State Street Corp increased its stake in shares of Sonic Automotive, Inc. (NYSE:SAH) by 8.2% during the first quarter, Holdings Channel reports. The fund owned 823,177 shares of the company’s stock after buying an additional 62,209 shares during the period. State Street Corp’s holdings in Sonic Automotive were worth $16,501,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Teachers Advisors LLC raised its stake in Sonic Automotive by 29.1% in the fourth quarter. Teachers Advisors LLC now owns 82,309 shares of the company’s stock valued at $1,885,000 after buying an additional 18,571 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in Sonic Automotive by 0.9% in the first quarter. Louisiana State Employees Retirement System now owns 10,700 shares of the company’s stock valued at $215,000 after buying an additional 100 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in Sonic Automotive by 3.8% in the first quarter. Nisa Investment Advisors LLC now owns 27,200 shares of the company’s stock valued at $545,000 after buying an additional 1,000 shares during the last quarter. Sanders Morris Harris Inc. bought a new stake in Sonic Automotive during the first quarter valued at $1,491,000. Finally, Nationwide Fund Advisors raised its stake in Sonic Automotive by 7.4% in the first quarter. Nationwide Fund Advisors now owns 70,694 shares of the company’s stock valued at $1,417,000 after buying an additional 4,885 shares during the last quarter. Institutional investors own 64.64% of the company’s stock.

Sonic Automotive, Inc. (SAH) traded down 0.30% during mid-day trading on Friday, reaching $16.40. The company’s stock had a trading volume of 91,501 shares. Sonic Automotive, Inc. has a 12-month low of $15.95 and a 12-month high of $27.45. The firm’s 50 day moving average price is $18.30 and its 200 day moving average price is $19.77. The stock has a market cap of $719.32 million, a price-to-earnings ratio of 11.04 and a beta of 1.51.

Sonic Automotive (NYSE:SAH) last posted its earnings results on Friday, July 28th. The company reported $0.40 EPS for the quarter, missing the Zacks’ consensus estimate of $0.46 by $0.06. Sonic Automotive had a net margin of 0.69% and a return on equity of 11.14%. The business had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same quarter in the prior year, the firm earned $0.50 EPS. Sonic Automotive’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, equities analysts predict that Sonic Automotive, Inc. will post $1.86 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Friday, September 15th will be given a $0.05 dividend. The ex-dividend date is Thursday, September 14th. This represents a $0.20 dividend on an annualized basis and a yield of 1.22%. Sonic Automotive’s dividend payout ratio is currently 13.42%.

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Several analysts recently weighed in on SAH shares. Jefferies Group LLC restated a “hold” rating and set a $22.00 price target on shares of Sonic Automotive in a report on Wednesday, May 3rd. TheStreet lowered Sonic Automotive from a “b” rating to a “c+” rating in a report on Tuesday, May 30th. ValuEngine lowered Sonic Automotive from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Morgan Stanley decreased their price target on Sonic Automotive from $25.00 to $23.00 and set an “overweight” rating on the stock in a report on Friday, June 9th. Finally, BidaskClub lowered Sonic Automotive from a “hold” rating to a “sell” rating in a report on Friday, July 28th. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $21.75.

About Sonic Automotive

Sonic Automotive, Inc is an automotive retailer in the United States. The Company’s operating segments include Franchised Dealerships and EchoPark. Its Franchised Dealerships segment consists of retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle repair and maintenance services, and arrange finance and insurance products.

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Institutional Ownership by Quarter for Sonic Automotive (NYSE:SAH)

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