Sonic Automotive (NYSE:SAH) Receives "Buy" Rating from Needham & Company LLC

Sonic Automotive (NYSE:SAH - Get Free Report)'s stock had its "buy" rating reissued by investment analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They presently have a $74.00 target price on the stock. Needham & Company LLC's price objective indicates a potential upside of 8.34% from the stock's current price.

Several other research analysts have also recently issued reports on SAH. Bank of America dropped their price target on Sonic Automotive from $67.00 to $66.00 and set a "buy" rating on the stock in a report on Monday, October 14th. Seaport Res Ptn upgraded Sonic Automotive from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 21st. Finally, Morgan Stanley raised Sonic Automotive from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $40.00 to $58.00 in a report on Wednesday, September 25th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $67.40.

Sonic Automotive Price Performance

NYSE:SAH traded down $0.19 during mid-day trading on Thursday, reaching $68.30. 191,006 shares of the stock were exchanged, compared to its average volume of 169,011. The company has a current ratio of 1.11, a quick ratio of 0.35 and a debt-to-equity ratio of 1.87. The business has a fifty day moving average price of $65.50 and a 200 day moving average price of $60.23. Sonic Automotive has a 1-year low of $47.82 and a 1-year high of $70.88. The firm has a market capitalization of $2.34 billion, a PE ratio of 12.15 and a beta of 1.67.

Sonic Automotive (NYSE:SAH - Get Free Report) last posted its quarterly earnings data on Thursday, October 24th. The company reported $1.26 earnings per share for the quarter, missing the consensus estimate of $1.43 by ($0.17). Sonic Automotive had a net margin of 1.41% and a return on equity of 21.27%. The business had revenue of $3.49 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter last year, the business posted $2.02 EPS. The business's revenue for the quarter was down 4.2% on a year-over-year basis. Research analysts expect that Sonic Automotive will post 5.6 earnings per share for the current fiscal year.

Institutional Trading of Sonic Automotive

Several hedge funds and other institutional investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. raised its position in Sonic Automotive by 1.8% during the fourth quarter. Harbor Capital Advisors Inc. now owns 56,361 shares of the company's stock valued at $3,570,000 after buying an additional 978 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Sonic Automotive by 68.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 53,231 shares of the company's stock valued at $3,113,000 after purchasing an additional 21,650 shares during the period. Franklin Resources Inc. increased its holdings in shares of 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 purchasing an additional 609 shares during the period. Barclays PLC lifted its position in shares of Sonic Automotive by 346.1% in the third quarter. Barclays PLC now owns 24,413 shares of the company's stock worth $1,427,000 after purchasing an additional 18,940 shares in the last quarter. Finally, Readystate Asset Management LP acquired a new stake in shares of Sonic Automotive during the third quarter worth approximately $596,000. Institutional investors and hedge funds 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.