Oppenheimer Holdings Analysts Increase Earnings Estimates for Sonic Corp. (SONC)
Sonic Corp. (NASDAQ:SONC) – Equities research analysts at Oppenheimer Holdings upped their FY2018 EPS estimates for Sonic Corp. in a research report issued on Monday. Oppenheimer Holdings analyst B. Bittner now expects that the restaurant operator will post earnings per share of $1.32 for the year, up from their previous forecast of $1.30. Oppenheimer Holdings currently has a “Buy” rating and a $29.00 price target on the stock.
Other equities research analysts have also issued research reports about the company. BidaskClub lowered Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Sunday, July 16th. Bank of America Corporation reissued a “buy” rating and issued a $30.00 target price on shares of Sonic Corp. in a research report on Monday, August 14th. Zacks Investment Research raised Sonic Corp. from a “sell” rating to a “buy” rating and set a $26.00 target price on the stock in a research report on Wednesday, September 13th. Piper Jaffray Companies reissued a “buy” rating and issued a $32.00 target price on shares of Sonic Corp. in a research report on Wednesday, July 26th. Finally, Canaccord Genuity lifted their target price on Sonic Corp. from $24.00 to $25.00 and gave the company a “hold” rating in a research report on Tuesday. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. Sonic Corp. has an average rating of “Hold” and a consensus target price of $27.68.
Sonic Corp. (SONC) traded down 0.86% during trading on Thursday, reaching $25.38. The company had a trading volume of 329,520 shares. The company has a market capitalization of $1.05 billion, a PE ratio of 17.50 and a beta of 1.76. Sonic Corp. has a 52-week low of $21.12 and a 52-week high of $30.05. The company has a 50 day moving average price of $24.29 and a 200 day moving average price of $25.86.
Sonic Corp. (NASDAQ:SONC) last released its quarterly earnings data on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.02. Sonic Corp. had a negative return on equity of 33.92% and a net margin of 13.34%. The firm had revenue of $123.60 million for the quarter, compared to the consensus estimate of $126.01 million. During the same quarter in the prior year, the company posted $0.45 earnings per share. The firm’s revenue was down 23.8% on a year-over-year basis.
Sonic Corp. announced that its board has authorized a share repurchase plan on Wednesday, August 9th that authorizes the company to buyback $160.00 million in shares. This buyback authorization authorizes the restaurant operator to repurchase up to 16.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.
In other news, Director Steven A. Davis purchased 2,000 shares of Sonic Corp. stock in a transaction that occurred on Wednesday, September 6th. The stock was acquired at an average cost of $23.00 per share, for a total transaction of $46,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders purchased a total of 5,000 shares of company stock valued at $117,730 over the last 90 days. 6.24% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SONC. Riverhead Capital Management LLC lifted its position in shares of Sonic Corp. by 77.7% during the 2nd quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock valued at $127,000 after acquiring an additional 2,097 shares during the period. Flinton Capital Management LLC lifted its position in shares of Sonic Corp. by 74.5% during the 2nd quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock valued at $167,000 after acquiring an additional 2,686 shares during the period. Karp Capital Management Corp bought a new stake in shares of Sonic Corp. during the 1st quarter valued at $209,000. State of Alaska Department of Revenue lifted its position in shares of Sonic Corp. by 72.7% during the 2nd quarter. State of Alaska Department of Revenue now owns 8,378 shares of the restaurant operator’s stock valued at $221,000 after acquiring an additional 3,528 shares during the period. Finally, Aperio Group LLC lifted its position in shares of Sonic Corp. by 1.4% during the 2nd quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after acquiring an additional 119 shares during the period.
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.