Sonic Drive-In (SONC) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC trimmed its position in shares of Sonic Drive-In (NASDAQ:SONC) by 1.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 378,260 shares of the restaurant operator’s stock after selling 3,912 shares during the period. Geode Capital Management LLC’s holdings in Sonic Drive-In were worth $10,394,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Sonic Drive-In by 1.7% during the 4th quarter. BlackRock Inc. now owns 5,171,678 shares of the restaurant operator’s stock worth $142,119,000 after buying an additional 86,842 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Sonic Drive-In by 0.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,962,894 shares of the restaurant operator’s stock worth $49,955,000 after buying an additional 15,963 shares during the last quarter. Fenimore Asset Management Inc. increased its holdings in shares of Sonic Drive-In by 0.6% during the 4th quarter. Fenimore Asset Management Inc. now owns 861,167 shares of the restaurant operator’s stock worth $23,665,000 after buying an additional 5,327 shares during the last quarter. Atlanta Capital Management Co. L L C increased its holdings in shares of Sonic Drive-In by 168.4% during the 4th quarter. Atlanta Capital Management Co. L L C now owns 810,109 shares of the restaurant operator’s stock worth $22,262,000 after buying an additional 508,282 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. increased its holdings in shares of Sonic Drive-In by 11.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 239,593 shares of the restaurant operator’s stock worth $6,585,000 after buying an additional 24,480 shares during the last quarter.

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Shares of Sonic Drive-In stock opened at $26.23 on Monday. The company has a debt-to-equity ratio of -2.85, a current ratio of 2.51 and a quick ratio of 1.81. Sonic Drive-In has a twelve month low of $22.11 and a twelve month high of $30.05. The firm has a market cap of $974.58, a P/E ratio of 20.98, a price-to-earnings-growth ratio of 1.22 and a beta of 1.47.

Sonic Drive-In (NASDAQ:SONC) last announced its quarterly earnings results on Tuesday, March 27th. The restaurant operator reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.02. Sonic Drive-In had a net margin of 16.01% and a negative return on equity of 25.75%. The firm had revenue of $88.10 million during the quarter, compared to analysts’ expectations of $94.34 million. During the same period in the prior year, the company earned $0.15 EPS. The firm’s revenue was down 12.1% on a year-over-year basis. sell-side analysts expect that Sonic Drive-In will post 1.47 earnings per share for the current year.

In related news, Director Federico F. Pena sold 4,575 shares of the company’s stock in a transaction on Wednesday, January 17th. The shares were sold at an average price of $25.99, for a total transaction of $118,904.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Federico F. Pena sold 9,686 shares of the company’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $24.61, for a total transaction of $238,372.46. The disclosure for this sale can be found here. 6.24% of the stock is currently owned by corporate insiders.

A number of research firms have recently commented on SONC. Zacks Investment Research upgraded Sonic Drive-In from a “hold” rating to a “buy” rating and set a $31.00 price objective for the company in a report on Wednesday, January 10th. Oppenheimer downgraded Sonic Drive-In from an “outperform” rating to a “market perform” rating and set a $29.00 price objective for the company. in a report on Thursday, January 4th. Cowen restated a “hold” rating and set a $29.00 price objective on shares of Sonic Drive-In in a report on Tuesday, January 9th. UBS restated a “neutral” rating and set a $28.00 price objective (up from $26.00) on shares of Sonic Drive-In in a report on Friday, January 5th. Finally, BidaskClub upgraded Sonic Drive-In from a “sell” rating to a “hold” rating in a report on Tuesday, March 20th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $28.67.

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About Sonic Drive-In

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.

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Institutional Ownership by Quarter for Sonic Drive-In (NASDAQ:SONC)

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