Sonic Automotive (NYSE:SAH) Reaches New 12-Month High – Time to Buy?

Sonic Automotive, Inc. (NYSE:SAH) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $72.67 and last traded at $72.53, with a volume of 166070 shares. The stock had previously closed at $71.10.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Seaport Res Ptn raised shares of Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. decreased their price objective on shares of Sonic Automotive from $75.00 to $74.00 and set an “overweight” rating for the company in a research report on Friday, January 17th. Needham & Company LLC restated a “buy” rating and issued a $74.00 target price on shares of Sonic Automotive in a report on Thursday, January 16th. Bank of America decreased their price target on Sonic Automotive from $67.00 to $66.00 and set a “buy” rating for the company in a report on Monday, October 14th. Finally, Stephens raised Sonic Automotive from a “hold” rating to a “strong-buy” rating in a research note on Friday, January 24th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $67.20.

Sonic Automotive Stock Performance

The company has a market cap of $2.51 billion, a PE ratio of 13.06 and a beta of 1.67. The company has a 50-day moving average of $66.70 and a 200-day moving average of $61.40. The company has a quick ratio of 0.35, a current ratio of 1.11 and a debt-to-equity ratio of 1.87.

Institutional Investors Weigh In On Sonic Automotive

A number of institutional investors have recently added to or reduced their stakes in SAH. Hsbc Holdings PLC grew its holdings in shares of Sonic Automotive by 36.0% in the second quarter. Hsbc Holdings PLC now owns 6,743 shares of the company’s stock valued at $366,000 after acquiring an additional 1,784 shares in the last quarter. Marshall Wace LLP grew its stake in Sonic Automotive by 831.1% in the 2nd quarter. Marshall Wace LLP now owns 35,969 shares of the company’s stock valued at $1,959,000 after purchasing an additional 32,106 shares during the period. AQR Capital Management LLC increased its position in shares of Sonic Automotive by 142.2% during the 2nd quarter. AQR Capital Management LLC now owns 29,755 shares of the company’s stock valued at $1,621,000 after purchasing an additional 17,472 shares during the last quarter. Millennium Management LLC raised its stake in shares of Sonic Automotive by 3.8% during the 2nd quarter. Millennium Management LLC now owns 456,588 shares of the company’s stock worth $24,870,000 after purchasing an additional 16,556 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new position in shares of Sonic Automotive in the 2nd quarter worth about $645,000. 46.92% of the stock is owned by institutional investors.

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.