TIAA CREF Investment Management LLC Sells 39,370 Shares of Sonic Automotive, Inc. (SAH)

TIAA CREF Investment Management LLC cut its holdings in shares of Sonic Automotive, Inc. (NYSE:SAH) by 34.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 74,549 shares of the company’s stock after selling 39,370 shares during the period. TIAA CREF Investment Management LLC owned 0.17% of Sonic Automotive worth $1,450,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SAH. Victory Capital Management Inc. boosted its stake in shares of Sonic Automotive by 20.4% during the first quarter. Victory Capital Management Inc. now owns 4,976 shares of the company’s stock valued at $100,000 after purchasing an additional 844 shares in the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Sonic Automotive by 78.3% during the second quarter. State of Alaska Department of Revenue now owns 5,153 shares of the company’s stock valued at $100,000 after purchasing an additional 2,263 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Sonic Automotive by 4.8% during the first quarter. Public Employees Retirement System of Ohio now owns 8,891 shares of the company’s stock valued at $178,000 after purchasing an additional 410 shares in the last quarter. BNP Paribas Arbitrage SA boosted its stake in shares of Sonic Automotive by 48.8% during the second quarter. BNP Paribas Arbitrage SA now owns 9,359 shares of the company’s stock valued at $182,000 after purchasing an additional 3,068 shares in the last quarter. Finally, Karp Capital Management Corp bought a new position in shares of Sonic Automotive during the first quarter valued at approximately $211,000. Hedge funds and other institutional investors own 63.71% of the company’s stock.

Shares of Sonic Automotive, Inc. (NYSE SAH) opened at $20.40 on Monday. The company has a market cap of $881.18, a price-to-earnings ratio of 12.07, a P/E/G ratio of 3.71 and a beta of 1.54. The company has a current ratio of 1.06, a quick ratio of 0.26 and a debt-to-equity ratio of 1.41.

Sonic Automotive (NYSE:SAH) last announced its earnings results on Tuesday, October 24th. The company reported $0.40 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.40. The company had revenue of $2.51 billion during the quarter, compared to the consensus estimate of $2.54 billion. Sonic Automotive had a net margin of 0.70% and a return on equity of 10.47%. Sonic Automotive’s revenue was down 2.0% compared to the same quarter last year. During the same period last year, the firm earned $0.47 earnings per share. research analysts forecast that Sonic Automotive, Inc. will post 1.83 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Shareholders of record on Friday, December 15th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Thursday, December 14th. This represents a $0.20 annualized dividend and a yield of 0.98%. Sonic Automotive’s dividend payout ratio (DPR) is 13.07%.

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A number of equities analysts have recently issued reports on SAH shares. KeyCorp reiterated a “hold” rating on shares of Sonic Automotive in a research note on Friday, September 1st. TheStreet upgraded shares of Sonic Automotive from a “c+” rating to a “b” rating in a research note on Wednesday, October 18th. Bank of America Corporation downgraded shares of Sonic Automotive from a “neutral” rating to an “underperform” rating in a research note on Thursday, October 19th. Zacks Investment Research upgraded shares of Sonic Automotive from a “sell” rating to a “hold” rating in a research note on Tuesday, October 17th. Finally, BidaskClub downgraded shares of Sonic Automotive from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the company. Sonic Automotive presently has a consensus rating of “Hold” and an average price target of $23.67.

In other Sonic Automotive news, EVP Jeff Dyke sold 8,551 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $20.10, for a total value of $171,875.10. Following the completion of the transaction, the executive vice president now owns 1,262,056 shares of the company’s stock, valued at $25,367,325.60. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Heath Byrd sold 11,000 shares of the firm’s stock in a transaction on Friday, October 27th. The stock was sold at an average price of $20.43, for a total transaction of $224,730.00. Following the completion of the transaction, the chief financial officer now directly owns 143,306 shares of the company’s stock, valued at approximately $2,927,741.58. The disclosure for this sale can be found here. 30.29% of the stock is owned by company insiders.

Sonic Automotive Profile

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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