Sonic Automotive (NYSE:SAH) Given New $57.00 Price Target at Morgan Stanley

Sonic Automotive (NYSE:SAH) had its price objective trimmed by Morgan Stanley from $72.00 to $57.00 in a research note released on Monday morning, MarketBeat Ratings reports. The firm currently has an underweight rating on the stock.

SAH has been the subject of a number of other research reports. Weiss Ratings lowered Sonic Automotive from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 16th. Citigroup lifted their target price on shares of Sonic Automotive from $95.00 to $115.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. UBS Group increased their price target on shares of Sonic Automotive from $90.00 to $109.00 and gave the company a “buy” rating in a research report on Friday, July 10th. Bank of America raised their price target on shares of Sonic Automotive from $91.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Finally, Barclays lowered their price objective on shares of Sonic Automotive from $92.00 to $87.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 19th. Four investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $97.00.

Sonic Automotive Stock Down 0.1%

SAH opened at $62.79 on Monday. Sonic Automotive has a 12 month low of $54.11 and a 12 month high of $113.67. The company has a current ratio of 1.01, a quick ratio of 0.25 and a debt-to-equity ratio of 1.88. The business’s 50-day moving average price is $76.95 and its 200-day moving average price is $78.21. The company has a market cap of $1.98 billion, a P/E ratio of 10.01, a P/E/G ratio of 1.01 and a beta of 0.92.

Sonic Automotive (NYSE:SAH) last issued its earnings results on Thursday, July 30th. The company reported $1.82 earnings per share for the quarter, beating the consensus estimate of $1.75 by $0.07. The company had revenue of $3.93 billion during the quarter, compared to analysts’ expectations of $3.78 billion. Sonic Automotive had a return on equity of 20.75% and a net margin of 1.37%.Sonic Automotive’s quarterly revenue was up 7.6% compared to the same quarter last year. During the same period in the prior year, the business posted $2.19 EPS. On average, equities analysts expect that Sonic Automotive will post 6.92 EPS for the current year.

Sonic Automotive Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be issued a $0.41 dividend. This represents a $1.64 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Sonic Automotive’s dividend payout ratio is 26.16%.

Hedge Funds Weigh In On Sonic Automotive

Several large investors have recently made changes to their positions in SAH. A&I Financial Services LLC increased its position in Sonic Automotive by 0.9% in the second quarter. A&I Financial Services LLC now owns 11,755 shares of the company’s stock worth $997,000 after buying an additional 109 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Sonic Automotive by 14.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,594 shares of the company’s stock valued at $390,000 after buying an additional 582 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of Sonic Automotive during the 2nd quarter valued at approximately $88,000. State of Wyoming purchased a new stake in Sonic Automotive in the 1st quarter worth approximately $79,000. Finally, Quantinno Capital Management LP increased its holdings in Sonic Automotive by 13.3% in the 1st quarter. Quantinno Capital Management LP now owns 10,043 shares of the company’s stock worth $689,000 after acquiring an additional 1,178 shares in the last quarter. 46.92% of the stock is currently owned by hedge funds and other institutional investors.

Sonic Automotive Company Profile

Sonic Automotive, Inc is an automotive retailer headquartered in Charlotte, North Carolina. The company operates franchised dealerships that sell new and used cars and light trucks from a range of manufacturers, along with related automotive products and services.

Its dealership operations provide vehicle financing and insurance products, parts and maintenance services, collision repair, and other after-sales support. Sonic Automotive also operates EchoPark Automotive, a used-vehicle retail business focused on providing a broad selection of pre-owned vehicles and related services.

Founded in 1997 by automotive entrepreneur O.