Dupont Capital Management Corp trimmed its position in Sonic Corp. (NASDAQ:SONC) by 53.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 21,751 shares of the restaurant operator’s stock after selling 24,889 shares during the quarter. Dupont Capital Management Corp owned approximately 0.05% of Sonic Corp. worth $554,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of SONC. Riverhead Capital Management LLC grew its stake in Sonic Corp. by 77.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock worth $127,000 after buying an additional 2,097 shares during the last quarter. Flinton Capital Management LLC grew its stake in Sonic Corp. by 74.5% during the 2nd quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after buying an additional 2,686 shares during the last quarter. Aperio Group LLC grew its stake in Sonic Corp. by 1.4% during the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock worth $221,000 after buying an additional 119 shares during the last quarter. State of Alaska Department of Revenue grew its stake in Sonic Corp. by 72.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 8,378 shares of the restaurant operator’s stock worth $221,000 after buying an additional 3,528 shares during the last quarter. Finally, HL Financial Services LLC bought a new position in Sonic Corp. during the 2nd quarter worth $227,000.
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A number of research analysts have issued reports on SONC shares. BidaskClub lowered Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Bank of America Corporation reiterated a “buy” rating and set a $30.00 price target on shares of Sonic Corp. in a research report on Monday, August 14th. Zacks Investment Research upgraded Sonic Corp. from a “sell” rating to a “buy” rating and set a $26.00 price target for the company in a research report on Wednesday, September 13th. Piper Jaffray Companies reiterated a “buy” rating and set a $32.00 price target on shares of Sonic Corp. in a research report on Wednesday, July 26th. Finally, Canaccord Genuity boosted their price target on Sonic Corp. from $24.00 to $25.00 and gave the stock a “hold” rating in a research report on Tuesday, October 17th. Three 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’s stock. The company has a consensus rating of “Hold” and a consensus target price of $27.73.
In other news, Director Frank E. Richardson III sold 50,000 shares of the business’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $25.59, for a total transaction of $1,279,500.00. Following the sale, the director now directly owns 1,187,659 shares of the company’s stock, valued at $30,392,193.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven A. Davis bought 2,000 shares of the business’s stock in a transaction dated Wednesday, September 6th. The shares were bought at an average cost of $23.00 per share, for a total transaction of $46,000.00. The disclosure for this purchase can be found here. 6.24% of the stock is owned by insiders.
Shares of Sonic Corp. (NASDAQ SONC) opened at $24.11 on Friday. The stock has a market capitalization of $970.43, a price-to-earnings ratio of 18.98, a PEG ratio of 1.23 and a beta of 1.75. 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 Corp. has a 52-week low of $22.11 and a 52-week high of $30.05.
Sonic Corp. (NASDAQ:SONC) last announced its earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. The company had revenue of $123.60 million for the quarter, compared to analyst estimates of $126.01 million. Sonic Corp. had a negative return on equity of 33.92% and a net margin of 13.34%. Sonic Corp.’s revenue for the quarter was down 23.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.45 earnings per share. research analysts anticipate that Sonic Corp. will post 1.34 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, November 17th. Stockholders of record on Wednesday, November 8th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, November 7th. This is a positive change from Sonic Corp.’s previous quarterly dividend of $0.14. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.65%. Sonic Corp.’s payout ratio is 43.54%.
Sonic Corp. declared that its board has authorized a stock repurchase plan on Wednesday, August 9th that allows the company to buyback $160.00 million in outstanding shares. This buyback authorization allows the restaurant operator to purchase up to 16.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
About Sonic Corp.
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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