The Sonic Automotive Inc. (SAH) Position Decreased by State Board of Administration of Florida Retirement System

The Sonic Automotive Inc. (SAH) Position Decreased by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System decreased its stake in shares of Sonic Automotive Inc. (NYSE:SAH) by 10.7% during the second quarter, Holdings Channel reports. The fund owned 32,726 shares of the company’s stock after selling 3,936 shares during the period. State Board of Administration of Florida Retirement System owned about 0.07% of Sonic Automotive worth $560,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SAH. Pacific Global Investment Management CO increased its stake in shares of Sonic Automotive by 0.9% in the first quarter. Pacific Global Investment Management CO now owns 313,790 shares of the company’s stock valued at $5,799,000 after buying an additional 2,661 shares during the last quarter. BlackRock Group LTD increased its stake in shares of Sonic Automotive by 3.9% in the first quarter. BlackRock Group LTD now owns 75,901 shares of the company’s stock valued at $1,402,000 after buying an additional 2,846 shares during the last quarter. California Public Employees Retirement System increased its stake in shares of Sonic Automotive by 2.7% in the second quarter. California Public Employees Retirement System now owns 139,453 shares of the company’s stock valued at $2,386,000 after buying an additional 3,700 shares during the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of Sonic Automotive by 82.7% in the second quarter. BNP Paribas Arbitrage SA now owns 10,444 shares of the company’s stock valued at $179,000 after buying an additional 4,726 shares during the last quarter. Finally, Suntrust Banks Inc. increased its stake in shares of Sonic Automotive by 16.1% in the second quarter. Suntrust Banks Inc. now owns 100,235 shares of the company’s stock valued at $1,714,000 after buying an additional 13,874 shares during the last quarter. Hedge funds and other institutional investors own 65.88% of the company’s stock.

Shares of Sonic Automotive Inc. (NYSE:SAH) traded up 2.05% during mid-day trading on Wednesday, reaching $19.40. 55,649 shares of the company’s stock were exchanged. Sonic Automotive Inc. has a 1-year low of $15.68 and a 1-year high of $25.77. The company’s 50 day moving average is $17.52 and its 200 day moving average is $17.58. The stock has a market capitalization of $881.67 million, a PE ratio of 9.87 and a beta of 1.81.

Sonic Automotive (NYSE:SAH) last released its earnings results on Tuesday, July 26th. The company reported $0.50 earnings per share for the quarter, hitting the consensus estimate of $0.50. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.48 billion. Sonic Automotive had a net margin of 0.99% and a return on equity of 14.65%. Sonic Automotive’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.46 EPS. Equities research analysts anticipate that Sonic Automotive Inc. will post $2.10 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Thursday, September 15th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.05%. The ex-dividend date is Tuesday, September 13th. Sonic Automotive’s dividend payout ratio is presently 10.26%.

Separately, Zacks Investment Research upgraded shares of Sonic Automotive from a “sell” rating to a “hold” rating in a research report on Monday.

In related news, insider O Bruton Smith bought 50,000 shares of the company’s stock in a transaction on Wednesday, August 24th. The shares were bought at an average price of $16.83 per share, with a total value of $841,500.00. Following the transaction, the insider now owns 525,242 shares in the company, valued at $8,839,822.86. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 29.32% of the company’s stock.

About Sonic Automotive

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

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