Sonic Corp. (SONC) Shares Sold by Louisiana State Employees Retirement System
Louisiana State Employees Retirement System reduced its position in Sonic Corp. (NASDAQ:SONC) by 3.4% during the second quarter, Holdings Channel reports. The firm owned 17,300 shares of the restaurant operator’s stock after selling 600 shares during the period. Louisiana State Employees Retirement System’s holdings in Sonic Corp. were worth $458,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in SONC. Karp Capital Management Corp purchased a new stake in Sonic Corp. during the first quarter worth $209,000. LSV Asset Management purchased a new stake in Sonic Corp. during the first quarter worth $218,000. State of Alaska Department of Revenue increased its stake in Sonic Corp. by 72.7% in the second quarter. State of Alaska Department of Revenue now owns 8,378 shares of the restaurant operator’s stock worth $221,000 after buying an additional 3,528 shares during the period. Invictus RG increased its stake in Sonic Corp. by 1,553.2% in the first quarter. Invictus RG now owns 9,539 shares of the restaurant operator’s stock worth $242,000 after buying an additional 8,962 shares during the period. Finally, Mason Street Advisors LLC increased its stake in 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 during the period. Hedge funds and other institutional investors own 97.48% of the company’s stock.
Sonic Corp. (SONC) traded up 0.97% during mid-day trading on Friday, hitting $24.06. The stock had a trading volume of 444,661 shares. Sonic Corp. has a 1-year low of $21.12 and a 1-year high of $30.05. The company has a market cap of $1.01 billion, a P/E ratio of 16.04 and a beta of 1.74. The company has a 50-day moving average price of $25.28 and a 200 day moving average price of $26.11.
Sonic Corp. (NASDAQ:SONC) last released its earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.02. Sonic Corp. had a net margin of 13.23% and a negative return on equity of 44.21%. The firm had revenue of $124 million during the quarter, compared to analyst estimates of $122.58 million. During the same quarter in the previous year, the business earned $0.43 EPS. The business’s quarterly revenue was down 24.9% compared to the same quarter last year. Equities research analysts forecast that Sonic Corp. will post $1.24 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Wednesday, August 9th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Monday, August 7th. Sonic Corp.’s dividend payout ratio is presently 37.33%.
Sonic Corp. declared that its Board of Directors has authorized a share repurchase program on Wednesday, August 9th that permits the company to buyback $160.00 million in outstanding shares. This buyback authorization permits the restaurant operator to repurchase up to 16.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
SONC has been the subject of a number of research analyst reports. BidaskClub downgraded Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 17th. Piper Jaffray Companies restated a “buy” rating and issued a $32.00 target price on shares of Sonic Corp. in a research report on Wednesday, July 26th. Zacks Investment Research upgraded Sonic Corp. from a “sell” rating to a “hold” rating in a research report on Saturday, May 27th. Jefferies Group LLC restated a “hold” rating and issued a $26.00 target price on shares of Sonic Corp. in a research report on Thursday, July 27th. Finally, Wells Fargo & Company started coverage on Sonic Corp. in a research report on Tuesday, May 23rd. They issued a “market perform” rating and a $30.00 target price for the company. Four research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. Sonic Corp. currently has an average rating of “Hold” and a consensus price target of $27.61.
In other news, Director Frank E. Richardson III sold 50,000 shares of Sonic Corp. 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 is available at the SEC website. Also, Director Steven A. Davis purchased 2,000 shares of Sonic Corp. stock in a transaction dated Friday, July 21st. The shares were purchased 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 currently owned by 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.
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