Sonic Automotive (NYSE:SAH) Price Target Raised to $94.00 at Bank of America

Sonic Automotive (NYSE:SAH - Get Free Report) had its price objective increased by equities researchers at Bank of America from $80.00 to $94.00 in a report released on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Bank of America's price objective would suggest a potential upside of 21.27% from the company's previous close.

Several other research firms have also issued reports on SAH. Citigroup initiated coverage on shares of Sonic Automotive in a research note on Wednesday, April 23rd. They issued a "neutral" rating and a $64.00 target price for the company. Benchmark initiated coverage on shares of Sonic Automotive in a report on Wednesday, May 28th. They set a "buy" rating and a $76.00 price target on the stock. JPMorgan Chase & Co. decreased their price objective on shares of Sonic Automotive from $80.00 to $65.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Needham & Company LLC dropped their target price on shares of Sonic Automotive from $93.00 to $74.00 and set a "buy" rating on the stock in a research report on Thursday, April 24th. Finally, Wall Street Zen upgraded Sonic Automotive from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 24th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Sonic Automotive currently has an average rating of "Buy" and an average target price of $74.71.

Sonic Automotive Stock Up 0.9%

SAH traded up $0.71 during midday trading on Monday, reaching $77.51. 135,746 shares of the company were exchanged, compared to its average volume of 194,612. The company has a market cap of $2.63 billion, a price-to-earnings ratio of 11.04, a price-to-earnings-growth ratio of 0.67 and a beta of 1.02. Sonic Automotive has a one year low of $51.27 and a one year high of $78.11. The company's fifty day moving average price is $66.66 and its 200 day moving average price is $66.29. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.38 and a current ratio of 1.09.

Sonic Automotive (NYSE:SAH - Get Free Report) last announced its earnings results 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 return on equity of 19.42% and a net margin of 1.69%. The company had revenue of $3.65 billion for the quarter, compared to analysts' expectations of $3.47 billion. During the same quarter in the previous year, the firm earned $1.36 earnings per share. Sonic Automotive's quarterly revenue was up 7.9% on a year-over-year basis. As a group, analysts expect that Sonic Automotive will post 6.14 EPS for the current year.

Insider Activity

In other Sonic Automotive news, President Jeff Dyke sold 31,152 shares of the business'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 sale, the president now directly owns 605,969 shares in the company, valued at $42,448,128.45. The trade was a 4.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 50,000 shares of company stock valued at $3,502,062 in the last three months. Company insiders own 42.65% of the company's stock.

Institutional Investors Weigh In On Sonic Automotive

Large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. lifted its holdings in Sonic Automotive by 124.9% during the first quarter. Goldman Sachs Group Inc. now owns 355,328 shares of the company's stock valued at $20,239,000 after purchasing an additional 197,336 shares during the last quarter. Westwood Holdings Group Inc. raised its position in shares of Sonic Automotive by 26.2% in the first quarter. Westwood Holdings Group Inc. now owns 641,237 shares of the company's stock valued at $36,525,000 after purchasing an additional 133,044 shares during the period. Nuveen LLC purchased a new stake in shares of Sonic Automotive during the 1st quarter valued at approximately $7,317,000. HITE Hedge Asset Management LLC lifted its stake in shares of Sonic Automotive by 111.4% during the 1st quarter. HITE Hedge Asset Management LLC now owns 123,724 shares of the company's stock valued at $7,047,000 after buying an additional 65,198 shares in the last quarter. Finally, Phocas Financial Corp. boosted its holdings in Sonic Automotive by 86.6% in the 4th quarter. Phocas Financial Corp. now owns 116,343 shares of the company's stock worth $7,370,000 after buying an additional 54,008 shares during the period. Hedge funds and other institutional investors 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.