Sonic Automotive (NYSE:SAH) Given New $93.00 Price Target at Needham & Company LLC

Sonic Automotive (NYSE:SAH) had its price objective dropped by equities research analysts at Needham & Company LLC from $100.00 to $93.00 in a report released on Wednesday, Marketbeat Ratings reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would indicate a potential upside of 55.60% from the stock’s previous close.

SAH has been the subject of a number of other research reports. Seaport Res Ptn raised shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Thursday, November 21st. Stephens raised their target price on shares of Sonic Automotive from $83.00 to $92.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. raised their target price on shares of Sonic Automotive from $74.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, StockNews.com upgraded shares of Sonic Automotive from a “hold” rating to a “buy” rating in a report on Wednesday, February 12th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $77.80.

Sonic Automotive Trading Down 0.2 %

NYSE:SAH opened at $59.77 on Wednesday. Sonic Automotive has a one year low of $47.82 and a one year high of $76.78. The company’s 50-day simple moving average is $69.06 and its 200 day simple moving average is $63.89. The firm has a market capitalization of $2.02 billion, a P/E ratio of 9.67 and a beta of 1.70. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.09 and a quick ratio of 0.35.

Sonic Automotive (NYSE:SAH) last announced its earnings results on Wednesday, February 12th. The company reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.05. Sonic Automotive had a net margin of 1.52% and a return on equity of 19.96%. As a group, analysts forecast that Sonic Automotive will post 6.14 EPS for the current fiscal year.

Institutional Investors Weigh In On Sonic Automotive

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pacific Global Investment Management Co. boosted its holdings in Sonic Automotive by 4.1% in the fourth quarter. Pacific Global Investment Management Co. now owns 4,554 shares of the company’s stock worth $288,000 after purchasing an additional 179 shares during the last quarter. New York State Teachers Retirement System raised its holdings in Sonic Automotive by 0.8% in 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Sonic Automotive by 4.8% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,370 shares of the company’s stock worth $530,000 after acquiring an additional 380 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Sonic Automotive by 1.9% in the fourth quarter. American Century Companies Inc. now owns 20,596 shares of the company’s stock worth $1,305,000 after purchasing an additional 390 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of Sonic Automotive by 515.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 480 shares of the company’s stock valued at $30,000 after purchasing an additional 402 shares during the period. Hedge funds and other institutional investors own 46.92% of the company’s stock.

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.