Equities research analysts predict that Sonic Co. (NASDAQ:SONC) will announce $94.44 million in sales for the current fiscal quarter, Zacks Investment Research reports. Five analysts have issued estimates for Sonic’s earnings. The lowest sales estimate is $90.99 million and the highest is $98.30 million. Sonic reported sales of $100.16 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 5.7%. The company is expected to announce its next quarterly earnings report on Tuesday, March 27th.
According to Zacks, analysts expect that Sonic will report full year sales of $94.44 million for the current financial year, with estimates ranging from $439.38 million to $477.30 million. For the next financial year, analysts forecast that the business will post sales of $456.16 million per share, with estimates ranging from $447.17 million to $466.60 million. Zacks’ sales averages are an average based on a survey of research firms that cover Sonic.
Sonic (NASDAQ:SONC) last announced its quarterly earnings data on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.05. Sonic had a net margin of 13.68% and a negative return on equity of 28.95%. The business had revenue of $105.40 million for the quarter, compared to analyst estimates of $106.86 million. During the same period last year, the business earned $0.24 EPS. The company’s revenue was down 18.7% on a year-over-year basis.
Several equities research analysts recently commented on SONC shares. BidaskClub lowered shares of Sonic from a “hold” rating to a “sell” rating in a research note on Saturday, January 13th. Zacks Investment Research upgraded shares of Sonic from a “sell” rating to a “hold” rating in a research note on Friday, November 3rd. Barclays lifted their price target on shares of Sonic from $27.00 to $28.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 16th. Guggenheim reiterated a “buy” rating and set a $31.00 price target (up from $29.00) on shares of Sonic in a research note on Thursday, December 28th. Finally, Oppenheimer reiterated a “hold” rating on shares of Sonic in a research note on Friday, January 5th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $29.64.
Shares of Sonic (NASDAQ:SONC) traded down $0.21 on Wednesday, hitting $24.73. 762,930 shares of the stock were exchanged, compared to its average volume of 759,591. Sonic has a fifty-two week low of $22.11 and a fifty-two week high of $30.05. The firm has a market cap of $959.14, a price-to-earnings ratio of 16.71, a price-to-earnings-growth ratio of 1.11 and a beta of 1.59. The company has a debt-to-equity ratio of -2.87, a current ratio of 1.81 and a quick ratio of 1.81.
Sonic declared that its Board of Directors has initiated a stock buyback program on Thursday, October 26th that allows the company to buyback $160.00 million in outstanding shares. This buyback authorization allows the restaurant operator to repurchase up to 14.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 16th. Shareholders of record on Wednesday, February 7th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.59%. The ex-dividend date was Tuesday, February 6th. Sonic’s payout ratio is currently 43.24%.
In other Sonic news, Director Federico F. Pena sold 9,209 shares of the firm’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $25.22, for a total transaction of $232,250.98. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Carolyn C. Cummins sold 2,347 shares of the firm’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $25.43, for a total transaction of $59,684.21. The disclosure for this sale can be found here. Insiders have sold a total of 130,687 shares of company stock worth $3,586,167 over the last three months. 6.24% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the business. Glenmede Trust Co. NA boosted its holdings in shares of Sonic by 97.2% in the fourth quarter. Glenmede Trust Co. NA now owns 4,634 shares of the restaurant operator’s stock valued at $126,000 after acquiring an additional 2,284 shares in the last quarter. Aperio Group LLC purchased a new stake in shares of Sonic in the fourth quarter valued at about $203,000. Wolverine Trading LLC boosted 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 valued at $232,000 after acquiring an additional 12,336 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Sonic in the second quarter valued at about $244,000. Finally, Crossmark Global Holdings Inc. purchased a new stake in shares of Sonic in the third quarter valued at about $239,000.
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Sonic 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.
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