Needham & Company LLC Has Lowered Expectations for Sonic Automotive (NYSE:SAH) Stock Price

Sonic Automotive (NYSE:SAH) had its price target trimmed by Needham & Company LLC from $100.00 to $93.00 in a research note issued to investors on Wednesday, MarketBeat.com reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. boosted their price target on Sonic Automotive from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. StockNews.com raised Sonic Automotive from a “hold” rating to a “buy” rating in a research note on Wednesday, February 12th. Stephens boosted their price target on Sonic Automotive from $83.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Finally, Seaport Res Ptn raised Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $77.80.

Sonic Automotive Price Performance

Shares of SAH opened at $60.86 on Wednesday. The company has a market capitalization of $2.05 billion, a price-to-earnings ratio of 9.85 and a beta of 1.70. Sonic Automotive has a fifty-two week low of $47.82 and a fifty-two week high of $76.78. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.09 and a quick ratio of 0.35. The business’s 50-day moving average is $68.99 and its 200-day moving average is $63.87.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Wednesday, February 12th. The company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.05. Sonic Automotive had a return on equity of 19.96% and a net margin of 1.52%. Equities research analysts expect that Sonic Automotive will post 6.14 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.40 dividend on an annualized basis and a yield of 2.30%. Sonic Automotive’s payout ratio is currently 22.65%.

Institutional Investors Weigh In On Sonic Automotive

Several hedge funds have recently modified their holdings of SAH. Intech Investment Management LLC boosted 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 acquiring an additional 17,512 shares during the period. FMR LLC raised its stake in Sonic Automotive by 15.0% during the third quarter. FMR LLC now owns 52,259 shares of the company’s stock worth $3,056,000 after acquiring an additional 6,822 shares in the last quarter. Quantbot Technologies LP raised its stake in Sonic Automotive by 667.6% during the third quarter. Quantbot Technologies LP now owns 12,113 shares of the company’s stock worth $708,000 after acquiring an additional 10,535 shares in the last quarter. Walleye Capital LLC raised its stake in Sonic Automotive by 245.6% during the third quarter. Walleye Capital LLC now owns 28,210 shares of the company’s stock worth $1,650,000 after acquiring an additional 20,047 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in Sonic Automotive by 100.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company’s stock worth $70,000 after acquiring an additional 599 shares in the last quarter. 46.92% of the stock is owned by institutional investors.

About Sonic Automotive

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.