Sonic Automotive (NYSE:SAH) Raised to “Overweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Sonic Automotive (NYSE:SAH) from a neutral rating to an overweight rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports. They currently have $63.00 price objective on the stock, up from their prior price objective of $58.00.

Separately, Bank of America reduced their price objective on shares of 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 issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $58.00.

Sonic Automotive Price Performance

Shares of SAH stock opened at $59.80 on Tuesday. Sonic Automotive has a 52 week low of $41.19 and a 52 week high of $64.68. The stock has a market capitalization of $2.03 billion, a PE ratio of 12.25 and a beta of 1.61. The company has a debt-to-equity ratio of 2.11, a quick ratio of 0.35 and a current ratio of 1.09. The stock’s fifty day moving average is $56.26 and its 200-day moving average is $54.78.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.47 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.09. Sonic Automotive had a return on equity of 27.46% and a net margin of 1.21%. The company had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same quarter in the prior year, the business posted $1.83 EPS. The firm’s quarterly revenue was down 5.5% on a year-over-year basis. Equities research analysts expect that Sonic Automotive will post 5.71 EPS for the current fiscal year.

Sonic Automotive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.01%. Sonic Automotive’s dividend payout ratio is currently 24.59%.

Insider Buying and Selling

In related news, President 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 transaction of $851,400.00. Following the sale, the president now owns 161,622 shares in the company, valued at $9,173,664.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, President Jeff Dyke sold 15,000 shares of Sonic Automotive stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $56.76, for a total transaction of $851,400.00. Following the completion of the transaction, the president now directly owns 161,622 shares in the company, valued at approximately $9,173,664.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO David Bruton Smith sold 41,770 shares of the firm’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $59.27, for a total value of $2,475,707.90. Following the sale, the chief executive officer now directly owns 583,054 shares of the company’s stock, valued at approximately $34,557,610.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 95,811 shares of company stock worth $5,669,568. 40.95% of the stock is owned by insiders.

Institutional Investors Weigh In On Sonic Automotive

Several hedge funds have recently bought and sold shares of SAH. Allspring Global Investments Holdings LLC acquired a new stake in Sonic Automotive during the 1st quarter worth approximately $30,000. Innealta Capital LLC bought a new stake in shares of Sonic Automotive during the 2nd quarter valued at $41,000. AM Squared Ltd bought a new position in shares of Sonic Automotive in the second quarter worth $82,000. TFO Wealth Partners LLC raised its stake in Sonic Automotive by 35,366.7% in the fourth quarter. TFO Wealth Partners LLC now owns 2,128 shares of the company’s stock valued at $120,000 after purchasing an additional 2,122 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Sonic Automotive by 16.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,132 shares of the company’s stock worth $176,000 after buying an additional 447 shares in the last quarter. 46.92% of the stock is currently owned by institutional investors and hedge funds.

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.