JPMorgan Chase & Co. lowered its position in Sonic Corp. (NASDAQ:SONC) by 29.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 501,101 shares of the restaurant operator’s stock after selling 212,025 shares during the quarter. JPMorgan Chase & Co. owned 1.24% of Sonic worth $12,708,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in SONC. Great West Life Assurance Co. Can increased its position in Sonic by 2.4% during the 2nd quarter. Great West Life Assurance Co. Can now owns 63,326 shares of the restaurant operator’s stock worth $1,676,000 after purchasing an additional 1,476 shares in the last quarter. Wells Fargo & Company MN increased its position in Sonic by 28.7% during the 2nd quarter. Wells Fargo & Company MN now owns 79,892 shares of the restaurant operator’s stock worth $2,116,000 after purchasing an additional 17,822 shares in the last quarter. Nordea Investment Management AB increased its position in Sonic by 27.0% during the 2nd quarter. Nordea Investment Management AB now owns 67,409 shares of the restaurant operator’s stock worth $1,786,000 after purchasing an additional 14,315 shares in the last quarter. Cipher Capital LP increased its position in Sonic by 885.3% during the 2nd quarter. Cipher Capital LP now owns 143,969 shares of the restaurant operator’s stock worth $3,814,000 after purchasing an additional 129,357 shares in the last quarter. Finally, Geneva Advisors LLC increased its position in Sonic by 26.7% during the 2nd quarter. Geneva Advisors LLC now owns 51,159 shares of the restaurant operator’s stock worth $1,355,000 after purchasing an additional 10,767 shares in the last quarter.
A number of research firms recently commented on SONC. Oppenheimer reiterated a “buy” rating and set a $29.00 price objective on shares of Sonic in a research report on Friday, October 6th. Citigroup began coverage on Sonic in a research report on Monday, September 18th. They set a “buy” rating and a $28.00 price objective for the company. Zacks Investment Research cut Sonic from a “buy” rating to a “hold” rating in a research report on Wednesday, September 27th. Cowen reiterated a “neutral” rating on shares of Sonic in a research report on Tuesday, October 17th. Finally, BidaskClub upgraded Sonic from a “sell” rating to a “hold” rating in a research report on Saturday, December 2nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $27.73.
Shares of Sonic Corp. (NASDAQ SONC) opened at $28.38 on Friday. The company has a quick ratio of 1.48, a current ratio of 1.52 and a debt-to-equity ratio of -3.19. The company has a market capitalization of $1,105.62, a PE ratio of 22.29, a price-to-earnings-growth ratio of 1.44 and a beta of 1.74. Sonic Corp. has a fifty-two week low of $22.11 and a fifty-two week high of $30.05.
Sonic (NASDAQ:SONC) last posted its quarterly earnings results on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, beating the consensus estimate of $0.43 by $0.02. The company had revenue of $123.60 million during the quarter, compared to analysts’ expectations of $126.01 million. Sonic had a negative return on equity of 33.92% and a net margin of 13.34%. The firm’s revenue was down 23.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.45 EPS. equities research analysts forecast that Sonic Corp. will post 1.34 earnings per share for the current fiscal year.
Sonic declared that its board has authorized a stock repurchase plan on Thursday, October 26th that permits the company to repurchase $160.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to repurchase up to 14.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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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.
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