Carolyn C. Cummins Sells 2,347 Shares of Sonic Corp. (SONC) Stock
Sonic Corp. (NASDAQ:SONC) VP Carolyn C. Cummins sold 2,347 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $25.43, for a total value of $59,684.21. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Shares of Sonic Corp. (NASDAQ:SONC) traded down $0.27 on Friday, reaching $25.25. The company’s stock had a trading volume of 993,070 shares, compared to its average volume of 642,128. Sonic Corp. has a fifty-two week low of $22.11 and a fifty-two week high of $30.05. The company has a current ratio of 1.52, a quick ratio of 1.48 and a debt-to-equity ratio of -3.19. The firm has a market cap of $1,016.31, a PE ratio of 19.88, a PEG ratio of 1.29 and a beta of 1.74.
Sonic (NASDAQ:SONC) last issued its earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. Sonic had a negative return on equity of 33.92% and a net margin of 13.34%. The business had revenue of $123.60 million during the quarter, compared to analysts’ expectations of $126.01 million. During the same quarter in the prior year, the firm earned $0.45 EPS. The business’s revenue for the quarter was down 23.8% compared to the same quarter last year. equities analysts forecast that Sonic Corp. will post 1.34 earnings per share for the current fiscal year.
Sonic declared that its Board of Directors has initiated a share repurchase program on Wednesday, August 9th that permits the company to repurchase $160.00 million in shares. This repurchase authorization permits the restaurant operator to reacquire up to 16.2% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, November 17th. Shareholders of record on Wednesday, November 8th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Tuesday, November 7th. This is a boost from Sonic’s previous quarterly dividend of $0.14. Sonic’s dividend payout ratio is presently 43.54%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Riverhead Capital Management LLC grew its position in shares of Sonic by 77.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after buying an additional 2,097 shares during the last quarter. Flinton Capital Management LLC grew its position in shares of Sonic by 74.5% in the 2nd quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock valued at $167,000 after buying an additional 2,686 shares during the last quarter. Aperio Group LLC grew its position in shares of Sonic by 1.4% in the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after buying an additional 119 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Sonic by 72.7% in the 2nd quarter. State of Alaska Department of Revenue now owns 8,378 shares of the restaurant operator’s stock valued at $221,000 after buying an additional 3,528 shares during the last quarter. Finally, HL Financial Services LLC bought a new stake in shares of Sonic in the 2nd quarter valued at about $227,000.
A number of research firms have recently commented on SONC. Zacks Investment Research cut Sonic from a “hold” rating to a “sell” rating in a report on Thursday, October 19th. BidaskClub raised Sonic from a “sell” rating to a “hold” rating in a report on Saturday. Oppenheimer reissued a “buy” rating and set a $29.00 price target on shares of Sonic in a report on Tuesday, October 17th. Canaccord Genuity boosted their price target on Sonic from $24.00 to $25.00 and gave the stock a “hold” rating in a report on Tuesday, October 17th. Finally, Cowen reissued a “neutral” rating on shares of Sonic in a report on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $27.73.
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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