Sonic Automotive (NYSE:SAH) Hits New 1-Year High - Here's Why

Sonic Automotive, Inc. (NYSE:SAH - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The stock traded as high as $75.68 and last traded at $71.71, with a volume of 199844 shares. The stock had previously closed at $75.24.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SAH shares. Needham & Company LLC reiterated a "buy" rating and set a $74.00 target price on shares of Sonic Automotive in a report on Thursday, January 16th. Bank of America decreased their price objective on Sonic Automotive from $67.00 to $66.00 and set a "buy" rating for the company in a research report on Monday, October 14th. Seaport Res Ptn upgraded shares of Sonic Automotive from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 21st. JPMorgan Chase & Co. lowered their price objective on shares of Sonic Automotive from $75.00 to $74.00 and set an "overweight" rating for the company in a research report on Friday, January 17th. Finally, Stephens raised shares of Sonic Automotive from a "hold" rating to a "strong-buy" rating in a research report on Friday, January 24th. One research analyst has rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $67.20.

Sonic Automotive Stock Performance

The stock's 50-day moving average price is $67.36 and its 200 day moving average price is $61.98. The firm has a market cap of $2.56 billion, a P/E ratio of 13.33 and a beta of 1.68. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 0.35.

Hedge Funds Weigh In On Sonic Automotive

Several hedge funds have recently modified their holdings of SAH. Pacific Global Investment Management Co. boosted its position in Sonic Automotive by 4.1% during the fourth quarter. Pacific Global Investment Management Co. now owns 4,554 shares of the company's stock valued at $288,000 after purchasing an additional 179 shares during the last quarter. New York State Teachers Retirement System raised its stake in shares of Sonic Automotive by 0.8% during the 4th quarter. New York State Teachers Retirement System now owns 25,935 shares of the company's stock worth $1,643,000 after purchasing an additional 212 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Sonic Automotive by 515.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 480 shares of the company's stock valued at $30,000 after buying an additional 402 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Sonic Automotive by 4.6% during the third quarter. Point72 Asset Management L.P. now owns 11,400 shares of the company's stock worth $667,000 after buying an additional 500 shares during the last quarter. Finally, Inspire Investing LLC raised its position in Sonic Automotive by 8.7% during the third quarter. Inspire Investing LLC now owns 7,036 shares of the company's stock worth $411,000 after acquiring an additional 561 shares in the last quarter. Institutional investors own 46.92% of the company's stock.

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.