Sonic (NASDAQ:SONC) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research note issued on Thursday, February 8th.
A number of other analysts also recently commented on SONC. Oppenheimer reiterated a “hold” rating on shares of Sonic in a research report on Friday, January 5th. UBS Group reissued a “neutral” rating and issued a $28.00 price target (up from $26.00) on shares of Sonic in a report on Friday, January 5th. Cowen reissued a “neutral” rating on shares of Sonic in a report on Tuesday, October 17th. Canaccord Genuity reissued a “hold” rating and issued a $30.00 price target on shares of Sonic in a report on Friday, January 5th. Finally, Telsey Advisory Group reissued a “market perform” rating and issued a $31.00 price target (up from $27.00) on shares of Sonic in a report on Friday, January 5th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. Sonic presently has a consensus rating of “Hold” and a consensus target price of $29.64.
Shares of Sonic (NASDAQ SONC) traded up $0.38 during mid-day trading on Thursday, hitting $24.94. The company’s stock had a trading volume of 564,800 shares, compared to its average volume of 943,063. Sonic has a one year low of $22.11 and a one year high of $30.05. The stock has a market cap of $944.53, a P/E ratio of 18.47, a P/E/G ratio of 1.09 and a beta of 1.59. The company has a quick ratio of 1.81, a current ratio of 1.81 and a debt-to-equity ratio of -2.87.
Sonic (NASDAQ:SONC) last announced its earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.05. Sonic had a negative return on equity of 28.95% and a net margin of 13.68%. The company had revenue of $105.40 million for the quarter, compared to the consensus estimate of $106.86 million. During the same period last year, the business posted $0.24 EPS. The company’s revenue was down 18.7% on a year-over-year basis. research analysts expect that Sonic will post 1.53 EPS for the current year.
Sonic declared that its Board of Directors has approved a share repurchase plan on Thursday, October 26th that allows the company to repurchase $160.00 million in shares. This repurchase authorization allows the restaurant operator to reacquire up to 14.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its stock is undervalued.
In other Sonic news, Director Frank E. Richardson III sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $28.40, for a total transaction of $1,420,000.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Federico F. Pena sold 9,209 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $25.22, for a total value of $232,250.98. The disclosure for this sale can be found here. Insiders sold 130,687 shares of company stock valued at $3,586,167 in the last three months. 6.24% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. MetLife Investment Advisors LLC acquired a new stake in Sonic during the fourth quarter valued at approximately $465,000. Gotham Asset Management LLC raised its position in shares of Sonic by 41.3% during the 4th quarter. Gotham Asset Management LLC now owns 333,412 shares of the restaurant operator’s stock worth $9,162,000 after purchasing an additional 97,489 shares during the period. Glenmede Trust Co. NA raised its position in shares of Sonic by 97.2% during the 4th quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock worth $126,000 after purchasing an additional 2,284 shares during the period. Jane Street Group LLC acquired a new stake in shares of Sonic during the 4th quarter worth approximately $830,000. Finally, Millennium Management LLC raised its position in shares of Sonic by 240.0% during the 4th quarter. Millennium Management LLC now owns 631,237 shares of the restaurant operator’s stock worth $17,346,000 after purchasing an additional 445,606 shares during the period.
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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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