21,919 Shares in Sonic Co. (SONC) Acquired by Fox Run Management L.L.C.
Fox Run Management L.L.C. bought a new position in shares of Sonic Co. (NASDAQ:SONC) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 21,919 shares of the restaurant operator’s stock, valued at approximately $602,000.
Other institutional investors also recently bought and sold shares of the company. Riverhead Capital Management LLC lifted its position in shares of Sonic by 77.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock worth $127,000 after buying an additional 2,097 shares during the period. Flinton Capital Management LLC lifted its position in shares of Sonic by 74.5% during the 2nd quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after buying an additional 2,686 shares during the period. Bayesian Capital Management LP bought a new position in shares of Sonic during the 2nd quarter worth approximately $228,000. Wolverine Trading LLC lifted its position in shares of Sonic by 382.4% during the 3rd quarter. Wolverine Trading LLC now owns 9,110 shares of the restaurant operator’s stock worth $232,000 after buying an additional 12,336 shares during the period. Finally, Piedmont Investment Advisors LLC bought a new position in shares of Sonic during the 2nd quarter worth approximately $244,000.
Several research firms recently commented on SONC. Guggenheim restated a “buy” rating and set a $31.00 target price (up previously from $29.00) on shares of Sonic in a research report on Thursday, December 28th. Canaccord Genuity reaffirmed a “hold” rating and set a $30.00 price target on shares of Sonic in a report on Friday, January 5th. UBS Group reaffirmed a “neutral” rating and set a $28.00 price target (up from $26.00) on shares of Sonic in a report on Friday, January 5th. Oppenheimer cut Sonic from an “outperform” rating to a “market perform” rating and set a $29.00 price target for the company. in a report on Thursday, January 4th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $31.00 price target (up from $27.00) on shares of Sonic in a report on Friday, January 5th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $29.64.
Shares of Sonic Co. (NASDAQ:SONC) opened at $26.49 on Monday. The company has a market capitalization of $1,018.75, a price-to-earnings ratio of 17.90, a PEG ratio of 1.18 and a beta of 1.74. Sonic Co. has a 52 week low of $22.11 and a 52 week high of $30.05. The company has a debt-to-equity ratio of -2.87, a current ratio of 1.81 and a quick ratio of 1.81.
Sonic (NASDAQ:SONC) last released its earnings results on Thursday, January 4th. The restaurant operator reported $0.30 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.05. The company had revenue of $105.40 million during the quarter, compared to analysts’ expectations 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 for the quarter was down 18.7% on a year-over-year basis. During the same period last year, the firm earned $0.24 EPS. sell-side analysts predict that Sonic Co. will post 1.53 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 16th. Stockholders of record on Wednesday, February 7th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, February 6th. This represents a $0.64 annualized dividend and a dividend yield of 2.42%. Sonic’s dividend payout ratio (DPR) is currently 43.24%.
Sonic announced that its board has approved a stock buyback plan on Thursday, October 26th that permits the company to repurchase $160.00 million in shares. This repurchase authorization permits the restaurant operator to purchase up to 14.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.
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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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