Sonic Corp. (SONC) to Release Earnings on Monday
Sonic Corp. (NASDAQ:SONC) is scheduled to release its earnings data after the market closes on Monday, October 16th. Analysts expect Sonic Corp. to post earnings of $0.44 per share for the quarter.
Sonic Corp. (SONC) opened at 24.52 on Monday. The stock has a market capitalization of $1.03 billion, a PE ratio of 16.35 and a beta of 1.76. The stock’s 50 day moving average is $24.02 and its 200 day moving average is $25.79. Sonic Corp. has a 12-month low of $21.12 and a 12-month high of $30.05.
Sonic Corp. declared that its board has authorized a share repurchase plan on Wednesday, August 9th that allows the company to repurchase $160.00 million in shares. This repurchase authorization allows the restaurant operator to reacquire up to 16.2% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
SONC has been the subject of a number of analyst reports. Bank of America Corporation reaffirmed an “underperform” rating and issued a $28.00 target price (down previously from $30.00) on shares of Sonic Corp. in a research report on Sunday, June 25th. Zacks Investment Research raised shares of Sonic Corp. from a “sell” rating to a “buy” rating and set a $26.00 target price for the company in a research report on Wednesday, September 13th. Stephens reaffirmed an “overweight” rating and issued a $32.00 target price on shares of Sonic Corp. in a research report on Monday, June 26th. BidaskClub downgraded shares of Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 17th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and issued a $32.00 target price on shares of Sonic Corp. in a research report on Wednesday, July 26th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $27.61.
In other news, Director Steven A. Davis acquired 2,000 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was bought at an average price of $23.00 per share, with a total value of $46,000.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In the last three months, insiders bought 5,000 shares of company stock valued at $117,730. Insiders own 6.24% of the company’s stock.
About Sonic Corp.
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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