Sonic Automotive (NYSE:SAH) Given New $115.00 Price Target at Citigroup

Sonic Automotive (NYSE:SAH) had its price objective boosted by stock analysts at Citigroup from $95.00 to $115.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 30.30% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Needham & Company LLC raised their price target on Sonic Automotive from $90.00 to $139.00 and gave the stock a “buy” rating in a research note on Friday. Stephens set a $89.00 target price on Sonic Automotive in a research note on Monday, July 13th. Barclays lifted their target price on Sonic Automotive from $77.00 to $92.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 15th. UBS Group boosted their target price on shares of Sonic Automotive from $90.00 to $109.00 and gave the company a “buy” rating in a research note on Friday, July 10th. Finally, JPMorgan Chase & Co. cut their price target on shares of Sonic Automotive from $77.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday, July 13th. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $98.33.

Sonic Automotive Trading Down 3.6%

Sonic Automotive stock traded down $3.32 during midday trading on Monday, reaching $88.26. The stock had a trading volume of 223,985 shares, compared to its average volume of 280,355. The company has a quick ratio of 0.25, a current ratio of 1.01 and a debt-to-equity ratio of 1.88. Sonic Automotive has a 52-week low of $54.11 and a 52-week high of $113.67. The firm has a market cap of $2.79 billion, a price-to-earnings ratio of 14.06, a price-to-earnings-growth ratio of 1.40 and a beta of 0.86. The company has a fifty day moving average of $88.55 and a 200 day moving average of $74.02.

Sonic Automotive (NYSE:SAH) last announced its earnings results on Thursday, July 30th. The company reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.75 by $0.07. The business had revenue of $3.93 billion during the quarter, compared to analyst estimates of $3.78 billion. Sonic Automotive had a return on equity of 20.75% and a net margin of 1.37%.The company’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.19 earnings per share. On average, analysts anticipate that Sonic Automotive will post 6.96 earnings per share for the current fiscal year.

Insider Activity at Sonic Automotive

In other news, President Jeff Dyke sold 35,114 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $85.22, for a total value of $2,992,415.08. Following the completion of the sale, the president owned 543,668 shares of the company’s stock, valued at approximately $46,331,386.96. This represents a 6.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 100,000 shares of company stock valued at $8,408,160. Insiders own 43.68% of the company’s stock.

Institutional Trading of Sonic Automotive

Hedge funds have recently bought and sold shares of the stock. Tudor Investment Corp ET AL raised its position in shares of Sonic Automotive by 41.2% in the 3rd quarter. Tudor Investment Corp ET AL now owns 183,522 shares of the company’s stock worth $13,964,000 after acquiring an additional 53,510 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Sonic Automotive by 70.8% in the fourth quarter. BNP Paribas Financial Markets now owns 181,189 shares of the company’s stock valued at $11,208,000 after purchasing an additional 75,125 shares during the last quarter. Heartland Advisors Inc. bought a new position in Sonic Automotive in the first quarter worth about $8,450,000. Dimensional Fund Advisors LP lifted its position in shares of Sonic Automotive by 3.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,313,857 shares of the company’s stock valued at $90,088,000 after buying an additional 48,599 shares during the last quarter. Finally, Empowered Funds LLC lifted its position in shares of Sonic Automotive by 64.4% during the first quarter. Empowered Funds LLC now owns 131,302 shares of the company’s stock valued at $9,003,000 after buying an additional 51,420 shares during the last quarter. Hedge funds and other institutional investors own 46.92% of the company’s stock.

About Sonic Automotive

Sonic Automotive, Inc is a publicly traded automotive retailer that operates a network of franchised new-car dealerships and used-vehicle dealerships across the United States. Headquartered in Charlotte, North Carolina, the company offers a range of services that include vehicle sales, leasing, finance and insurance products, service and parts, and collision repair. Sonic Automotive’s dealerships represent numerous major automotive brands, and the company also markets a broad selection of pre-owned vehicles under its own banner.

In addition to its core dealership operations, Sonic Automotive has developed digital retail capabilities that allow customers to research, shop and complete transactions online.