Sonic Automotive (NYSE:SAH) Given New $98.00 Price Target at Citigroup

Sonic Automotive (NYSE:SAH) had its price target decreased by equities researchers at Citigroup from $115.00 to $98.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup‘s price objective would indicate a potential upside of 54.68% from the company’s current price.

Other equities analysts have also recently issued research reports about the company. Needham & Company LLC dropped their target price on Sonic Automotive from $139.00 to $96.00 and set a “buy” rating on the stock in a research report on Friday. UBS Group reduced their price target on Sonic Automotive from $107.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, October 7th. Barclays decreased their price target on Sonic Automotive from $87.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 6th. JPMorgan Chase & Co. dropped their price objective on Sonic Automotive from $72.00 to $64.00 and set an “underweight” rating on the stock in a report on Tuesday, October 6th. Finally, Seaport Research Partners cut 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 report on Friday, July 17th. Four 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’s stock. According to data from MarketBeat.com, Sonic Automotive presently has a consensus rating of “Hold” and a consensus target price of $82.62.

Sonic Automotive Stock Performance

Shares of Sonic Automotive stock traded up $0.12 on Monday, reaching $63.35. 103,531 shares of the stock were exchanged, compared to its average volume of 287,666. Sonic Automotive has a 1-year low of $54.11 and a 1-year 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 business has a fifty day moving average price of $67.83 and a two-hundred day moving average price of $73.09. The firm has a market capitalization of $2.00 billion, a PE ratio of 10.19, a PEG ratio of 1.21 and a beta of 0.97.

Sonic Automotive (NYSE:SAH) last posted its quarterly earnings results on Thursday, October 29th. The company reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.36). The firm had revenue of $3.99 billion for the quarter, compared to analysts’ expectations of $4.03 billion. Sonic Automotive had a return on equity of 20.05% and a net margin of 1.33%. The company’s revenue for the quarter was up .4% on a year-over-year basis. During the same period in the prior year, the company earned $1.41 earnings per share. As a group, research analysts anticipate that Sonic Automotive will post 6.65 earnings per share for the current fiscal year.

Insider Activity at Sonic Automotive

In other news, major shareholder Paul P. Rusnak purchased 12,555 shares of the firm’s stock in a transaction dated Wednesday, October 14th. The shares were acquired at an average price of $59.90 per share, with a total value of $752,044.50. Following the purchase, the insider directly owned 5,176,776 shares of the company’s stock, valued at $310,088,882.40. The trade was a 0.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Over the last 90 days, insiders purchased 76,776 shares of company stock worth $4,584,694. 43.68% of the stock is owned by insiders.

Hedge Funds Weigh In On Sonic Automotive

Several hedge funds and other institutional investors have recently bought and sold shares of the company. State of Wyoming acquired a new stake in Sonic Automotive in the first quarter valued at $79,000. Ameritas Advisory Services LLC acquired a new position in shares of Sonic Automotive during the 2nd quarter worth $88,000. CoreCap Advisors LLC boosted its position in shares of Sonic Automotive by 15.5% in the 3rd quarter. CoreCap Advisors LLC now owns 1,550 shares of the company’s stock worth $94,000 after buying an additional 208 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Sonic Automotive in the 2nd quarter worth about $208,000. Finally, Fifth Third Bancorp grew its stake in Sonic Automotive by 2,981.1% in the 1st quarter. Fifth Third Bancorp now owns 4,067 shares of the company’s stock valued at $279,000 after acquiring an additional 3,935 shares during the last quarter. 46.92% of the stock is owned by institutional investors and hedge funds.

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.