Sonic Automotive (NYSE:SAH) Stock Price Target Lowered at JPMorgan Chase & Co.

Sonic Automotive (NYSE:SAH) had its price target lowered by research analysts at JPMorgan Chase & Co. from $72.00 to $64.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 4.66% from the stock’s previous close.

A number of other equities research analysts have also commented on SAH. Needham & Company LLC upped their price objective on shares of Sonic Automotive from $90.00 to $139.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Barclays lowered their target price on shares of Sonic Automotive from $87.00 to $75.00 and set an “equal weight” rating for the company in a research note on Tuesday. Seaport Research Partners lowered shares of Sonic Automotive from a “buy” rating to a “neutral” rating and boosted their target price for the company from $185.00 to $205.00 in a report on Friday, July 17th. Morgan Stanley cut their price target on shares of Sonic Automotive from $72.00 to $57.00 and set an “underweight” rating on the stock in a research report on Monday. Finally, Stephens set a $89.00 price target on Sonic Automotive in a report on Monday, July 13th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Sonic Automotive currently has a consensus rating of “Hold” and a consensus price target of $94.50.

Sonic Automotive Trading Down 2.4%

Shares of SAH traded down $1.48 during mid-day trading on Tuesday, reaching $61.15. 179,531 shares of the company were exchanged, compared to its average volume of 286,899. The business has a 50 day simple moving average of $76.95 and a two-hundred day simple moving average of $78.21. The company has a debt-to-equity ratio of 1.88, a quick ratio of 0.25 and a current ratio of 1.01. The stock has a market capitalization of $1.93 billion, a PE ratio of 9.74, a PEG ratio of 1.01 and a beta of 0.92. Sonic Automotive has a 52 week low of $54.11 and a 52 week high of $113.67.

Sonic Automotive (NYSE:SAH) last announced its earnings results on Thursday, July 30th. The company reported $1.82 EPS for the quarter, beating the consensus estimate of $1.75 by $0.07. The business had revenue of $3.93 billion for the quarter, compared to analysts’ expectations of $3.78 billion. Sonic Automotive had a return on equity of 20.75% and a net margin of 1.37%.The firm’s revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the business posted $2.19 earnings per share. On average, analysts predict that Sonic Automotive will post 6.92 earnings per share for the current fiscal year.

Insider Activity

In other Sonic Automotive news, major shareholder Paul P. Rusnak purchased 21,645 shares of Sonic Automotive stock in a transaction that occurred on Thursday, October 1st. The stock was acquired at an average price of $59.50 per share, with a total value of $1,287,877.50. Following the transaction, the insider owned 5,121,645 shares in the company, valued at $304,737,877.50. This trade represents a 0.42% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 43.68% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. A&I Financial Services LLC raised its position in shares of Sonic Automotive by 0.9% in the 2nd quarter. A&I Financial Services LLC now owns 11,755 shares of the company’s stock worth $997,000 after acquiring an additional 109 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Sonic Automotive by 14.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,594 shares of the company’s stock worth $390,000 after buying an additional 582 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Sonic Automotive during the second quarter valued at approximately $88,000. State of Wyoming bought a new stake in shares of Sonic Automotive during the first quarter valued at approximately $79,000. Finally, Quantinno Capital Management LP raised its holdings in Sonic Automotive by 13.3% in the 1st quarter. Quantinno Capital Management LP now owns 10,043 shares of the company’s stock worth $689,000 after acquiring an additional 1,178 shares during the last quarter. 46.92% of the stock is currently owned by institutional investors and hedge funds.

Sonic Automotive Company Profile

Sonic Automotive, Inc is an automotive retailer headquartered in Charlotte, North Carolina. The company operates franchised dealerships that sell new and used cars and light trucks from a range of manufacturers, along with related automotive products and services.

Its dealership operations provide vehicle financing and insurance products, parts and maintenance services, collision repair, and other after-sales support. Sonic Automotive also operates EchoPark Automotive, a used-vehicle retail business focused on providing a broad selection of pre-owned vehicles and related services.

Founded in 1997 by automotive entrepreneur O.