Comerica Bank lowered its holdings in shares of Sonic Co. (NASDAQ:SONC) by 16.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,149 shares of the restaurant operator’s stock after selling 5,451 shares during the period. Comerica Bank owned about 0.08% of Sonic worth $1,174,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 Asset Management L.P. boosted its stake in Sonic by 109.0% during the second quarter. Point72 Asset Management L.P. now owns 4,500 shares of the restaurant operator’s stock worth $155,000 after buying an additional 54,500 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Sonic during the second quarter worth $210,000. Oppenheimer & Co. Inc. acquired a new stake in Sonic during the second quarter worth $215,000. Edmonds Duncan Registered Investment Advisors LLC acquired a new stake in Sonic during the second quarter worth $243,000. Finally, Aperio Group LLC acquired a new stake in Sonic during the second quarter worth $244,000. Hedge funds and other institutional investors own 89.15% of the company’s stock.
Shares of NASDAQ:SONC opened at $43.49 on Friday. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 29.19, a PEG ratio of 1.87 and a beta of 1.32. Sonic Co. has a 1-year low of $23.22 and a 1-year high of $44.87.
Sonic (NASDAQ:SONC) last announced its quarterly earnings data on Tuesday, October 16th. The restaurant operator reported $0.52 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.01. The firm had revenue of $111.80 million during the quarter, compared to analysts’ expectations of $113.22 million. Sonic had a negative return on equity of 21.64% and a net margin of 16.81%. The company’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.45 EPS. On average, equities analysts anticipate that Sonic Co. will post 1.64 earnings per share for the current fiscal year.
Several equities research analysts have recently commented on SONC shares. Telsey Advisory Group boosted their target price on shares of Sonic from $32.00 to $40.00 and gave the company a “market perform” rating in a research note on Wednesday, September 12th. Piper Jaffray Companies downgraded shares of Sonic from an “overweight” rating to a “neutral” rating in a research report on Tuesday, September 25th. Zacks Investment Research upgraded shares of Sonic from a “hold” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Friday, September 14th. Wedbush assumed coverage on shares of Sonic in a research report on Thursday, September 6th. They set an “outperform” rating and a $42.00 price target on the stock. Finally, BidaskClub upgraded shares of Sonic from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 11th. Fifteen equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $36.08.
In other news, insider John H. Budd III sold 89,176 shares of the company’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $43.24, for a total value of $3,855,970.24. Following the completion of the sale, the insider now directly owns 32,065 shares of the company’s stock, valued at approximately $1,386,490.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Carolyn C. Cummins sold 2,500 shares of the company’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $43.31, for a total value of $108,275.00. The disclosure for this sale can be found here. Corporate insiders own 6.24% of the company’s stock.
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Sonic Company Profile
Sonic Corp., through its subsidiaries, operates and franchises a chain of drive-in restaurants in the United States. As of August 31, 2018, the company operated 3,606 Sonic Drive-Ins in 45 states, including 3,427 Drive-Ins owned and operated by franchisees; and 179 Drive-Ins owned and operated by the company.
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