Sonic Automotive (NYSE:SAH) Price Target Raised to $80.00 at Benchmark

Key Points

• Benchmark raised the price target for Sonic Automotive from $76.00 to $80.00, reflecting a potential upside of 5.66% from its current price, maintaining a "buy" rating.
• Bank of America set an even higher price target of $94.00 for Sonic Automotive, also rating the stock as a "buy."
• Sonic Automotive reported a quarterly EPS of $2.19, significantly exceeding the consensus estimate of $1.63, with revenue increasing by 5.9% year-over-year.

Sonic Automotive (NYSE:SAH - Get Free Report) had its target price upped by stock analysts at Benchmark from $76.00 to $80.00 in a report issued on Friday, Marketbeat Ratings reports. The firm presently has a "buy" rating on the stock. Benchmark's target price would indicate a potential upside of 10.73% from the company's previous close.

Several other research firms also recently issued reports on SAH. Needham & Company LLC boosted their price objective on shares of Sonic Automotive from $74.00 to $95.00 and gave the stock a "buy" rating in a report on Friday, July 25th. Stephens cut Sonic Automotive from an "overweight" rating to an "equal weight" rating and raised their price target for the company from $72.00 to $82.00 in a report on Thursday, July 17th. Citigroup began coverage on Sonic Automotive in a report on Wednesday, April 23rd. They set a "neutral" rating and a $64.00 target price on the stock. Bank of America lifted their price objective on shares of Sonic Automotive from $80.00 to $94.00 and gave the company a "buy" rating in a research report on Monday, June 16th. Finally, Wall Street Zen cut shares of Sonic Automotive from a "strong-buy" rating to a "buy" rating in a research report on Saturday, June 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $77.86.

Sonic Automotive Stock Up 0.1%

Shares of NYSE:SAH traded up $0.05 during midday trading on Friday, reaching $72.25. The company had a trading volume of 8,786 shares, compared to its average volume of 228,218. The stock has a market capitalization of $2.45 billion, a P/E ratio of 16.06 and a beta of 1.04. Sonic Automotive has a one year low of $52.00 and a one year high of $89.62. The stock's fifty day moving average price is $77.81 and its 200-day moving average price is $69.66. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.03 and a quick ratio of 0.24.

Sonic Automotive (NYSE:SAH - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $2.19 EPS for the quarter, beating the consensus estimate of $1.63 by $0.56. The firm had revenue of $3.66 billion for the quarter, compared to analysts' expectations of $3.66 billion. Sonic Automotive had a net margin of 1.07% and a return on equity of 21.40%. Sonic Automotive's quarterly revenue was up 5.9% on a year-over-year basis. During the same quarter last year, the company earned $1.47 EPS. Equities research analysts expect that Sonic Automotive will post 6.14 earnings per share for the current fiscal year.

Insider Transactions at Sonic Automotive

In related news, President Jeff Dyke sold 31,152 shares of the firm's stock in a transaction on Friday, May 30th. The shares were sold at an average price of $70.05, for a total transaction of $2,182,197.60. Following the sale, 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 50,000 shares of company stock worth $3,502,062 in the last three months. Insiders own 42.65% of the company's stock.

Hedge Funds Weigh In On Sonic Automotive

Several large investors have recently modified their holdings of the business. Voya Investment Management LLC raised its stake in shares of Sonic Automotive by 1.9% in the first quarter. Voya Investment Management LLC now owns 7,451 shares of the company's stock valued at $424,000 after acquiring an additional 136 shares in the last quarter. Oliver Luxxe Assets LLC raised its stake in Sonic Automotive by 0.9% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 23,141 shares of the company's stock worth $1,850,000 after acquiring an additional 205 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Sonic Automotive by 4.8% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,370 shares of the company's stock worth $530,000 after purchasing an additional 380 shares during the period. American Century Companies Inc. boosted its stake in Sonic Automotive by 1.9% during the 4th quarter. American Century Companies Inc. now owns 20,596 shares of the company's stock worth $1,305,000 after purchasing an additional 390 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in Sonic Automotive by 2.0% in the 1st quarter. Russell Investments Group Ltd. now owns 22,581 shares of the company's stock valued at $1,286,000 after buying an additional 442 shares during the period. Institutional investors and hedge funds own 46.92% of the company's stock.

Sonic Automotive Company Profile

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.