Frank E. Richardson III Sells 50,000 Shares of Sonic Co. (SONC) Stock
Sonic Co. (NASDAQ:SONC) Director Frank E. Richardson III sold 50,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the director now owns 1,202,310 shares in the company, valued at approximately $33,845,026.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Sonic Co. (NASDAQ:SONC) traded down 0.74% during midday trading on Thursday, reaching $28.13. 227,366 shares of the company traded hands. Sonic Co. has a one year low of $21.12 and a one year high of $31.20. The company has a 50 day moving average price of $26.61 and a 200-day moving average price of $25.96. The stock has a market capitalization of $1.19 billion, a P/E ratio of 20.41 and a beta of 1.49.
Sonic (NASDAQ:SONC) last posted its quarterly earnings results on Tuesday, March 28th. The restaurant operator reported $0.15 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.14 by $0.01. The company had revenue of $100.20 million for the quarter, compared to the consensus estimate of $104.32 million. Sonic had a net margin of 10.97% and a negative return on equity of 88.45%. The firm’s revenue was down 24.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 EPS. Analysts forecast that Sonic Co. will post $1.25 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, May 19th. Investors of record on Wednesday, May 10th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.98%. The ex-dividend date is Monday, May 8th. Sonic’s dividend payout ratio is presently 41.79%.
A number of equities analysts have issued reports on SONC shares. Cowen and Company decreased their price objective on shares of Sonic to $24.00 in a research report on Friday, March 24th. Zacks Investment Research raised shares of Sonic from a “hold” rating to a “buy” rating and set a $30.00 target price on the stock in a research note on Wednesday, January 18th. Canaccord Genuity reaffirmed a “buy” rating and set a $30.00 target price on shares of Sonic in a research note on Friday, February 24th. Jefferies Group LLC reaffirmed a “hold” rating and set a $26.00 target price on shares of Sonic in a research note on Wednesday, March 29th. Finally, Stephens raised shares of Sonic from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $26.00 to $32.00 in a research note on Monday, April 24th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $27.77.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Karp Capital Management Corp bought a new position in Sonic during the first quarter valued at approximately $209,000. LSV Asset Management bought a new position in Sonic during the first quarter valued at approximately $218,000. Quantum Capital Management acquired a new position in Sonic during the fourth quarter worth approximately $219,000. Pacad Investment Ltd. increased its position in Sonic by 8,200.0% in the fourth quarter. Pacad Investment Ltd. now owns 8,300 shares of the restaurant operator’s stock worth $220,000 after buying an additional 8,200 shares during the period. Finally, Invictus RG increased its position in Sonic 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. 96.33% of the stock is currently owned by institutional investors.
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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