Engineers Gate Manager LP raised its holdings in Sonic Co. (NASDAQ:SONC) by 291.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,907 shares of the restaurant operator’s stock after purchasing an additional 17,807 shares during the period. Engineers Gate Manager LP owned 0.07% of Sonic worth $1,036,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada lifted its stake in shares of Sonic by 22.9% in the first quarter. Royal Bank of Canada now owns 14,354 shares of the restaurant operator’s stock worth $362,000 after acquiring an additional 2,673 shares in the last quarter. Xact Kapitalforvaltning AB acquired a new position in shares of Sonic in the first quarter worth about $222,000. Atria Investments LLC acquired a new position in shares of Sonic in the second quarter worth about $295,000. Fox Run Management L.L.C. acquired a new stake in Sonic during the second quarter valued at approximately $414,000. Finally, Cornerstone Wealth Management LLC acquired a new stake in Sonic during the second quarter valued at approximately $405,000.
Shares of Sonic stock opened at $43.32 on Friday. The company has a market cap of $1.55 billion, a PE ratio of 29.07, a P/E/G ratio of 1.87 and a beta of 1.32. Sonic Co. has a twelve month low of $23.22 and a twelve month high of $44.87.
Sonic (NASDAQ:SONC) last announced its quarterly earnings results on Tuesday, October 16th. The restaurant operator reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $111.80 million for the quarter, compared to analysts’ expectations of $113.22 million. Sonic had a negative return on equity of 21.64% and a net margin of 16.81%. The business’s quarterly revenue was down 9.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 EPS. Research analysts predict that Sonic Co. will post 1.64 earnings per share for the current fiscal year.
Sonic announced that its Board of Directors has authorized a share repurchase program on Wednesday, August 8th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the restaurant operator to purchase up to 40.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.
Several brokerages have issued reports on SONC. Wedbush began coverage on Sonic in a research note on Thursday, September 6th. They set an “outperform” rating and a $42.00 price objective on the stock. BidaskClub cut Sonic from a “strong-buy” rating to a “buy” rating in a research note on Friday, November 2nd. Zacks Investment Research cut Sonic from a “buy” rating to a “hold” rating in a research note on Friday, August 3rd. Morgan Stanley upped their price objective on Sonic from $31.00 to $34.00 and gave the company an “equal weight” rating in a research note on Thursday, September 13th. Finally, ValuEngine upgraded Sonic from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, October 24th. Fourteen investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Sonic has a consensus rating of “Hold” and an average target price of $36.08.
In other news, VP Carolyn C. Cummins sold 2,500 shares of the stock in a transaction that occurred 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John H. Budd III sold 89,176 shares of the stock in a transaction that occurred 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 owns 32,065 shares in the company, valued at $1,386,490.60. The disclosure for this sale can be found here. 6.24% of the stock is currently owned by corporate insiders.
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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