posted $1.36 earnings per share. The company's revenue for the quarter was up 7.9% compared to the same quarter last year. Sell-side analysts anticipate that Sonic Automotive will post 6.14 EPS for the current year.

Sonic Automotive Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Friday, June 13th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.84%. Sonic Automotive's dividend payout ratio (DPR) is 19.94%.

Insiders Place Their Bets

In other Sonic Automotive news, President Jeff Dyke sold 31,152 shares of the firm's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $70.05, for a total value of $2,182,197.60. Following the transaction, the president owned 605,969 shares in the company, valued at approximately $42,448,128.45. This trade represents a 4.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last 90 days, insiders sold 50,000 shares of company stock valued at $3,502,062. Company insiders own 42.65% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board acquired a new stake in shares of Sonic Automotive during the 4th quarter worth about $51,000. Quarry LP acquired a new stake in shares of Sonic Automotive during the 1st quarter worth about $84,000. Aster Capital Management DIFC Ltd increased its position in shares of Sonic Automotive by 1,429.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,545 shares of the company's stock worth $98,000 after purchasing an additional 1,444 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in shares of Sonic Automotive during the 4th quarter worth about $185,000. Finally, Harrell Investment Partners LLC acquired a new stake in shares of Sonic Automotive during the 2nd quarter worth about $240,000. Hedge funds and other 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.