Schwab Charles Investment Management Inc. increased its stake in Sonic Co. (NASDAQ:SONC) by 5.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 215,113 shares of the restaurant operator’s stock after purchasing an additional 10,712 shares during the quarter. Schwab Charles Investment Management Inc.’s holdings in Sonic were worth $5,475,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Riverhead Capital Management LLC raised its holdings in Sonic by 77.7% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock worth $127,000 after purchasing an additional 2,097 shares during the period. Flinton Capital Management LLC raised its holdings in Sonic by 74.5% in the 2nd quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after purchasing an additional 2,686 shares during the period. Bayesian Capital Management LP bought a new position in Sonic in the 2nd quarter worth $228,000. Piedmont Investment Advisors LLC bought a new position in Sonic in the 2nd quarter worth $244,000. Finally, Crossmark Global Holdings Inc. bought a new position in Sonic in the 3rd quarter worth $239,000.

Sonic Co. (NASDAQ SONC) opened at $27.26 on Tuesday. The firm has a market capitalization of $1,094.69, a PE ratio of 18.42, a PEG ratio of 1.38 and a beta of 1.74. The company has a current ratio of 1.81, a quick ratio of 1.48 and a debt-to-equity ratio of -2.87. Sonic Co. has a 12-month low of $22.11 and a 12-month high of $30.05.

Sonic (NASDAQ:SONC) last issued its quarterly earnings data on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.05. The firm had revenue of $105.40 million during the quarter, compared to analyst estimates of $106.86 million. Sonic had a negative return on equity of 28.95% and a net margin of 13.68%. The business’s quarterly revenue was down 18.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.24 earnings per share. sell-side analysts forecast that Sonic Co. will post 1.39 EPS for the current year.

Sonic declared that its Board of Directors has approved a share buyback plan on Thursday, October 26th that allows the company to repurchase $160.00 million in shares. This repurchase authorization allows the restaurant operator to buy up to 14.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

In other news, Director Frank E. Richardson III sold 50,000 shares of the firm’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $25.59, for a total transaction of $1,279,500.00. Following the completion of the transaction, the director now owns 1,187,659 shares in the company, valued at $30,392,193.81. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Federico F. Pena sold 9,209 shares of the firm’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $25.22, for a total value of $232,250.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 167,587 shares of company stock valued at $4,537,647. Company insiders own 8.28% of the company’s stock.

A number of equities analysts recently commented on the company. Oppenheimer cut Sonic from an “outperform” rating to a “market perform” rating and set a $29.00 target price on the stock. in a report on Thursday, January 4th. BidaskClub upgraded Sonic from a “sell” rating to a “hold” rating in a research note on Saturday, December 2nd. Citigroup began coverage on Sonic in a research note on Monday, September 18th. They issued a “buy” rating and a $28.00 price target for the company. Cowen reiterated a “neutral” rating on shares of Sonic in a research note on Tuesday, October 17th. Finally, UBS Group reiterated a “neutral” rating and issued a $28.00 price target (up previously from $26.00) on shares of Sonic in a research note on Friday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $28.86.

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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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Institutional Ownership by Quarter for Sonic (NASDAQ:SONC)

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