Teachers Advisors LLC trimmed its position in Sonic Drive-In (NASDAQ:SONC) by 4.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 69,807 shares of the restaurant operator’s stock after selling 3,107 shares during the period. Teachers Advisors LLC’s holdings in Sonic Drive-In were worth $1,918,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in SONC. SG Americas Securities LLC raised its position in shares of Sonic Drive-In by 117.1% in the 3rd quarter. SG Americas Securities LLC now owns 11,418 shares of the restaurant operator’s stock valued at $291,000 after acquiring an additional 6,159 shares during the period. Legal & General Group Plc raised its holdings in Sonic Drive-In by 6.5% during the 3rd quarter. Legal & General Group Plc now owns 87,158 shares of the restaurant operator’s stock worth $2,218,000 after buying an additional 5,332 shares during the period. Wells Fargo & Company MN raised its holdings in Sonic Drive-In by 24.6% during the 3rd quarter. Wells Fargo & Company MN now owns 99,543 shares of the restaurant operator’s stock worth $2,533,000 after buying an additional 19,651 shares during the period. Schwab Charles Investment Management Inc. raised its holdings in Sonic Drive-In by 5.2% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 215,113 shares of the restaurant operator’s stock worth $5,475,000 after buying an additional 10,712 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in 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 period.
NASDAQ SONC opened at $26.31 on Tuesday. The company has a debt-to-equity ratio of -2.85, a quick ratio of 2.51 and a current ratio of 2.51. Sonic Drive-In has a 12-month low of $22.11 and a 12-month high of $30.05. The company has a market capitalization of $974.57, a PE ratio of 21.05, a price-to-earnings-growth ratio of 1.22 and a beta of 1.47.
Sonic Drive-In (NASDAQ:SONC) last posted its quarterly earnings data on Tuesday, March 27th. The restaurant operator reported $0.17 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 company had revenue of $88.10 million for the quarter, compared to the consensus estimate of $94.34 million. During the same period last year, the company earned $0.15 earnings per share. The firm’s revenue was down 12.1% compared to the same quarter last year. analysts predict that Sonic Drive-In will post 1.47 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 18th. Stockholders of record on Wednesday, May 9th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, May 8th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.43%. Sonic Drive-In’s dividend payout ratio (DPR) is presently 51.20%.
In other news, Director Federico F. Pena sold 4,575 shares of Sonic Drive-In stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $25.99, for a total value of $118,904.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Federico F. Pena sold 9,686 shares of Sonic Drive-In stock in a transaction that occurred on Monday, February 12th. The shares were 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. 8.28% of the stock is owned by company insiders.
Several analysts have commented on SONC shares. Guggenheim restated a “buy” rating and set a $31.00 target price (up from $29.00) on shares of Sonic Drive-In in a report on Thursday, December 28th. Zacks Investment Research upgraded shares of Sonic Drive-In from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a report on Wednesday, January 10th. BidaskClub upgraded shares of Sonic Drive-In from a “hold” rating to a “buy” rating in a report on Tuesday, April 10th. Morgan Stanley dropped their target price on shares of Sonic Drive-In from $29.00 to $28.00 and set an “equal weight” rating on the stock in a report on Monday, March 26th. Finally, Cowen restated a “hold” rating and set a $29.00 target price on shares of Sonic Drive-In in a report on Tuesday, January 9th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. Sonic Drive-In currently has an average rating of “Hold” and a consensus price target of $28.67.
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Sonic Drive-In Profile
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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