Sciencast Management LP acquired a new stake in Sonic Corp. (NASDAQ:SONC) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 18,800 shares of the restaurant operator’s stock, valued at approximately $498,000.

Several other hedge funds have also made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Sonic Corp. by 121,423.6% in the 1st quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock valued at $135,015,000 after buying an additional 5,319,566 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Sonic Corp. by 1.2% in the 2nd quarter. Vanguard Group Inc. now owns 3,596,500 shares of the restaurant operator’s stock valued at $95,272,000 after buying an additional 43,146 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Sonic Corp. by 5.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,946,931 shares of the restaurant operator’s stock valued at $51,575,000 after buying an additional 95,894 shares in the last quarter. Macquarie Group Ltd. raised its stake in shares of Sonic Corp. by 2.3% in the 2nd quarter. Macquarie Group Ltd. now owns 1,165,874 shares of the restaurant operator’s stock valued at $30,884,000 after buying an additional 26,636 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Sonic Corp. by 2.0% in the 2nd quarter. State Street Corp now owns 1,083,561 shares of the restaurant operator’s stock valued at $28,707,000 after buying an additional 21,420 shares in the last quarter.

In other Sonic Corp. news, Director Steven A. Davis bought 2,000 shares of the stock in a transaction on Wednesday, September 6th. The stock was purchased at an average price of $23.00 per share, with a total value of $46,000.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have purchased 5,000 shares of company stock valued at $117,730 in the last ninety days. 6.24% of the stock is currently owned by company insiders.

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A number of equities analysts have recently issued reports on SONC shares. Bank of America Corporation restated an “underperform” rating and issued a $28.00 price objective (down previously from $30.00) on shares of Sonic Corp. in a research note on Sunday, June 25th. Zacks Investment Research upgraded shares of Sonic Corp. from a “sell” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Wednesday, September 13th. Stephens restated an “overweight” rating and issued a $32.00 price objective on shares of Sonic Corp. in a research note on Monday, June 26th. BidaskClub cut shares of Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 17th. Finally, Piper Jaffray Companies restated a “buy” rating and issued a $32.00 price objective on shares of Sonic Corp. in a research note on Wednesday, July 26th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $27.61.

Shares of Sonic Corp. (NASDAQ SONC) traded down 0.37% during midday trading on Friday, hitting $24.52. 852,009 shares of the company were exchanged. Sonic Corp. has a one year low of $21.12 and a one year high of $30.05. The company has a 50-day moving average of $24.02 and a 200 day moving average of $25.79. The company has a market capitalization of $1.03 billion, a P/E ratio of 16.35 and a beta of 1.76.

Sonic Corp. declared that its Board of Directors has approved a stock buyback program on Wednesday, August 9th that allows the company to buyback $160.00 million in shares. This buyback authorization allows the restaurant operator to reacquire up to 16.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

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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Institutional Ownership by Quarter for Sonic Corp. (NASDAQ:SONC)

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