Sonic Corp. (SONC) Position Lowered by New York State Teachers Retirement System
New York State Teachers Retirement System cut its position in shares of Sonic Corp. (NASDAQ:SONC) by 0.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,942 shares of the restaurant operator’s stock after selling 700 shares during the period. New York State Teachers Retirement System owned 0.30% of Sonic Corp. worth $3,245,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Karp Capital Management Corp bought a new stake in shares of Sonic Corp. during the first quarter worth $209,000. LSV Asset Management bought a new stake in shares of Sonic Corp. during the first quarter worth $218,000. Mason Street Advisors LLC raised its stake in shares of Sonic Corp. by 2.8% in the first quarter. Mason Street Advisors LLC now owns 10,274 shares of the restaurant operator’s stock worth $261,000 after buying an additional 275 shares in the last quarter. Cipher Capital LP bought a new stake in shares of Sonic Corp. during the first quarter worth $370,000. Finally, OLD National Bancorp IN bought a new stake in shares of Sonic Corp. during the first quarter worth $380,000. 97.48% of the stock is owned by institutional investors and hedge funds.
Sonic Corp. (SONC) traded down 4.37% during midday trading on Tuesday, reaching $23.66. 1,335,205 shares of the company traded hands. The company has a 50 day moving average of $25.86 and a 200-day moving average of $26.16. Sonic Corp. has a 12-month low of $21.12 and a 12-month high of $30.05. The stock has a market capitalization of $989.20 million, a P/E ratio of 15.77 and a beta of 1.74.
Sonic Corp. (NASDAQ:SONC) last issued its earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The business had revenue of $124 million for the quarter, compared to analyst estimates of $122.58 million. Sonic Corp. had a net margin of 13.23% and a negative return on equity of 44.21%. Sonic Corp.’s revenue was down 24.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.43 earnings per share. Equities analysts anticipate that Sonic Corp. will post $1.24 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Investors of record on Wednesday, August 9th will be paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 2.37%. The ex-dividend date is Monday, August 7th. Sonic Corp.’s dividend payout ratio is presently 37.33%.
TRADEMARK VIOLATION NOTICE: This piece was reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this piece on another site, it was illegally copied and republished in violation of United States & international trademark and copyright legislation. The original version of this piece can be viewed at https://www.thecerbatgem.com/2017/08/08/new-york-state-teachers-retirement-system-sells-700-shares-of-sonic-corp-sonc-updated-updated-updated.html.
SONC has been the topic of a number of recent research reports. BidaskClub cut shares of Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Sonic Corp. in a research note on Wednesday, July 26th. Zacks Investment Research raised shares of Sonic Corp. from a “sell” rating to a “hold” rating in a research note on Saturday, May 27th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Sonic Corp. in a research note on Thursday, July 27th. Finally, Wells Fargo & Company initiated coverage on shares of Sonic Corp. in a research note on Tuesday, May 23rd. They issued a “market perform” rating and a $30.00 price objective on the stock. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $27.61.
In related news, Director Frank E. Richardson III sold 50,000 shares of the stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $28.15, for a total transaction of $1,407,500.00. Following the transaction, the director now directly owns 1,202,310 shares of the company’s stock, valued at $33,845,026.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Steven A. Davis acquired 2,000 shares of the company’s stock in a transaction on Friday, July 21st. The stock was acquired at an average cost of $24.62 per share, for a total transaction of $49,240.00. The disclosure for this purchase can be found here. 6.24% of the stock is owned by corporate insiders.
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.
Receive News & Stock Ratings for Sonic Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Corp. and related stocks with our FREE daily email newsletter.