Amundi Pioneer Asset Management Inc. boosted its stake in shares of Sonic Drive-In (NASDAQ:SONC) by 15.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 131,925 shares of the restaurant operator’s stock after buying an additional 17,609 shares during the period. Amundi Pioneer Asset Management Inc. owned about 0.36% of Sonic Drive-In worth $3,329,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Glenmede Trust Co. NA raised its holdings in Sonic Drive-In 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 buying an additional 2,284 shares during the period. SG Americas Securities LLC raised its holdings in Sonic Drive-In by 70.9% during the 1st quarter. SG Americas Securities LLC now owns 6,285 shares of the restaurant operator’s stock worth $159,000 after buying an additional 2,608 shares during the period. Aperio Group LLC acquired a new stake in Sonic Drive-In during the 4th quarter worth about $203,000. Elkfork Partners LLC acquired a new stake in Sonic Drive-In during the 4th quarter worth about $209,000. Finally, Commerce Bank acquired a new position in shares of Sonic Drive-In in the 4th quarter valued at about $275,000.
A number of equities analysts have recently weighed in on SONC shares. Zacks Investment Research downgraded Sonic Drive-In from a “buy” rating to a “hold” rating in a report on Saturday. Morgan Stanley upped their target price on Sonic Drive-In from $26.00 to $31.00 and gave the company an “equal weight” rating in a report on Thursday, June 28th. Guggenheim reiterated a “buy” rating and issued a $38.00 target price on shares of Sonic Drive-In in a report on Sunday. BidaskClub upgraded Sonic Drive-In from a “sell” rating to a “hold” rating in a report on Thursday, June 7th. Finally, ValuEngine downgraded Sonic Drive-In from a “hold” rating to a “sell” rating in a report on Wednesday, May 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $30.43.
Sonic Drive-In opened at $34.64 on Tuesday, Marketbeat reports. Sonic Drive-In has a 52 week low of $22.11 and a 52 week high of $36.15. The company has a market capitalization of $1.28 billion, a P/E ratio of 27.71, a PEG ratio of 1.59 and a beta of 1.47. The company has a debt-to-equity ratio of -2.62, a quick ratio of 2.51 and a current ratio of 1.78.
Sonic Drive-In (NASDAQ:SONC) last released its quarterly earnings data on Tuesday, June 26th. The restaurant operator reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. Sonic Drive-In had a negative return on equity of 23.60% and a net margin of 16.87%. The firm had revenue of $118.30 million for the quarter, compared to the consensus estimate of $119.31 million. During the same quarter in the prior year, the company posted $0.43 earnings per share. The firm’s revenue was down 4.6% on a year-over-year basis. sell-side analysts anticipate that Sonic Drive-In will post 1.47 EPS for the current year.
Sonic Drive-In declared that its board has approved a share repurchase program on Thursday, June 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to buy up to 42.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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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