Dynamic Technology Lab Private Ltd bought a new stake in shares of Sonic Corp. (NASDAQ:SONC) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 25,703 shares of the restaurant operator’s stock, valued at approximately $681,000. Dynamic Technology Lab Private Ltd owned 0.06% of Sonic Corp. as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the business. Great West Life Assurance Co. Can lifted its stake in shares of Sonic Corp. by 2.4% in the 2nd quarter. Great West Life Assurance Co. Can now owns 63,326 shares of the restaurant operator’s stock valued at $1,676,000 after purchasing an additional 1,476 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Sonic Corp. by 28.7% in the 2nd quarter. Wells Fargo & Company MN now owns 79,892 shares of the restaurant operator’s stock valued at $2,116,000 after purchasing an additional 17,822 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Sonic Corp. by 27.0% in the 2nd quarter. Nordea Investment Management AB now owns 67,409 shares of the restaurant operator’s stock valued at $1,786,000 after purchasing an additional 14,315 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Sonic Corp. by 121,423.6% in the 1st quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock valued at $135,015,000 after purchasing an additional 5,319,566 shares during the last quarter. Finally, Cipher Capital LP lifted its stake in shares of Sonic Corp. by 885.3% in the 2nd quarter. Cipher Capital LP now owns 143,969 shares of the restaurant operator’s stock valued at $3,814,000 after purchasing an additional 129,357 shares during the last quarter.
In related news, Director Federico F. Pena sold 1,161 shares of the firm’s stock in a transaction on Monday, October 23rd. The stock was sold at an average price of $25.20, for a total value of $29,257.20. Following the completion of the sale, the director now owns 1,187,659 shares of the company’s stock, valued at $29,929,006.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven A. Davis acquired 2,000 shares of the stock in a transaction on Wednesday, September 6th. The shares were purchased at an average cost of $23.00 per share, with a total value of $46,000.00. The disclosure for this purchase can be found here. 6.24% of the stock is currently owned by company insiders.
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Sonic Corp. (NASDAQ:SONC
) traded up 0.35% during mid-day trading on Friday, reaching $25.77. 986,581 shares of the company were exchanged. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 17.77 and a beta of 1.76. The company’s 50 day moving average price is $24.53 and its 200-day moving average price is $25.85. Sonic Corp. has a 12-month low of $22.11 and a 12-month high of $30.05.
Sonic Corp. (NASDAQ:SONC) last issued its earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.02. Sonic Corp. had a net margin of 13.34% and a negative return on equity of 33.92%. The firm had revenue of $123.60 million for the quarter, compared to analysts’ expectations of $126.01 million. During the same quarter last year, the business earned $0.45 earnings per share. The business’s revenue was down 23.8% on a year-over-year basis. On average, equities research analysts forecast that Sonic Corp. will post $1.35 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Wednesday, November 8th will be issued a $0.16 dividend. This is a boost from Sonic Corp.’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Tuesday, November 7th. This represents a $0.64 annualized dividend and a dividend yield of 2.48%. Sonic Corp.’s dividend payout ratio (DPR) is currently 38.10%.
Sonic Corp. declared that its Board of Directors has approved a stock repurchase plan on Wednesday, August 9th that permits the company to buyback $160.00 million in shares. This buyback authorization permits the restaurant operator to reacquire up to 16.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Several equities research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. BidaskClub lowered shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Piper Jaffray Companies reissued a “buy” rating and set a $32.00 target price on shares of Sonic Corp. in a research report on Wednesday, July 26th. Cowen and Company reissued a “neutral” rating on shares of Sonic Corp. in a research report on Tuesday, October 17th. Finally, Canaccord Genuity boosted their target price on shares of Sonic Corp. from $24.00 to $25.00 and gave the stock a “hold” rating in a research report on Tuesday, October 17th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $27.73.
Sonic Corp. 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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