Sonic Automotive (NYSE:SAH) coverage was initiated by analysts at Needham & Company LLC

Needham & Company LLC started coverage on the stock Sonic Automotive (NYSE:SAH – Free Report) in a research note issued to investors on Tuesday morning, Marketbeat.com reports. The firm issued a buy rating and a $73.00 target price on the stock.

A number of other equities research analysts have also recently commented on the company. Bank of America cut their price target on Sonic Automotive from $68.00 to $67.00 and set a buy rating on the stock in a research note on Monday, July 22nd. JPMorgan Chase & Co. raised shares of Sonic Automotive from a neutral rating to an overweight rating and upped their price objective for the company from $58.00 to $63.00 in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of Moderate Buy and a consensus price target of $61.00, based on data from MarketBeat.

Get the latest stock analysis on SAH

Sonic Automotive Trading Up 0.0%

Shares of NYSE SAH opened at $61.05 on Tuesday. Sonic Automotive has a 1 year low of $41.19 and a 1 year high of $64.68. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.10, and a quick ratio of 0.36. The firm has a 50-day moving average of $56.61 and a 200-day moving average of $55.25. The stock has a market cap of $2.07 billion, a P/E ratio of 12.51 and a beta of 1.61.

Sonic Automotive (NYSE:SAH – Get Your Free Report ) last released its earnings results on Monday, August 5th. The company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.38 by $0.09. The firm had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.56 billion. Sonic Automotive had a net margin of 1.35% and a return on equity of 25.31%. The company’s revenue fell 5.5% year over year. In the same period last year, the company earned $1.83 per share. As a group, sell-side analysts expect that Sonic Automotive will post 5.85 EPS for the current fiscal year.

Sonic Automotive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Friday, September 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, September 13. This represents an annualized dividend of $1.20 and a dividend yield of 1.97%. Sonic Automotive’s dividend payout ratio (DPR) is currently 24.59%.

Insiders place their bets

In other news, Chairman Jeff Dyke sold 15,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $56.76, for a total transaction of $851,400.00. Following the sale, the chairman now owns 161,622 shares of the company’s stock, valued at approximately $9,173,664.72. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. In related news, CFO Heath Byrd sold 19,827 shares of the company’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $60.00, for a total transaction of $1,189,620.00. Following the completion of the sale, the chief financial officer now owns 173,618 shares in the company, valued at $10,417,080. The transaction was disclosed in a filing with the SEC, which can be accessed via this hyperlink. Also, Chairman Jeff Dyke sold 15,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $56.76, for a total value of $851,400.00. Following the completion of the transaction, the chairman now directly owns 161,622 shares in the company, valued at $9,173,664.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 54,041 shares of company stock valued at $3,193,860. 40.95% of shares are owned by insiders.

Hedge funds influence Sonic Automotive

Institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC acquired a new stake in Sonic Automotive in the first quarter valued at about $30,000. Inçalta Capital LLC purchased a new stake in shares of Sonic Automotive in the second quarter valued at $41,000. AM Squared Ltd bought a new position in Sonic Automotive in the second quarter valued at $82,000. TFO Wealth Partners LLC lifted its position in Sonic Automotive by 35,366.7% during the fourth quarter. TFO Wealth Partners LLC now owns 2,128 shares of the company’s stock valued at $120,000 after buying an additional 2,122 shares during the last quarter. Finally, Point72 DIFC Ltd raised its holdings in Sonic Automotive by 6.9% during the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock valued at $158,000 after buying an additional 187 shares during the period. Institutional investors own 46.92% of the company’s shares.

About Sonic Automotive

(Get a free report)

Sonic Automotive, Inc operates as an automotive dealer in the United States. It operates in three segments, franchised dealers, EchoPark and Powersports. The Franchise Representatives segment is involved in the sale of new and used cars and light trucks, as well as spare parts; providing vehicle maintenance services, manufacturer’s warranty repairs and paint and collision repair services; and arranging extended warranties, service contracts, financing, insurance and other aftermarket products for its guests.

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