Public Sector Pension investment Board reduced its stake in Sonic Corp. (NASDAQ:SONC) by 30.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,683 shares of the restaurant operator’s stock after selling 9,900 shares during the period. Public Sector Pension investment Board owned 0.05% of Sonic Corp. worth $601,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of SONC. BlackRock Inc. grew its holdings in shares of Sonic Corp. by 121,423.6% during the first quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock valued at $135,015,000 after buying an additional 5,319,566 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Sonic Corp. by 1.0% during the first quarter. Vanguard Group Inc. now owns 3,553,354 shares of the restaurant operator’s stock valued at $90,114,000 after buying an additional 33,747 shares during the last quarter. Macquarie Group Ltd. acquired a new position in shares of Sonic Corp. during the first quarter valued at about $28,891,000. State Street Corp grew its holdings in shares of Sonic Corp. by 5.7% during the first quarter. State Street Corp now owns 1,062,141 shares of the restaurant operator’s stock valued at $26,936,000 after buying an additional 56,904 shares during the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in Sonic Corp. during the second quarter worth about $27,984,000.
Shares of Sonic Corp. (NASDAQ SONC) opened at 24.80 on Tuesday. The company has a 50-day moving average of $24.13 and a 200-day moving average of $25.86. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 16.53 and a beta of 1.76. Sonic Corp. has a 1-year low of $21.12 and a 1-year high of $30.05.
Sonic Corp. (NASDAQ:SONC) last announced its earnings results on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.02. The company had revenue of $123.60 million during the quarter, compared to analysts’ expectations of $126.01 million. Sonic Corp. had a negative return on equity of 44.21% and a net margin of 13.23%. Sonic Corp.’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. On average, equities research analysts expect that Sonic Corp. will post $1.23 EPS for the current fiscal year.
Sonic Corp. declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 9th that authorizes the company to repurchase $160.00 million in shares. This repurchase authorization authorizes the restaurant operator to buy up to 16.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In related news, Director Steven A. Davis acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was acquired at an average price of $23.00 per share, for a total transaction of $46,000.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders bought a total of 5,000 shares of company stock valued at $117,730 in the last quarter. Company insiders own 6.24% of the company’s stock.
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Several research analysts recently weighed in on SONC shares. Oppenheimer Holdings, Inc. restated a “buy” rating and set a $29.00 price target on shares of Sonic Corp. in a report on Friday, October 6th. Bank of America Corporation restated an “underperform” rating and set a $28.00 price target (down from $30.00) on shares of Sonic Corp. in a report on Sunday, June 25th. BidaskClub cut shares of Sonic Corp. from a “hold” rating to a “sell” rating in a report on Sunday, July 16th. Zacks Investment Research cut shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th. Finally, Jefferies Group LLC reiterated a “hold” rating and issued a $26.00 target price on shares of Sonic Corp. in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $27.61.
Sonic Corp. 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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