Sonic Automotive (NYSE:SAH) Upgraded by Bank of America to “Buy”

Sonic Automotive (NYSE:SAH) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “buy” rating in a note issued to investors on Friday, MarketBeat Ratings reports. The firm currently has a $68.00 price target on the stock, up from their prior price target of $55.00. Bank of America‘s price target indicates a potential upside of 20.01% from the stock’s previous close.

Several other research firms have also issued reports on SAH. StockNews.com lowered Sonic Automotive from a “buy” rating to a “hold” rating in a research report on Thursday, January 11th. TheStreet upgraded shares of Sonic Automotive from a “c+” rating to a “b” rating in a research note on Wednesday, March 6th. Finally, Morgan Stanley raised their price target on shares of Sonic Automotive from $35.00 to $40.00 and gave the company an “underweight” rating in a research report on Thursday, February 29th. Two analysts have rated the stock with a sell rating, one has issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Sonic Automotive presently has an average rating of “Hold” and a consensus price target of $56.00.

Sonic Automotive Price Performance

SAH opened at $56.66 on Friday. The company has a debt-to-equity ratio of 2.10, a quick ratio of 0.41 and a current ratio of 1.10. The stock has a market capitalization of $1.93 billion, a PE ratio of 11.40 and a beta of 1.82. The stock’s 50 day moving average price is $52.33 and its 200-day moving average price is $51.86. Sonic Automotive has a 52-week low of $39.02 and a 52-week high of $60.24.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings results on Wednesday, February 14th. The company reported $1.63 earnings per share for the quarter, missing the consensus estimate of $1.80 by ($0.17). Sonic Automotive had a return on equity of 28.06% and a net margin of 1.24%. The firm had revenue of $3.58 billion during the quarter, compared to analysts’ expectations of $3.61 billion. During the same period in the previous year, the company earned $2.61 earnings per share. Sonic Automotive’s revenue for the quarter was down .2% on a year-over-year basis. On average, equities research analysts predict that Sonic Automotive will post 5.62 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of SAH. Capital Investment Advisory Services LLC boosted its holdings in shares of Sonic Automotive by 14.8% in the first quarter. Capital Investment Advisory Services LLC now owns 9,354 shares of the company’s stock worth $533,000 after buying an additional 1,205 shares during the last quarter. Denali Advisors LLC raised its position in Sonic Automotive by 32.0% in the first quarter. Denali Advisors LLC now owns 36,700 shares of the company’s stock worth $2,090,000 after acquiring an additional 8,900 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Sonic Automotive during the 1st quarter worth $30,000. Quadrature Capital Ltd bought a new stake in shares of Sonic Automotive during the 4th quarter valued at $1,724,000. Finally, Oracle Alpha Inc. bought a new stake in shares of Sonic Automotive during the 4th quarter valued at $410,000. Institutional investors own 46.92% of the company’s stock.

Sonic Automotive Company Profile

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.