Sonic (NASDAQ:SONC)‘s stock had its “market perform” rating reaffirmed by Telsey Advisory Group in a research note issued on Friday, January 5th, Marketbeat Ratings reports. They presently have a $31.00 target price on the restaurant operator’s stock, up from their prior target price of $27.00. Telsey Advisory Group’s target price indicates a potential upside of 18.64% from the company’s previous close.
Other equities analysts also recently issued reports about the company. Oppenheimer downgraded Sonic from an “outperform” rating to a “market perform” rating and set a $29.00 price target on the stock. in a research note on Thursday, January 4th. BidaskClub upgraded Sonic from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Citigroup assumed coverage on Sonic in a research report on Monday, September 18th. They set a “buy” rating and a $28.00 target price on the stock. Cowen reiterated a “neutral” rating on shares of Sonic in a research report on Tuesday, October 17th. Finally, Canaccord Genuity lifted their target price on Sonic from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. Sonic currently has an average rating of “Hold” and an average price target of $29.64.
Sonic (NASDAQ SONC) traded down $0.55 during mid-day trading on Friday, hitting $26.13. The stock had a trading volume of 868,386 shares, compared to its average volume of 1,019,895. The stock has a market cap of $1,026.06, a P/E ratio of 17.66, a P/E/G ratio of 1.19 and a beta of 1.74. Sonic has a 52-week low of $22.11 and a 52-week high of $30.05. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of -2.87.
Sonic (NASDAQ:SONC) last released its quarterly earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.05. The firm had revenue of $105.40 million for the quarter, compared to the consensus estimate of $106.86 million. Sonic had a negative return on equity of 28.95% and a net margin of 13.68%. The company’s revenue for the quarter was down 18.7% on a year-over-year basis. During the same period last year, the business posted $0.24 EPS. sell-side analysts expect that Sonic will post 1.52 earnings per share for the current year.
Sonic announced that its board has approved a share buyback plan on Thursday, October 26th that allows the company to buyback $160.00 million in outstanding shares. This buyback authorization allows the restaurant operator to purchase up to 14.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other news, Director Frank E. Richardson III sold 50,000 shares of Sonic stock in a transaction dated Friday, December 8th. The stock was sold at an average price of $27.62, for a total value of $1,381,000.00. Following the sale, the director now directly owns 1,149,890 shares of the company’s stock, valued at $31,759,961.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frank E. Richardson III sold 3,670 shares of Sonic stock in a transaction dated Monday, December 18th. The stock was sold at an average price of $28.21, for a total value of $103,530.70. Following the completion of the sale, the director now directly owns 1,061,699 shares in the company, valued at $29,950,528.79. The disclosure for this sale can be found here. Over the last three months, insiders have sold 121,001 shares of company stock worth $3,347,794. Insiders own 6.24% of the company’s stock.
Several hedge funds have recently modified their holdings of SONC. Riverhead Capital Management LLC increased its holdings in shares of Sonic by 77.7% in the second quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock worth $127,000 after purchasing an additional 2,097 shares during the last quarter. Flinton Capital Management LLC increased its holdings in shares of Sonic by 74.5% in the second quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after purchasing an additional 2,686 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of Sonic in the second quarter worth about $228,000. Wolverine Trading LLC increased its holdings in shares of Sonic by 382.4% in the third quarter. Wolverine Trading LLC now owns 9,110 shares of the restaurant operator’s stock worth $232,000 after purchasing an additional 12,336 shares during the last quarter. Finally, Crossmark Global Holdings Inc. bought a new stake in shares of Sonic in the third quarter worth about $239,000.
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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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