Frank E. Richardson III Sells 50,000 Shares of Sonic Corp. (SONC) Stock
Sonic Corp. (NASDAQ:SONC) Director Frank E. Richardson III sold 50,000 shares of Sonic stock in a transaction dated Friday, December 8th. The shares were sold at an average price of $27.62, for a total value of $1,381,000.00. Following the completion of the transaction, the director now owns 1,149,890 shares in the company, valued at approximately $31,759,961.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Shares of Sonic Corp. (SONC) traded up $0.22 during mid-day trading on Monday, hitting $27.54. The stock had a trading volume of 840,900 shares, compared to its average volume of 936,541. Sonic Corp. has a 1-year low of $22.11 and a 1-year high of $30.05. The stock has a market capitalization of $1,140.00, a price-to-earnings ratio of 21.68, a price-to-earnings-growth ratio of 1.40 and a beta of 1.74. The company has a debt-to-equity ratio of -3.19, a current ratio of 1.52 and a quick ratio of 1.48.
Sonic (NASDAQ:SONC) last issued its quarterly earnings results on Monday, October 16th. The restaurant operator reported $0.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.02. Sonic had a negative return on equity of 33.92% and a net margin of 13.34%. The business had revenue of $123.60 million for the quarter, compared to analyst estimates of $126.01 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The company’s revenue was down 23.8% on a year-over-year basis. equities analysts expect that Sonic Corp. will post 1.34 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Wednesday, November 8th were paid a dividend of $0.16 per share. This is a positive change from Sonic’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Tuesday, November 7th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.32%. Sonic’s payout ratio is presently 43.84%.
Several hedge funds have recently modified their holdings of the company. Riverhead Capital Management LLC lifted its holdings in shares of Sonic by 77.7% during the second quarter. Riverhead Capital Management LLC now owns 4,797 shares of the restaurant operator’s stock worth $127,000 after purchasing an additional 2,097 shares during the period. Flinton Capital Management LLC lifted its holdings in shares of Sonic by 74.5% during the second quarter. Flinton Capital Management LLC now owns 6,290 shares of the restaurant operator’s stock worth $167,000 after purchasing an additional 2,686 shares during the period. Aperio Group LLC lifted its holdings in shares of Sonic by 1.4% during the second quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock worth $221,000 after purchasing an additional 119 shares during the period. HL Financial Services LLC acquired a new stake in shares of Sonic during the second quarter worth about $227,000. Finally, Bayesian Capital Management LP acquired a new stake in shares of Sonic during the second quarter worth about $228,000.
SONC has been the topic of several analyst reports. Bank of America reiterated a “buy” rating and issued a $30.00 target price on shares of Sonic in a research note on Monday, August 14th. Zacks Investment Research lowered Sonic from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th. Citigroup initiated coverage on Sonic in a research note on Monday, September 18th. They issued a “buy” rating and a $28.00 target price on the stock. Oppenheimer reiterated a “buy” rating and issued a $29.00 target price on shares of Sonic in a research note on Friday, October 6th. Finally, Cowen reiterated a “neutral” rating on shares of Sonic in a research note on Tuesday, October 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $27.73.
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Sonic Company Profile
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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