Sonic Corp. (SONC) Director Sells $103,530.70 in Stock

Sonic Corp. (NASDAQ:SONC) Director Frank E. Richardson III sold 3,670 shares of the stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $28.21, for a total transaction of $103,530.70. Following the transaction, the director now owns 1,061,699 shares in the company, valued at $29,950,528.79. The sale was disclosed in a filing with the SEC, which is available through this link.

Sonic Corp. (NASDAQ:SONC) traded up $0.19 during mid-day trading on Friday, hitting $28.38. 459,300 shares of the company’s stock traded hands, compared to its average volume of 929,693. The stock has a market capitalization of $1,100.94, a price-to-earnings ratio of 22.20, a price-to-earnings-growth ratio of 1.44 and a beta of 1.74. Sonic Corp. has a 1-year low of $22.11 and a 1-year high of $30.05. The company has a current ratio of 1.52, a quick ratio of 1.48 and a debt-to-equity ratio of -3.19.

Sonic (NASDAQ:SONC) last released its quarterly earnings results on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.43 by $0.02. The business had revenue of $123.60 million during the quarter, compared to analyst estimates of $126.01 million. Sonic had a net margin of 13.34% and a negative return on equity of 33.92%. The company’s quarterly revenue was down 23.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 earnings per share. sell-side analysts expect that Sonic Corp. will post 1.34 EPS for the current year.

Sonic announced that its board has approved a stock buyback plan on Thursday, October 26th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the restaurant operator to purchase up to 14.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Several research analysts have issued reports on the stock. Oppenheimer reiterated a “buy” rating and set a $29.00 target price on shares of Sonic in a report on Friday, October 6th. Citigroup assumed coverage on shares of Sonic in a report on Monday, September 18th. They set a “buy” rating and a $28.00 target price on the stock. Zacks Investment Research cut shares of Sonic from a “buy” rating to a “hold” rating in a report on Wednesday, September 27th. Cowen reiterated a “neutral” rating on shares of Sonic in a report on Tuesday, October 17th. Finally, BidaskClub upgraded shares of Sonic from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $27.73.

Several hedge funds have recently added to or reduced their stakes in SONC. Westfield Capital Management Co. LP purchased a new stake in shares of Sonic during the second quarter valued at about $27,984,000. UBS Asset Management Americas Inc. raised its position in shares of Sonic by 3,507.8% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 420,125 shares of the restaurant operator’s stock valued at $11,129,000 after purchasing an additional 408,480 shares during the last quarter. Atlanta Capital Management Co. L L C purchased a new position in shares of Sonic in the 3rd quarter valued at approximately $7,681,000. Macquarie Group Ltd. raised its position in shares of Sonic by 25.4% in the 3rd quarter. Macquarie Group Ltd. now owns 1,462,539 shares of the restaurant operator’s stock valued at $37,222,000 after purchasing an additional 296,665 shares during the last quarter. Finally, OxFORD Asset Management LLP raised its position in shares of Sonic by 406.0% in the 3rd quarter. OxFORD Asset Management LLP now owns 234,792 shares of the restaurant operator’s stock valued at $5,954,000 after purchasing an additional 188,389 shares during the last quarter.

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Sonic Company Profile

Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board.

Insider Buying and Selling by Quarter for Sonic (NASDAQ:SONC)

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