Federico F. Pena Sells 9,686 Shares of Sonic Co. (SONC) Stock
Sonic Co. (NASDAQ:SONC) Director Federico F. Pena sold 9,686 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $24.61, for a total value of $238,372.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.
Sonic Co. (NASDAQ SONC) opened at $24.56 on Thursday. Sonic Co. has a 1 year low of $22.11 and a 1 year high of $30.05. The firm has a market cap of $926.07, a PE ratio of 18.10, a P/E/G ratio of 1.07 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 (NASDAQ:SONC) last announced its quarterly earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ 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 analysts’ expectations of $106.86 million. During the same quarter last year, the firm earned $0.24 EPS. The firm’s revenue for the quarter was down 18.7% compared to the same quarter last year. equities analysts expect that Sonic Co. will post 1.53 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Wednesday, February 7th will be given a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, February 6th. This represents a $0.64 annualized dividend and a yield of 2.61%. Sonic’s payout ratio is 43.24%.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. lifted its position in Sonic by 6.5% in the 4th quarter. Victory Capital Management Inc. now owns 34,135 shares of the restaurant operator’s stock valued at $938,000 after acquiring an additional 2,072 shares in the last quarter. California Public Employees Retirement System lifted its position in shares of Sonic by 2.0% during the 2nd quarter. California Public Employees Retirement System now owns 111,900 shares of the restaurant operator’s stock worth $2,964,000 after buying an additional 2,200 shares in the last quarter. Flinton Capital Management LLC lifted its position in shares of Sonic by 74.5% during the 2nd quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after buying an additional 2,686 shares in the last quarter. TD Asset Management Inc. lifted its position in shares of Sonic by 3.6% during the 3rd quarter. TD Asset Management Inc. now owns 92,761 shares of the restaurant operator’s stock worth $2,361,000 after buying an additional 3,200 shares in the last quarter. Finally, FDx Advisors Inc. lifted its position in shares of Sonic by 30.8% during the 3rd quarter. FDx Advisors Inc. now owns 17,112 shares of the restaurant operator’s stock worth $436,000 after buying an additional 4,029 shares in the last quarter.
Several brokerages have recently commented on SONC. Telsey Advisory Group restated a “market perform” rating and issued a $31.00 target price (up from $27.00) on shares of Sonic in a research note on Friday, January 5th. Zacks Investment Research downgraded Sonic from a “hold” rating to a “sell” rating in a research note on Thursday, October 19th. Cowen restated a “hold” rating and issued a $29.00 target price on shares of Sonic in a research note on Tuesday, January 9th. Barclays raised their target price on Sonic from $27.00 to $28.00 and gave the company an “underweight” rating in a research note on Tuesday, January 16th. Finally, BidaskClub upgraded Sonic from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. Sonic currently has a consensus rating of “Hold” and a consensus target price of $29.64.
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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