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.
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.
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.
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