Sonic Corp. (SONC) Stock Rating Reaffirmed by Jefferies Group LLC
Sonic Corp. (NASDAQ:SONC)‘s stock had its “hold” rating reiterated by equities research analysts at Jefferies Group LLC in a research report issued to clients and investors on Thursday. They currently have a $26.00 target price on the restaurant operator’s stock. Jefferies Group LLC’s target price points to a potential upside of 7.26% from the company’s current price.
A number of other research analysts also recently commented on the company. BidaskClub downgraded Sonic Corp. from a “sell” rating to a “strong sell” rating in a report on Thursday. Piper Jaffray Companies reaffirmed a “buy” rating and set a $32.00 target price on shares of Sonic Corp. in a report on Wednesday. Zacks Investment Research downgraded Sonic Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $29.00 target price on shares of Sonic Corp. in a report on Monday, June 26th. Finally, Stephens reaffirmed an “overweight” rating and set a $32.00 target price on shares of Sonic Corp. in a report on Monday, June 26th. Five investment analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $27.61.
Sonic Corp. (NASDAQ SONC) traded down 0.94% on Thursday, reaching $24.24. The company’s stock had a trading volume of 738,070 shares. The firm’s 50 day moving average price is $26.90 and its 200-day moving average price is $26.31. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 16.16 and a beta of 1.77. Sonic Corp. has a 52 week low of $21.12 and a 52 week high of $30.05.
Sonic Corp. (NASDAQ:SONC) last issued its quarterly earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $124 million during the quarter, compared to the consensus estimate of $122.58 million. Sonic Corp. had a negative return on equity of 44.21% and a net margin of 13.23%. Sonic Corp.’s revenue for the quarter was down 24.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.43 earnings per share. On average, equities analysts predict that Sonic Corp. will post $1.24 EPS for the current year.
In other Sonic Corp. news, Director Steven A. Davis bought 2,000 shares of the stock in a transaction that occurred on 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 purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frank E. Richardson III sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $28.15, for a total value of $1,407,500.00. Following the completion of the sale, the director now owns 1,202,310 shares in the company, valued at $33,845,026.50. The disclosure for this sale can be found here. 6.24% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. boosted its position in shares of Sonic Corp. by 121,423.6% in the first quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock valued at $135,015,000 after buying an additional 5,319,566 shares during the period. RidgeWorth Capital Management LLC purchased a new position in shares of Sonic Corp. during the first quarter valued at about $50,669,000. Norges Bank purchased a new position in shares of Sonic Corp. during the fourth quarter valued at about $30,952,000. Macquarie Group Ltd. purchased a new position in shares of Sonic Corp. during the first quarter valued at about $28,891,000. Finally, Fenimore Asset Management Inc. purchased a new position in shares of Sonic Corp. during the first quarter valued at about $18,085,000. Institutional investors own 97.48% of the company’s stock.
About Sonic Corp.
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.
Receive News & Ratings for Sonic Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sonic Corp. and related companies with MarketBeat.com's FREE daily email newsletter.