Sonic Automotive (NYSE:SAH) Stock Price Target Cut by JPMorgan Chase & Co.

Sonic Automotive (NYSE:SAH) had its target price lowered by analysts at JPMorgan Chase & Co. from $63.00 to $58.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. JPMorgan Chase & Co.‘s price target points to a potential downside of 8.99% from the company’s current price.

Several other equities research analysts also recently commented on the stock. Weiss Ratings downgraded shares of Sonic Automotive from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Monday, October 26th. Citigroup dropped their price target on shares of Sonic Automotive from $115.00 to $98.00 and set a “buy” rating on the stock in a research report on Monday. Needham & Company LLC cut their price target on Sonic Automotive from $139.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, October 30th. Morgan Stanley decreased their price objective on Sonic Automotive from $72.00 to $57.00 and set an “underweight” rating for the company in a report on Monday, October 5th. Finally, Seaport Research Partners downgraded Sonic Automotive from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $185.00 to $205.00 in a research note on Friday, July 17th. Four equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $81.62.

Sonic Automotive Stock Up 5.0%

Shares of SAH traded up $3.05 during trading hours on Wednesday, reaching $63.73. The stock had a trading volume of 166,059 shares, compared to its average volume of 287,951. The firm has a 50-day simple moving average of $67.25 and a 200 day simple moving average of $73.08. 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 0.95, a quick ratio of 0.20 and a debt-to-equity ratio of 1.74. The company has a market capitalization of $2.01 billion, a price-to-earnings ratio of 10.29, a P/E/G ratio of 1.26 and a beta of 0.98.

Sonic Automotive (NYSE:SAH) last announced its quarterly earnings results on Thursday, October 29th. The company reported $1.30 EPS for the quarter, missing analysts’ consensus estimates of $1.66 by ($0.36). Sonic Automotive had a net margin of 1.33% and a return on equity of 20.05%. The business had revenue of $3.99 billion for the quarter, compared to the consensus estimate of $4.03 billion. During the same quarter last year, the firm posted $1.41 EPS. The business’s revenue for the quarter was up .4% compared to the same quarter last year. Equities research analysts predict that Sonic Automotive will post 6.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Sonic Automotive

In other news, major shareholder Paul P. Rusnak purchased 27,756 shares of the company’s stock in a transaction that occurred on Monday, October 5th. The shares were bought at an average cost of $59.76 per share, with a total value of $1,658,698.56. Following the completion of the transaction, the insider directly owned 5,149,401 shares of the company’s stock, valued at approximately $307,728,203.76. This trade represents a 0.54% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have bought 76,776 shares of company stock worth $4,584,694 over the last 90 days. 43.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sonic Automotive

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Parallel Advisors LLC boosted its stake in shares of Sonic Automotive by 32.6% in the 3rd quarter. Parallel Advisors LLC now owns 776 shares of the company’s stock worth $47,000 after buying an additional 191 shares during the last quarter. State of Wyoming purchased a new stake in shares of Sonic Automotive during the first quarter valued at approximately $79,000. Ameritas Advisory Services LLC bought a new stake in Sonic Automotive during the second quarter worth $88,000. CoreCap Advisors LLC boosted its position in Sonic Automotive by 15.5% in the third quarter. CoreCap Advisors LLC now owns 1,550 shares of the company’s stock worth $94,000 after purchasing an additional 208 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. purchased a new position in Sonic Automotive in the second quarter worth $208,000. Hedge funds and other institutional investors own 46.92% of the company’s stock.

Sonic Automotive Company Profile

Sonic Automotive, Inc is a U.S.-based automotive retailer headquartered in Charlotte, North Carolina. The company operates franchised dealerships that sell new and pre-owned vehicles from a range of automobile manufacturers, along with related automotive products and services.

Its dealership operations provide vehicle financing and insurance products, maintenance and repair services, replacement parts, and collision-repair services. Sonic Automotive also operates EchoPark Automotive, a used-vehicle business focused on offering pre-owned vehicles and related finance and service products through dedicated retail locations.

Founded in 1997 by automotive entrepreneur O.