JPMorgan Chase & Co. Has Lowered Expectations for Sonic Automotive (NYSE:SAH) Stock Price

Sonic Automotive (NYSE:SAH) had its price objective lowered by JPMorgan Chase & Co. from $75.00 to $74.00 in a research note issued to investors on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities analysts have also recently issued reports about the stock. Bank of America lowered their price objective on shares of Sonic Automotive from $67.00 to $66.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Needham & Company LLC reiterated a “buy” rating and set a $74.00 price target on shares of Sonic Automotive in a report on Thursday. Morgan Stanley raised Sonic Automotive from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $40.00 to $58.00 in a research note on Wednesday, September 25th. Finally, Seaport Res Ptn raised Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Sonic Automotive has an average rating of “Moderate Buy” and an average price target of $67.20.

Sonic Automotive Stock Up 0.1 %

Shares of Sonic Automotive stock opened at $68.39 on Friday. Sonic Automotive has a 12-month low of $47.82 and a 12-month high of $70.88. The firm has a market capitalization of $2.34 billion, a PE ratio of 12.17 and a beta of 1.67. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The stock’s fifty day moving average is $65.64 and its 200-day moving average is $60.48.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings data on Thursday, October 24th. The company reported $1.26 EPS for the quarter, missing analysts’ consensus estimates of $1.43 by ($0.17). The firm had revenue of $3.49 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. Sonic Automotive’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.02 earnings per share. Equities analysts anticipate that Sonic Automotive will post 5.6 earnings per share for the current year.

Sonic Automotive Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Friday, December 13th were issued a dividend of $0.35 per share. This is a positive change from Sonic Automotive’s previous quarterly dividend of $0.30. This represents a $1.40 annualized dividend and a yield of 2.05%. The ex-dividend date of this dividend was Friday, December 13th. Sonic Automotive’s dividend payout ratio (DPR) is 24.91%.

Institutional Trading of Sonic Automotive

Several large investors have recently made changes to their positions in SAH. Barclays PLC lifted its holdings in Sonic Automotive by 346.1% in the 3rd quarter. Barclays PLC now owns 24,413 shares of the company’s stock worth $1,427,000 after purchasing an additional 18,940 shares during the last quarter. Intech Investment Management LLC raised its position in shares of Sonic Automotive by 418.9% in the third quarter. Intech Investment Management LLC now owns 21,692 shares of the company’s stock valued at $1,269,000 after purchasing an additional 17,512 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of Sonic Automotive by 124.7% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company’s stock worth $3,239,000 after buying an additional 30,731 shares during the period. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Sonic Automotive during the 3rd quarter worth $532,000. Finally, Franklin Resources Inc. grew its stake in Sonic Automotive by 6.7% in the 3rd quarter. Franklin Resources Inc. now owns 9,643 shares of the company’s stock valued at $530,000 after buying an additional 609 shares during the last quarter. 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.