Sonic Automotive (NYSE:SAH) Earns "Underweight" Rating from JPMorgan Chase & Co.

JPMorgan Chase & Co. restated their underweight rating on shares of Sonic Automotive (NYSE:SAH - Free Report) in a research note released on Thursday morning,Benzinga reports. They currently have a $72.00 target price on the stock, up from their previous target price of $65.00.

A number of other brokerages have also recently issued reports on SAH. Bank of America lifted their price objective on Sonic Automotive from $80.00 to $94.00 and gave the company a "buy" rating in a research note on Monday, June 16th. Citigroup initiated coverage on shares of Sonic Automotive in a research note on Wednesday, April 23rd. They set a "neutral" rating and a $64.00 price objective 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. Wall Street Zen lowered shares of Sonic Automotive from a "strong-buy" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Needham & Company LLC cut their target price on Sonic Automotive from $93.00 to $74.00 and set a "buy" rating on the stock in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.29.

Sonic Automotive Trading Up 0.8%

Shares of Sonic Automotive stock traded up $0.57 during trading on Thursday, reaching $76.87. The company's stock had a trading volume of 219,743 shares, compared to its average volume of 198,847. The company has a quick ratio of 0.38, a current ratio of 1.09 and a debt-to-equity ratio of 1.67. Sonic Automotive has a 52-week low of $52.00 and a 52-week high of $89.62. The firm's 50-day moving average is $76.55 and its two-hundred day moving average is $69.04. The company has a market cap of $2.61 billion, a price-to-earnings ratio of 10.95 and a beta of 1.04.

Sonic Automotive (NYSE:SAH - Get Free Report) last posted 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 firm had revenue of $3.65 billion for the quarter, compared to analysts' expectations of $3.47 billion. During the same period in the previous year, the firm earned $1.36 earnings per share. The business's revenue was up 7.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Sonic Automotive will post 6.14 earnings per share for the current year.

Sonic Automotive Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Friday, June 13th were given a $0.35 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.40 annualized dividend and a yield of 1.82%. Sonic Automotive's dividend payout ratio is presently 19.94%.

Insider Activity

In related news, President Jeff Dyke sold 576 shares of the business's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $70.02, for a total value of $40,331.52. Following the completion of the sale, the president owned 605,393 shares of the company's stock, valued at approximately $42,389,617.86. The trade was a 0.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 50,000 shares of company stock worth $3,502,062. Corporate insiders own 42.65% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SAH. Voya Investment Management LLC increased its stake in shares of Sonic Automotive by 1.9% during the first quarter. Voya Investment Management LLC now owns 7,451 shares of the company's stock worth $424,000 after buying an additional 136 shares during the period. Oliver Luxxe Assets LLC boosted its position in shares of 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 purchasing an additional 205 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Sonic Automotive by 4.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,370 shares of the company's stock valued at $530,000 after purchasing an additional 380 shares in the last quarter. American Century Companies Inc. grew its position in shares of Sonic Automotive by 1.9% in the fourth quarter. American Century Companies Inc. now owns 20,596 shares of the company's stock valued at $1,305,000 after purchasing an additional 390 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Sonic Automotive by 2.0% in the first quarter. Russell Investments Group Ltd. now owns 22,581 shares of the company's stock worth $1,286,000 after acquiring an additional 442 shares during the last quarter. 46.92% of the stock is currently owned by institutional investors and hedge funds.

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.