Sonic Corp. (SONC) Downgraded to Neutral at Longbow Research

Longbow Research lowered shares of Sonic Corp. (NASDAQ:SONC) from a buy rating to a neutral rating in a research note issued to investors on Friday morning.

A number of other equities analysts also recently weighed in on SONC. Barclays PLC decreased their target price on shares of Sonic Corp. from $30.00 to $25.00 and set an underweight rating for the company in a research note on Wednesday, September 28th. Oppenheimer Holdings Inc. reaffirmed an outperform rating and set a $40.00 target price on shares of Sonic Corp. in a research note on Wednesday, August 10th. Jefferies Group reissued a hold rating on shares of Sonic Corp. in a research report on Thursday, August 4th. Canaccord Genuity reissued a buy rating and set a $35.00 price target on shares of Sonic Corp. in a research report on Friday, September 9th. Finally, Telsey Advisory Group reduced their price target on shares of Sonic Corp. from $38.00 to $36.00 and set an outperform rating for the company in a research report on Wednesday, September 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. Sonic Corp. has a consensus rating of Hold and an average price target of $31.42.

Shares of Sonic Corp. (NASDAQ:SONC) traded up 0.843% during midday trading on Friday, reaching $25.705. 177,029 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $25.36 and a 200-day moving average of $27.42. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of 19.926 and a beta of 1.47. Sonic Corp. has a one year low of $21.12 and a one year high of $36.34.

Sonic Corp. (NASDAQ:SONC) last announced its earnings results on Monday, October 24th. The company reported $0.45 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.01. Sonic Corp. had a net margin of 10.57% and a negative return on equity of 136.77%. The business earned $162.12 million during the quarter, compared to the consensus estimate of $167.15 million. During the same quarter last year, the firm earned $0.43 earnings per share. The business’s revenue for the quarter was down 7.5% on a year-over-year basis. On average, equities research analysts anticipate that Sonic Corp. will post $1.25 earnings per share for the current year.

TRADEMARK VIOLATION WARNING: “Sonic Corp. (SONC) Downgraded to Neutral at Longbow Research” was posted by Community Financial News and is the propert of of Community Financial News. If you are viewing this article on another domain, it was copied illegally and reposted in violation of United States and international copyright legislation. The correct version of this article can be accessed at https://www.com-unik.info/2016/12/05/sonic-corp-sonc-downgraded-to-neutral-at-longbow-research.html.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 18th. Stockholders of record on Wednesday, November 9th were given a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.20%. This is an increase from Sonic Corp.’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Monday, November 7th. Sonic Corp.’s dividend payout ratio (DPR) is presently 43.08%.

Hedge funds have recently made changes to their positions in the stock. Bank of Montreal Can purchased a new stake in shares of Sonic Corp. during the second quarter valued at approximately $123,000. BlackRock Inc. increased its stake in shares of Sonic Corp. by 34.2% in the second quarter. BlackRock Inc. now owns 5,134 shares of the company’s stock valued at $138,000 after buying an additional 1,308 shares during the last quarter. Societe Generale purchased a new stake in shares of Sonic Corp. during the second quarter valued at approximately $141,000. SG Americas Securities LLC purchased a new stake in shares of Sonic Corp. during the second quarter valued at approximately $141,000. Finally, FNY Managed Accounts LLC purchased a new stake in shares of Sonic Corp. during the third quarter valued at approximately $147,000. Hedge funds and other institutional investors own 99.98% of the company’s stock.

Sonic Corp. Company Profile

Sonic Corp. operates and franchises a chain of drive-in restaurants in the United States. The Company has around 3,512 Sonic Drive-Ins in 44 states of the United States. The Company’s product categories include Burgers, Coneys and Hot Dogs, Chicken, Breakfast, Snacks and Sides, Drinks, Ice Cream, and Wacky Pack.

5 Day Chart for NASDAQ:SONC

What are top analysts saying about Sonic Corp.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Sonic Corp. and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit