JPMorgan Chase & Co. Lowers Sonic Automotive (NYSE:SAH) Price Target to $74.00

Sonic Automotive (NYSE:SAH - Free Report) had its price target lowered by JPMorgan Chase & Co. from $75.00 to $74.00 in a research report released on Friday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

SAH has been the topic of a number of other research reports. Morgan Stanley raised Sonic Automotive from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $40.00 to $58.00 in a report on Wednesday, September 25th. Bank of America reduced their price objective on shares of Sonic Automotive from $67.00 to $66.00 and set a "buy" rating for the company in a research note on Monday, October 14th. Seaport Res Ptn raised shares of Sonic Automotive from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 21st. Finally, Needham & Company LLC reissued a "buy" rating and set a $74.00 price target on shares of Sonic Automotive in a research note on Thursday. Two research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Sonic Automotive has a consensus rating of "Moderate Buy" and a consensus target price of $67.20.

Sonic Automotive Stock Performance

NYSE:SAH traded up $0.06 during midday trading on Friday, reaching $68.39. The stock had a trading volume of 146,398 shares, compared to its average volume of 117,849. 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 has a market cap of $2.34 billion, a P/E ratio of 12.17 and a beta of 1.67. The firm has a fifty day simple moving average of $65.64 and a two-hundred day simple moving average of $60.39. Sonic Automotive has a 12-month low of $47.82 and a 12-month high of $70.88.

Sonic Automotive (NYSE:SAH - Get Free Report) last issued its quarterly earnings results on Thursday, October 24th. The company reported $1.26 earnings per share (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 analyst estimates of $3.55 billion. Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. The company's revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.02 earnings per share. On average, equities analysts expect that Sonic Automotive will post 5.6 EPS for the current year.

Sonic Automotive Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Friday, December 13th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.05%. This is a boost from Sonic Automotive's previous quarterly dividend of $0.30. The ex-dividend date was Friday, December 13th. Sonic Automotive's dividend payout ratio (DPR) is 24.91%.

Institutional Trading of Sonic Automotive

Several institutional investors and hedge funds have recently made changes to their positions in SAH. Squarepoint Ops LLC boosted its position in Sonic Automotive by 679.8% during the second quarter. Squarepoint Ops LLC now owns 95,006 shares of the company's stock worth $5,175,000 after acquiring an additional 82,823 shares during the last quarter. Phocas Financial Corp. purchased a new position in Sonic Automotive during the third quarter worth about $3,645,000. Marshall Wace LLP boosted its stake in Sonic Automotive by 831.1% in the 2nd quarter. Marshall Wace LLP now owns 35,969 shares of the company's stock worth $1,959,000 after buying an additional 32,106 shares during the last quarter. Harbor Capital Advisors Inc. grew its holdings in Sonic Automotive by 124.7% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 55,383 shares of the company's stock valued at $3,239,000 after buying an additional 30,731 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Sonic Automotive during the 2nd quarter valued at about $1,351,000. 46.92% of the stock is currently 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.