JPMorgan Chase & Co. Cuts Sonic Automotive (NYSE:SAH) Price Target to $65.00

Sonic Automotive (NYSE:SAH) had its price objective reduced by investment analysts at JPMorgan Chase & Co. from $80.00 to $65.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 11.23% from the company’s previous close.

Other analysts have also recently issued reports about the company. StockNews.com cut Sonic Automotive from a “buy” rating to a “hold” rating in a research report on Monday. Needham & Company LLC decreased their target price on shares of Sonic Automotive from $100.00 to $93.00 and set a “buy” rating on the stock in a research report on Wednesday, March 19th. Finally, Stephens increased their price target on shares of Sonic Automotive from $83.00 to $92.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Sonic Automotive has a consensus rating of “Moderate Buy” and an average target price of $74.80.

Sonic Automotive Stock Performance

SAH stock traded down $3.39 on Thursday, reaching $58.44. 76,418 shares of the company were exchanged, compared to its average volume of 202,936. 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 has a 12 month low of $47.82 and a 12 month high of $76.78. The stock’s fifty day moving average price is $68.62 and its 200 day moving average price is $63.95. The firm has a market capitalization of $1.97 billion, a PE ratio of 9.49 and a beta of 1.70.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $1.51 EPS 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%. On average, research analysts anticipate that Sonic Automotive will post 6.14 EPS for the current fiscal year.

Institutional Trading of Sonic Automotive

Several hedge funds have recently modified their holdings of SAH. Barclays PLC boosted its holdings in shares of Sonic Automotive by 346.1% in the 3rd quarter. Barclays PLC now owns 24,413 shares of the company’s stock worth $1,427,000 after acquiring an additional 18,940 shares in the last quarter. New York State Common Retirement Fund boosted its stake in Sonic Automotive by 54.4% in the fourth quarter. New York State Common Retirement Fund now owns 45,000 shares of the company’s stock worth $2,851,000 after purchasing an additional 15,849 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Sonic Automotive by 68.6% during the third quarter. JPMorgan Chase & Co. now owns 53,231 shares of the company’s stock worth $3,113,000 after purchasing an additional 21,650 shares during the last quarter. SG Americas Securities LLC acquired a new stake in shares of Sonic Automotive in the fourth quarter valued at $244,000. Finally, Franklin Resources Inc. raised its holdings in shares of Sonic Automotive by 6.7% in the third quarter. Franklin Resources Inc. now owns 9,643 shares of the company’s stock valued at $530,000 after buying an additional 609 shares during the last quarter. Institutional investors and hedge funds own 46.92% of the company’s stock.

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.