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 the firm’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $28.40, for a total transaction of $1,420,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.
Shares of Sonic Corp. (NASDAQ SONC) traded down $0.25 during trading hours on Friday, hitting $28.07. 641,900 shares of the stock traded hands, compared to its average volume of 932,663. Sonic Corp. has a 12 month low of $22.11 and a 12 month high of $30.05. The company has a debt-to-equity ratio of -3.19, a quick ratio of 1.48 and a current ratio of 1.52. The firm has a market cap of $1,139.89, a PE ratio of 22.30, a price-to-earnings-growth ratio of 1.44 and a beta of 1.74.
Sonic (NASDAQ:SONC) last issued its quarterly earnings results on Monday, October 16th. The restaurant operator reported $0.45 EPS for the quarter, topping the consensus estimate of $0.43 by $0.02. Sonic had a net margin of 13.34% and a negative return on equity of 33.92%. The company had revenue of $123.60 million during the quarter, compared to analysts’ expectations of $126.01 million. During the same quarter in the previous year, the company earned $0.45 EPS. Sonic’s revenue was down 23.8% on a year-over-year basis. sell-side analysts anticipate that Sonic Corp. will post 1.34 EPS 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 given a dividend of $0.16 per share. This is a boost 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 annualized dividend and a dividend yield of 2.28%. Sonic’s payout ratio is currently 43.54%.
A number of equities analysts have recently commented on SONC shares. Oppenheimer reaffirmed a “buy” rating and set a $29.00 price objective on shares of Sonic in a report on Tuesday, October 17th. Zacks Investment Research upgraded shares of Sonic from a “hold” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Thursday, September 28th. Citigroup assumed coverage on shares of Sonic in a research report on Monday, September 18th. They set a “buy” rating and a $28.00 target price for the company. Finally, Canaccord Genuity increased their target price on shares of Sonic from $24.00 to $25.00 and gave the stock a “hold” rating in a research report on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the stock. Sonic currently has an average rating of “Hold” and an average price target of $27.73.
Several large investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio lifted its stake in Sonic by 2,344.8% in the third quarter. Public Employees Retirement System of Ohio now owns 15,329 shares of the restaurant operator’s stock valued at $390,000 after buying an additional 14,702 shares in the last quarter. Wolverine Trading LLC lifted its stake in Sonic by 382.4% in the third quarter. Wolverine Trading LLC now owns 9,110 shares of the restaurant operator’s stock valued at $232,000 after buying an additional 12,336 shares in the last quarter. California Public Employees Retirement System lifted its stake in Sonic by 2.1% in the third quarter. California Public Employees Retirement System now owns 114,222 shares of the restaurant operator’s stock valued at $2,907,000 after buying an additional 2,322 shares in the last quarter. Atlanta Capital Management Co. L L C bought a new position in Sonic in the third quarter valued at approximately $7,681,000. Finally, Engineers Gate Manager LP bought a new position in Sonic in the third quarter valued at approximately $531,000.
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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