Sonic Co. (SONC) Director Sells $238,372.46 in Stock

Sonic Co. (NASDAQ:SONC) Director Federico F. Pena sold 9,686 shares of Sonic stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $24.61, for a total value of $238,372.46. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Sonic Co. (NASDAQ:SONC) traded up $0.13 during mid-day trading on Tuesday, reaching $24.50. The company had a trading volume of 612,500 shares, compared to its average volume of 989,135. Sonic Co. has a fifty-two week low of $22.11 and a fifty-two week high of $30.05. The company has a current ratio of 1.81, a quick ratio of 1.81 and a debt-to-equity ratio of -2.87. The firm has a market cap of $931.45, a P/E ratio of 16.59, a P/E/G ratio of 1.08 and a beta of 1.59.

Sonic (NASDAQ:SONC) last posted its quarterly earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.25 by $0.05. Sonic had a negative return on equity of 28.95% and a net margin of 13.68%. The business had revenue of $105.40 million for the quarter, compared to the consensus estimate of $106.86 million. During the same period in the prior year, the business earned $0.24 EPS. The firm’s revenue for the quarter was down 18.7% on a year-over-year basis. equities analysts predict that Sonic Co. will post 1.53 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Investors of record on Wednesday, February 7th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date is Tuesday, February 6th. Sonic’s dividend payout ratio (DPR) is currently 43.84%.

Sonic announced that its Board of Directors has approved a share repurchase program on Thursday, October 26th that authorizes the company to buyback $160.00 million in shares. This buyback authorization authorizes the restaurant operator to purchase up to 14.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

SONC has been the subject of several research reports. BidaskClub cut Sonic from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 31st. UBS Group reiterated a “neutral” rating and issued a $28.00 price target (up previously from $26.00) on shares of Sonic in a research note on Friday, January 5th. Canaccord Genuity reiterated a “hold” rating and issued a $30.00 price target on shares of Sonic in a research note on Friday, January 5th. Oppenheimer lowered Sonic from an “outperform” rating to a “market perform” rating and set a $29.00 price target on the stock. in a research note on Thursday, January 4th. Finally, Zacks Investment Research upgraded Sonic from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $29.64.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Commerce Bank bought a new stake in Sonic during the 4th quarter worth approximately $275,000. Stormborn Capital Management LLC bought a new position in shares of Sonic in the fourth quarter valued at approximately $5,496,000. Quadrature Capital Ltd bought a new position in shares of Sonic in the fourth quarter valued at approximately $907,000. Eaton Vance Management bought a new position in shares of Sonic in the fourth quarter valued at approximately $5,702,000. Finally, Atlanta Capital Management Co. L L C grew its holdings in shares of Sonic by 168.4% in the fourth quarter. Atlanta Capital Management Co. L L C now owns 810,109 shares of the restaurant operator’s stock valued at $22,262,000 after acquiring an additional 508,282 shares in the last quarter.

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About Sonic

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.

Insider Buying and Selling by Quarter for Sonic (NASDAQ:SONC)

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