Citigroup Inc Increased Sonic Corp (NASDAQ:SONC) Stake by $32.87 Million

August 12, 2018 - By Mary Markley

Sonic Corp. (NASDAQ:SONC) LogoInvestors sentiment decreased to 0.72 in Q1 2018. Its down 0.16, from 0.88 in 2017Q4. It is negative, as 28 investors sold SONC shares while 58 reduced holdings. 23 funds opened positions while 39 raised stakes. 40.44 million shares or 7.62% less from 43.78 million shares in 2017Q4 were reported. Citigroup Incorporated reported 0.02% stake. American Group stated it has 0% in Sonic Corp. (NASDAQ:SONC). 77,844 are held by Laurion Capital Mgmt Ltd Partnership. New York-based Metropolitan Life New York has invested 0% in Sonic Corp. (NASDAQ:SONC). Ny State Teachers Retirement Systems stated it has 0.01% in Sonic Corp. (NASDAQ:SONC). Hsbc Hldg Pcl stated it has 13,748 shares or 0% of all its holdings. Westwood Gp Inc stated it has 0.23% of its portfolio in Sonic Corp. (NASDAQ:SONC). Teacher Retirement Systems Of Texas reported 8,912 shares. Fenimore Asset Management invested in 0.86% or 886,167 shares. Moneta Grp Inc Invest Advisors Limited Company, Missouri-based fund reported 19 shares. Louisiana State Employees Retirement Systems invested 0.02% of its portfolio in Sonic Corp. (NASDAQ:SONC). Pnc Grp reported 979 shares stake. Texas Permanent School Fund owns 0.01% invested in Sonic Corp. (NASDAQ:SONC) for 25,460 shares. Thrivent Fincl For Lutherans owns 26,070 shares for 0% of their portfolio. Macquarie Grp Limited reported 1.73 million shares.

Since February 12, 2018, it had 0 buys, and 2 sales for $874,886 activity. Saroch E Edward sold $798,422 worth of Sonic Corp. (NASDAQ:SONC) on Tuesday, July 17. Vaughan Christina D had sold 2,124 shares worth $76,464.

Citigroup Inc increased its stake in Sonic Corp (NASDAQ:SONC) by 16110.52% based on its latest 2018Q2 regulatory filing with the SEC. Citigroup Inc bought 966,631 shares as the company’s stock declined 3.62% with the market. The institutional investor held 972,631 shares of the restaurants company at the end of 2018Q2, valued at $33.48M, up from 6,000 at the end of the previous reported quarter. Citigroup Inc who had been investing in Sonic Corp for a number of months, seems to be bullish on the $1.23 billion market cap company. The stock increased 0.06% or $0.02 during the last trading session, reaching $34.21. About 501,439 shares traded. Sonic Corp. (NASDAQ:SONC) has declined 16.30% since August 13, 2017 and is downtrending. It has underperformed by 28.87% the S&P500.

Citigroup Inc, which manages about $108.81B US Long portfolio, decreased its stake in Vanguard Index Fds (Put) (VNQ) by 165,600 shares to 128,500 shares, valued at $10.47 million in 2018Q2, according to the filing. It also reduced its holding in Zions Bancorporation (Put) (NASDAQ:ZION) by 220,700 shares in the quarter, leaving it with 81,900 shares, and cut its stake in Ishares Tr (Put) (EMB).

Sonic Corp. (NASDAQ:SONC) Ratings Coverage

Among 8 analysts covering Sonic (NASDAQ:SONC), 1 have Buy rating, 1 Sell and 6 Hold. Therefore 13% are positive. Sonic had 11 analyst reports since March 19, 2018 according to SRatingsIntel. The firm has “Underweight” rating by Barclays Capital given on Wednesday, June 27. The stock of Sonic Corp. (NASDAQ:SONC) earned “Market Perform” rating by Wells Fargo on Wednesday, June 27. On Thursday, June 7 the stock rating was maintained by Oppenheimer with “Hold”. The rating was maintained by Jefferies on Wednesday, March 28 with “Hold”. The firm has “Buy” rating by Citigroup given on Thursday, July 12. The firm has “Equal-Weight” rating by Morgan Stanley given on Thursday, June 28. The firm has “Market Perform” rating by Cowen & Co given on Wednesday, March 28. On Monday, March 19 the stock rating was maintained by Wells Fargo with “Market Perform”. The stock of Sonic Corp. (NASDAQ:SONC) has “Equal-Weight” rating given on Monday, March 26 by Morgan Stanley. The firm earned “Underweight” rating on Wednesday, March 28 by Barclays Capital.

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. The company has market cap of $1.23 billion. As of August 31, 2017, the firm operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the firm and 3,365 were owned and operated by franchisees. It has a 18.38 P/E ratio. The firm also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.

Another recent and important Sonic Corp. (NASDAQ:SONC) news was published by Fool.com which published an article titled: “3 Companies Rewarding Investors Through Buybacks” on August 07, 2018.

Sonic Corp. (NASDAQ:SONC) Institutional Positions Chart

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