Bank of New York Mellon Corp decreased its stake in shares of Sonic Automotive Inc. (NYSE:SAH) by 4.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 449,968 shares of the company’s stock after selling 22,698 shares during the period. Bank of New York Mellon Corp owned approximately 0.99% of Sonic Automotive worth $7,700,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Capital Impact Advisors LLC increased its stake in shares of Sonic Automotive by 28.3% in the first quarter. Capital Impact Advisors LLC now owns 49,420 shares of the company’s stock valued at $913,000 after buying an additional 10,900 shares during the period. TIAA CREF Investment Management LLC increased its stake in shares of Sonic Automotive by 51.5% in the first quarter. TIAA CREF Investment Management LLC now owns 183,773 shares of the company’s stock valued at $3,396,000 after buying an additional 62,455 shares during the period. Prudential Financial Inc. increased its stake in shares of Sonic Automotive by 161.0% in the first quarter. Prudential Financial Inc. now owns 304,209 shares of the company’s stock valued at $5,622,000 after buying an additional 187,659 shares during the period. 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 period. Finally, BlackRock Institutional Trust Company N.A. increased its stake in shares of Sonic Automotive by 19.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,064,365 shares of the company’s stock valued at $19,669,000 after buying an additional 175,536 shares during the period. 65.88% of the stock is currently owned by institutional investors.

Sonic Automotive Inc. (NYSE:SAH) traded down 1.76% during trading on Friday, reaching $17.31. 491,129 shares of the company’s stock traded hands. The company has a 50 day moving average of $17.31 and a 200 day moving average of $17.72. The firm has a market cap of $786.69 million, a price-to-earnings ratio of 8.80 and a beta of 1.94. Sonic Automotive Inc. has a one year low of $15.68 and a one year high of $25.77.

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

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Thursday, September 15th will be issued a $0.05 dividend. The ex-dividend date is Tuesday, September 13th. This represents a $0.20 annualized dividend and a dividend yield of 1.16%. Sonic Automotive’s payout ratio is currently 10.26%.

Separately, Zacks Investment Research downgraded shares of Sonic Automotive from a “hold” rating to a “sell” rating in a research report on Tuesday, June 28th.

In other news, insider O Bruton Smith acquired 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 24th. The stock was purchased at an average cost of $16.83 per share, for a total transaction of $841,500.00. Following the completion of the acquisition, the insider now directly owns 525,242 shares of the company’s stock, valued at approximately $8,839,822.86. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 29.32% of the stock is owned by corporate insiders.

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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