Sonic Co. (SONC) Shares Bought by Gotham Asset Management LLC
Gotham Asset Management LLC grew its position in shares of Sonic Co. (NASDAQ:SONC) by 41.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 333,412 shares of the restaurant operator’s stock after buying an additional 97,489 shares during the period. Gotham Asset Management LLC’s holdings in Sonic were worth $9,162,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Glenmede Trust Co. NA lifted its holdings in Sonic 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 last quarter. Jane Street Group LLC bought a new position in Sonic during the 4th quarter worth approximately $830,000. Millennium Management LLC lifted its holdings in Sonic by 240.0% during the 4th quarter. Millennium Management LLC now owns 631,237 shares of the restaurant operator’s stock worth $17,346,000 after buying an additional 445,606 shares during the last quarter. Paloma Partners Management Co lifted its holdings in Sonic by 44.9% during the 4th quarter. Paloma Partners Management Co now owns 17,230 shares of the restaurant operator’s stock worth $474,000 after buying an additional 5,341 shares during the last quarter. Finally, Granite Springs Asset Management LLC bought a new position in Sonic during the 4th quarter worth approximately $442,000.
In related news, Director Federico F. Pena sold 9,686 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $24.61, for a total value of $238,372.46. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Federico F. Pena sold 4,575 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $25.99, for a total value of $118,904.25. The disclosure for this sale can be found here. Company insiders own 8.28% of the company’s stock.
Sonic (NASDAQ:SONC) last announced its quarterly earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.05. The business had revenue of $105.40 million for the quarter, compared to the consensus estimate of $106.86 million. Sonic had a negative return on equity of 28.95% and a net margin of 13.68%. The business’s revenue was down 18.7% on a year-over-year basis. During the same quarter last year, the business posted $0.24 EPS. analysts forecast that Sonic Co. will post 1.53 earnings per share for the current year.
SONC has been the topic of a number of research analyst reports. BidaskClub raised Sonic from a “sell” rating to a “hold” rating in a report on Saturday, December 2nd. Guggenheim reaffirmed a “buy” rating and set a $31.00 target price (up previously from $29.00) on shares of Sonic in a report on Thursday, December 28th. UBS downgraded Sonic from an “outperform” rating to a “market perform” rating in a report on Thursday, January 4th. Oppenheimer downgraded 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. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $31.00 target price (up previously from $27.00) on shares of Sonic in a report on Friday, January 5th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $29.21.
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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