Louisiana State Employees Retirement System reduced its stake in Sonic Co. (NASDAQ:SONC) by 9.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,100 shares of the restaurant operator’s stock after selling 1,500 shares during the period. Louisiana State Employees Retirement System’s holdings in Sonic were worth $654,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Point72 Asset Management L.P. increased its stake in Sonic by 109.0% in the second quarter. Point72 Asset Management L.P. now owns 4,500 shares of the restaurant operator’s stock valued at $155,000 after purchasing an additional 54,500 shares during the last quarter. Engineers Gate Manager LP purchased a new position in Sonic in the second quarter valued at approximately $210,000. Oppenheimer & Co. Inc. purchased a new position in Sonic in the second quarter valued at approximately $215,000. Parametrica Management Ltd purchased a new position in Sonic in the second quarter valued at approximately $221,000. Finally, Xact Kapitalforvaltning AB purchased a new position in Sonic in the first quarter valued at approximately $222,000.

SONC stock opened at $43.30 on Friday. The company has a market capitalization of $1.54 billion, a PE ratio of 29.03, a PEG ratio of 1.86 and a beta of 1.48. Sonic Co. has a twelve month low of $23.22 and a twelve month high of $44.87. The company has a debt-to-equity ratio of -2.47, a current ratio of 1.68 and a quick ratio of 1.78.

Sonic (NASDAQ:SONC) last posted its quarterly earnings data on Tuesday, October 16th. The restaurant operator reported $0.52 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The business had revenue of $111.80 million during the quarter, compared to the consensus estimate of $113.22 million. Sonic had a negative return on equity of 21.64% and a net margin of 16.81%. The company’s revenue was down 9.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.45 earnings per share. On average, sell-side analysts predict that Sonic Co. will post 1.64 EPS for the current year.

Sonic announced that its Board of Directors has authorized a stock buyback program on Thursday, July 12th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the restaurant operator to repurchase up to 39.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its shares are undervalued.

In related news, VP Carolyn C. Cummins sold 2,500 shares of the stock in a transaction on Monday, October 1st. The stock was sold at an average price of $43.31, for a total transaction of $108,275.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John H. Budd III sold 89,176 shares of the stock in a transaction on Monday, October 1st. The stock was sold at an average price of $43.24, for a total value of $3,855,970.24. Following the sale, the insider now directly owns 32,065 shares of the company’s stock, valued at $1,386,490.60. The disclosure for this sale can be found here. 6.24% of the stock is owned by company insiders.

Several brokerages have commented on SONC. BidaskClub lowered shares of Sonic from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 1st. Canaccord Genuity reiterated a “hold” rating and issued a $33.00 price target on shares of Sonic in a research note on Wednesday, June 27th. Telsey Advisory Group increased their price target on shares of Sonic from $32.00 to $40.00 and gave the company a “market perform” rating in a research note on Wednesday, September 12th. Guggenheim reissued a “buy” rating and issued a $38.00 price objective on shares of Sonic in a report on Sunday, July 1st. Finally, Wells Fargo & Co increased their price objective on Sonic from $28.00 to $30.00 and gave the company a “market perform” rating in a report on Wednesday, June 27th. Thirteen investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $35.88.

Sonic Company Profile

Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.

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Institutional Ownership by Quarter for Sonic (NASDAQ:SONC)

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