Sonic Automotive (NYSE:SAH) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC began coverage on shares of Sonic Automotive (NYSE:SAH) in a report published on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $73.00 price objective on the stock.

Several other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. raised Sonic Automotive from a neutral rating to an overweight rating and boosted their target price for the company from $58.00 to $63.00 in a research note on Tuesday, August 6th. Bank of America reduced their target price 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. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Sonic Automotive currently has an average rating of Moderate Buy and an average target price of $61.00.

Sonic Automotive Price Performance

Shares of Sonic Automotive stock opened at $62.57 on Tuesday. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.10 and a quick ratio of 0.36. Sonic Automotive has a one year low of $41.19 and a one year high of $64.68. The stock has a market capitalization of $2.13 billion, a P/E ratio of 12.82 and a beta of 1.61. The business’s 50 day simple moving average is $56.72 and its two-hundred day simple moving average is $55.32.

Sonic Automotive (NYSE:SAH) last posted its earnings results on Monday, August 5th. The company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.38 by $0.09. Sonic Automotive had a return on equity of 25.31% and a net margin of 1.35%. The firm had revenue of $3.45 billion for the quarter, compared to analysts’ expectations of $3.56 billion. During the same period in the previous year, the firm earned $1.83 earnings per share. The business’s revenue was down 5.5% compared to the same quarter last year. Analysts forecast that Sonic Automotive will post 5.84 EPS for the current year.

Sonic Automotive Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend is Friday, September 13th. Sonic Automotive’s dividend payout ratio (DPR) is presently 24.59%.

Insider Buying and Selling at Sonic Automotive

In other news, President Jeff Dyke sold 15,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $56.76, for a total value of $851,400.00. Following the sale, the president now directly 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 through the SEC website. 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 value of $1,189,620.00. Following the transaction, the chief financial officer now owns 173,618 shares in the company, valued at approximately $10,417,080. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Jeff Dyke sold 15,000 shares of the firm’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 president now owns 161,622 shares of the company’s stock, valued at $9,173,664.72. The disclosure for this sale can be found here. Over the last quarter, insiders sold 54,041 shares of company stock valued at $3,193,860. Corporate insiders own 40.95% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SAH. Allspring Global Investments Holdings LLC bought a new stake in shares of Sonic Automotive during the first quarter valued at approximately $30,000. Innealta Capital LLC purchased a new stake in Sonic Automotive during the 2nd quarter valued at $41,000. AM Squared Ltd bought a new stake in shares of Sonic Automotive in the 2nd quarter worth $82,000. TFO Wealth Partners LLC increased its holdings in shares of Sonic Automotive by 35,366.7% in the 4th quarter. TFO Wealth Partners LLC now owns 2,128 shares of the company’s stock worth $120,000 after purchasing an additional 2,122 shares in the last quarter. Finally, Point72 DIFC Ltd raised its stake in shares of Sonic Automotive by 6.9% in the second quarter. Point72 DIFC Ltd now owns 2,900 shares of the company’s stock worth $158,000 after purchasing an additional 187 shares during the last quarter. 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.