Trexquant Investment LP acquired a new position in Sonic Co. (NASDAQ:SONC) during the 3rd quarter, Holdings Channel reports. The fund acquired 18,509 shares of the restaurant operator’s stock, valued at approximately $802,000.
Other institutional investors have also modified their holdings of the company. Point72 Asset Management L.P. grew its stake in shares of Sonic by 109.0% in the second quarter. Point72 Asset Management L.P. now owns 4,500 shares of the restaurant operator’s stock worth $155,000 after purchasing an additional 54,500 shares during the last quarter. Engineers Gate Manager LP bought a new stake in Sonic during the second quarter valued at $210,000. Oppenheimer & Co. Inc. bought a new stake in Sonic during the second quarter valued at $215,000. Edmonds Duncan Registered Investment Advisors LLC bought a new stake in Sonic during the second quarter valued at $243,000. Finally, Aperio Group LLC bought a new stake in Sonic during the second quarter valued at $244,000.
SONC stock opened at $43.45 on Friday. The stock has a market cap of $1.55 billion, a PE ratio of 28.77, a P/E/G ratio of 1.87 and a beta of 1.32. Sonic Co. has a 1 year low of $23.22 and a 1 year high of $44.87.
Sonic announced that its board has authorized a share buyback program on Wednesday, August 8th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to buy up to 40.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, VP Carolyn C. Cummins sold 2,500 shares of the stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $43.31, for a total transaction of $108,275.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John H. Budd III sold 89,176 shares of the stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $43.24, for a total transaction of $3,855,970.24. Following the transaction, the insider now directly owns 32,065 shares in the company, valued at approximately $1,386,490.60. The disclosure for this sale can be found here. 6.24% of the stock is owned by corporate insiders.
A number of analysts have commented on the stock. Morgan Stanley upped their price target on shares of Sonic from $34.00 to $43.50 and gave the company an “equal weight” rating in a research report on Thursday, September 27th. BidaskClub cut shares of Sonic from a “buy” rating to a “hold” rating in a research report on Wednesday. Stephens cut shares of Sonic from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $40.00 to $43.50 in a research report on Wednesday, September 26th. Barclays raised shares of Sonic from an “underweight” rating to an “equal weight” rating in a research report on Wednesday, September 26th. Finally, Zacks Investment Research cut shares of Sonic from a “hold” rating to a “sell” rating in a research report on Saturday. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Sonic presently has a consensus rating of “Hold” and an average target price of $36.08.
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Sonic Company Profile
Sonic Corp., through its subsidiaries, operates and franchises a chain of drive-in restaurants in the United States. As of August 31, 2018, the company operated 3,606 Sonic Drive-Ins in 45 states, including 3,427 Drive-Ins owned and operated by franchisees; and 179 Drive-Ins owned and operated by the company.
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