Sonic Automotive (NYSE:SAH) Price Target Raised to $94.00

Sonic Automotive (NYSE:SAH - Get Free Report) had its price target lifted by investment analysts at Bank of America from $80.00 to $94.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target would indicate a potential upside of 22.32% from the company's previous close.

A number of other equities research analysts have also recently issued reports on the stock. Benchmark initiated coverage on shares of Sonic Automotive in a research note on Wednesday, May 28th. They issued a "buy" rating and a $76.00 price objective for the company. JPMorgan Chase & Co. lowered their target price on 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 price objective on Sonic Automotive from $93.00 to $74.00 and set a "buy" rating for the company in a research note on Thursday, April 24th. Wall Street Zen upgraded shares of Sonic Automotive from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 24th. Finally, Citigroup began coverage on shares of Sonic Automotive in a research report on Wednesday, April 23rd. They issued a "neutral" rating and a $64.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Sonic Automotive presently has an average rating of "Buy" and an average target price of $74.71.

Sonic Automotive Price Performance

Sonic Automotive stock traded up $1.76 during mid-day trading on Monday, hitting $76.85. 39,278 shares of the company traded hands, compared to its average volume of 193,828. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.35 and a current ratio of 1.09. Sonic Automotive has a one year low of $51.27 and a one year high of $77.77. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of 12.44 and a beta of 1.02. The stock has a fifty day moving average price of $65.65 and a 200-day moving average price of $66.08.

Sonic Automotive (NYSE:SAH - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The company reported $1.48 earnings per share for the quarter, beating analysts' consensus estimates of $1.46 by $0.02. The business had revenue of $3.65 billion for the quarter, compared to the consensus estimate of $3.47 billion. Sonic Automotive had a return on equity of 19.96% and a net margin of 1.52%. The company's revenue for the quarter was up 7.9% on a year-over-year basis. During the same quarter last year, the business posted $1.36 earnings per share. On average, equities analysts predict that Sonic Automotive will post 6.14 earnings per share for the current fiscal year.

Insider Buying and Selling at Sonic Automotive

In other news, President Jeff Dyke sold 1,838 shares of the business's stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $70.00, for a total value of $128,660.00. Following the sale, the president now directly owns 637,121 shares of the company's stock, valued at $44,598,470. The trade was a 0.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders sold 50,000 shares of company stock valued at $3,502,062. 42.65% of the stock is currently owned by company insiders.

Institutional Trading of Sonic Automotive

Several institutional investors have recently bought and sold shares of SAH. Smartleaf Asset Management LLC lifted its position in Sonic Automotive by 515.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 480 shares of the company's stock valued at $30,000 after acquiring an additional 402 shares in the last quarter. Canada Pension Plan Investment Board purchased a new position in Sonic Automotive in the 4th quarter worth about $51,000. Quarry LP bought a new position in Sonic Automotive during the 1st quarter valued at about $84,000. Aster Capital Management DIFC Ltd boosted its holdings 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 valued at $98,000 after acquiring an additional 1,444 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new stake in Sonic Automotive in the fourth quarter worth approximately $185,000. 46.92% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.