Sonic Corp. (NASDAQ:SONC) announced its quarterly earnings data on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.43 by $0.02, Bloomberg Earnings reports. The business had revenue of $123.60 million during the quarter, compared to analyst estimates of $126.01 million. Sonic Corp. had a net margin of 13.34% and a negative return on equity of 33.92%. The firm’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share.
Sonic Corp. (NASDAQ SONC) opened at 25.68 on Friday. The firm has a 50-day moving average of $24.53 and a 200-day moving average of $25.85. Sonic Corp. has a 52 week low of $22.11 and a 52 week high of $30.05. The company has a market capitalization of $1.06 billion, a PE ratio of 17.71 and a beta of 1.76.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Wednesday, November 8th will be paid a dividend of $0.16 per share. This is a boost from Sonic Corp.’s previous quarterly dividend of $0.14. This represents a $0.64 annualized dividend and a dividend yield of 2.49%. Sonic Corp.’s dividend payout ratio is 38.10%.
In other news, Director Federico F. Pena sold 1,161 shares of the company’s stock in a transaction on Monday, October 23rd. The shares were sold at an average price of $25.20, for a total value of $29,257.20. Following the sale, the director now directly owns 1,187,659 shares of the company’s stock, valued at approximately $29,929,006.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frank E. Richardson III sold 50,000 shares of the company’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $25.59, for a total transaction of $1,279,500.00. Following the completion of the sale, the director now directly owns 1,187,659 shares in the company, valued at $30,392,193.81. The disclosure for this sale can be found here. Insiders own 6.24% of the company’s stock.
SONC has been the subject of a number of research analyst reports. BidaskClub lowered shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Zacks Investment Research lowered shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $32.00 price objective on shares of Sonic Corp. in a research report on Wednesday, July 26th. Jefferies Group LLC reissued a “hold” rating and issued a $26.00 price target on shares of Sonic Corp. in a research report on Thursday, July 27th. Finally, Bank of America Corporation reissued a “buy” rating and issued a $30.00 price target on shares of Sonic Corp. in a research report on Monday, August 14th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company’s stock. Sonic Corp. currently has an average rating of “Hold” and an average target price of $27.73.
Sonic Corp. declared that its Board of Directors has initiated a share repurchase plan on Wednesday, August 9th that allows the company to repurchase $160.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to purchase up to 16.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
ILLEGAL ACTIVITY WARNING: This piece was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this piece on another site, it was stolen and republished in violation of international trademark and copyright law. The original version of this piece can be viewed at https://www.dispatchtribunal.com/2017/10/27/sonic-corp-sonc-issues-quarterly-earnings-results-beats-expectations-by-0-02-eps.html.
Sonic Corp. 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.
Receive News & Ratings for Sonic Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Corp. and related companies with MarketBeat.com's FREE daily email newsletter.