Needham & Company LLC Issues Positive Forecast for Sonic Automotive (NYSE:SAH) Stock Price

Sonic Automotive (NYSE:SAH) had its price objective boosted by Needham & Company LLC from $74.00 to $100.00 in a research note issued to investors on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the stock.

SAH has been the subject of a number of other reports. JPMorgan Chase & Co. lowered their price target on Sonic Automotive from $75.00 to $74.00 and set an “overweight” rating for the company in a report on Friday, January 17th. StockNews.com raised Sonic Automotive from a “hold” rating to a “buy” rating in a research report on Wednesday. Stephens raised Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Friday, January 24th. Finally, Seaport Res Ptn raised Sonic Automotive from a “hold” rating to a “strong-buy” rating in a report on Thursday, November 21st. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $78.00.

Sonic Automotive Stock Performance

Shares of SAH stock opened at $73.44 on Thursday. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of 13.07 and a beta of 1.68. Sonic Automotive has a 52-week low of $47.82 and a 52-week high of $76.78. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The company’s 50 day moving average is $67.90 and its 200 day moving average is $62.64.

Sonic Automotive (NYSE:SAH) last released its quarterly earnings results on Wednesday, February 12th. The company reported $1.51 EPS for the quarter, topping the consensus estimate of $1.46 by $0.05. Sonic Automotive had a return on equity of 21.27% and a net margin of 1.41%. On average, sell-side analysts anticipate that Sonic Automotive will post 5.54 EPS for the current fiscal year.

Sonic Automotive Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Friday, March 14th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend is Friday, March 14th. Sonic Automotive’s payout ratio is presently 24.91%.

Hedge Funds Weigh In On Sonic Automotive

Institutional investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new stake in Sonic Automotive during the fourth quarter valued at $51,000. XTX Topco Ltd acquired a new stake in Sonic Automotive in the 4th quarter valued at $242,000. Mariner LLC purchased a new stake in Sonic Automotive in the 4th quarter worth $225,000. Barclays PLC raised its position in Sonic Automotive by 50.8% during the fourth quarter. Barclays PLC now owns 36,807 shares of the company’s stock worth $2,332,000 after acquiring an additional 12,394 shares during the period. Finally, Legal & General Group Plc raised its position in Sonic Automotive by 7.5% during the fourth quarter. Legal & General Group Plc now owns 42,401 shares of the company’s stock worth $2,686,000 after acquiring an additional 2,967 shares during the period. 46.92% of the stock is owned by hedge funds and other institutional investors.

About Sonic Automotive

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.