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

August 12, 2018 - By Matthew Richard

Sonic Corp. (NASDAQ:SONC) LogoInvestors sentiment decreased to 0.72 in 2018 Q1. Its down 0.16, from 0.88 in 2017Q4. It dived, 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. Captrust Fincl Advsrs reported 221 shares or 0% of all its holdings. Geode Ltd Liability stated it has 0% in Sonic Corp. (NASDAQ:SONC). Morgan Stanley owns 0% invested in Sonic Corp. (NASDAQ:SONC) for 194,257 shares. Paloma Ptnrs reported 44,451 shares. Pinebridge Ltd Partnership reported 10,757 shares. Thrivent For Lutherans accumulated 26,070 shares. Moreover, Ellington Mgmt Grp has 0.05% invested in Sonic Corp. (NASDAQ:SONC). Castleark Management Ltd Liability Corporation stated it has 0.04% of its portfolio in Sonic Corp. (NASDAQ:SONC). Polar Asset Management Ptnrs reported 71,458 shares stake. Qs Ltd Company has 0.03% invested in Sonic Corp. (NASDAQ:SONC) for 106,810 shares. Zurcher Kantonalbank (Zurich Cantonalbank) holds 0% or 2,203 shares. Huntington Bank has invested 0% in Sonic Corp. (NASDAQ:SONC). Riverhead Capital Management Ltd Liability Com, a Delaware-based fund reported 6,824 shares. Moreover, State Common Retirement Fund has 0% invested in Sonic Corp. (NASDAQ:SONC). Southeastern Asset Tn, Tennessee-based fund reported 6.44 million shares.

Since February 12, 2018, it had 0 insider buys, and 2 selling transactions for $874,886 activity. Vaughan Christina D had sold 2,124 shares worth $76,464. Shares for $798,422 were sold by Saroch E Edward.

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 $33.48 million, 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 $1.23B 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 Ishares Tr (ITB) by 692,976 shares to 651,824 shares, valued at $24.87M in 2018Q2, according to the filing. It also reduced its holding in Ishares Inc (Put) (EWW) by 234,400 shares in the quarter, leaving it with 403,100 shares, and cut its stake in Wells Fargo Co New (Put) (NYSE:WFC).

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 rating was maintained by Wells Fargo on Monday, March 19 with “Market Perform”. Morgan Stanley maintained Sonic Corp. (NASDAQ:SONC) on Monday, March 26 with “Equal-Weight” rating. The firm earned “Market Perform” rating on Wednesday, March 28 by Cowen & Co. The firm has “Underweight” rating by Barclays Capital given on Wednesday, June 27. The stock of Sonic Corp. (NASDAQ:SONC) earned “Hold” rating by Oppenheimer on Thursday, June 7. Barclays Capital maintained the stock with “Underweight” rating in Wednesday, March 28 report. The firm earned “Equal-Weight” rating on Thursday, June 28 by Morgan Stanley. The stock of Sonic Corp. (NASDAQ:SONC) earned “Buy” rating by Citigroup on Thursday, July 12. Canaccord Genuity maintained Sonic Corp. (NASDAQ:SONC) rating on Wednesday, March 28. Canaccord Genuity has “Hold” rating and $27 target. Jefferies maintained Sonic Corp. (NASDAQ:SONC) on Wednesday, March 28 with “Hold” rating.

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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