Insider Selling: Sonic Director Unloads 23,550 Shares of Stock (SONC)
Sonic (NASDAQ:SONC) Director Frank E. Richardson III unloaded 23,550 shares of the stock on the open market in a transaction dated Monday, August 18th. The shares were sold at an average price of $22.07, for a total transaction of $519,748.50. Following the completion of the transaction, the director now directly owns 1,541,145 shares in the company, valued at approximately $34,013,070. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Shares of Sonic (NASDAQ:SONC) traded down 0.50% during mid-day trading on Tuesday, hitting $21.98. The stock had a trading volume of 272,992 shares. Sonic has a 52 week low of $15.64 and a 52 week high of $23.74. The stock has a 50-day moving average of $21.60 and a 200-day moving average of $20.88. The company has a market cap of $1.189 billion and a P/E ratio of 30.68.
Sonic (NASDAQ:SONC) last announced its earnings results on Monday, June 23rd. The company reported $0.30 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.29 by $0.01. The company had revenue of $152.20 million for the quarter, compared to the consensus estimate of $148.55 million. During the same quarter in the prior year, the company posted $0.26 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Analysts expect that Sonic will post $0.83 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Friday, November 21st. Investors of record on Wednesday, November 12th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 1.64%. The ex-dividend date is Friday, November 7th.
SONC has been the subject of a number of recent research reports. Analysts at Barrington Research initiated coverage on shares of Sonic in a research note on Friday, June 27th. They set a “market perform” rating on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Sonic from $20.00 to $22.00 in a research note on Wednesday, June 25th. Finally, analysts at Susquehanna raised their price target on shares of Sonic from $21.00 to $22.00 in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $22.45.
Sonic Corp. (NASDAQ:SONC) operates and franchises chain of drive-in restaurants (Sonic Drive-Ins) in the United States.
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