Sonic Automotive (NYSE:SAH) Shares Down 6.6% Following Analyst Downgrade

Sonic Automotive, Inc. (NYSE:SAH - Get Free Report) traded down 6.6% during trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $80.00 to $65.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Sonic Automotive traded as low as $57.45 and last traded at $57.75. 22,530 shares were traded during mid-day trading, a decline of 87% from the average session volume of 178,943 shares. The stock had previously closed at $61.83.

SAH has been the subject of a number of other research reports. Stephens lifted their price target on shares of Sonic Automotive from $83.00 to $92.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Needham & Company LLC dropped their price target on shares of Sonic Automotive from $100.00 to $93.00 and set a "buy" rating on the stock in a research note on Wednesday, March 19th. Finally, StockNews.com cut Sonic Automotive from a "buy" rating to a "hold" rating in a research report on Monday, March 24th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $74.80.

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Hedge Funds Weigh In On Sonic Automotive

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its stake in shares of Sonic Automotive by 15.0% in the third quarter. FMR LLC now owns 52,259 shares of the company's stock worth $3,056,000 after buying an additional 6,822 shares during the last quarter. Quantbot Technologies LP increased its stake in shares of Sonic Automotive by 667.6% in the third quarter. Quantbot Technologies LP now owns 12,113 shares of the company's stock valued at $708,000 after purchasing an additional 10,535 shares during the period. Walleye Capital LLC raised its stake in Sonic Automotive by 245.6% during the 3rd quarter. Walleye Capital LLC now owns 28,210 shares of the company's stock valued at $1,650,000 after acquiring an additional 20,047 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. increased its stake in Sonic Automotive by 100.3% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,196 shares of the company's stock valued at $70,000 after buying an additional 599 shares during the period. Finally, HITE Hedge Asset Management LLC lifted its position in Sonic Automotive by 49.0% in the third quarter. HITE Hedge Asset Management LLC now owns 28,524 shares of the company's stock worth $1,668,000 after purchasing an additional 9,377 shares during the period. 46.92% of the stock is owned by institutional investors and hedge funds.

Sonic Automotive Trading Up 3.2 %

The stock has a market capitalization of $1.92 billion, a P/E ratio of 9.20 and a beta of 1.70. The firm's 50-day simple moving average is $68.13 and its 200 day simple moving average is $64.03. The company has a quick ratio of 0.35, a current ratio of 1.09 and a debt-to-equity ratio of 1.75.

Sonic Automotive (NYSE:SAH - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 anticipate that Sonic Automotive, Inc. will post 6.14 EPS for the current fiscal year.

Sonic Automotive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Friday, March 14th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.46%. The ex-dividend date of this dividend is Friday, March 14th. Sonic Automotive's dividend payout ratio is currently 22.65%.

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.