Seven Eight Capital LP boosted its position in shares of Sonic Co. (NASDAQ:SONC) by 653.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 52,000 shares of the restaurant operator’s stock after acquiring an additional 45,100 shares during the period. Seven Eight Capital LP owned approximately 0.15% of Sonic worth $2,254,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its stake in Sonic by 10.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 312,839 shares of the restaurant operator’s stock valued at $10,768,000 after acquiring an additional 28,564 shares during the period. HL Financial Services LLC increased its stake in Sonic by 14.9% during the second quarter. HL Financial Services LLC now owns 11,979 shares of the restaurant operator’s stock valued at $412,000 after acquiring an additional 1,553 shares during the period. Itau Unibanco Holding S.A. bought a new position in Sonic during the second quarter valued at about $284,000. Catalyst Capital Advisors LLC bought a new position in Sonic during the second quarter valued at about $706,000. Finally, Point72 Asset Management L.P. increased 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 valued at $155,000 after acquiring an additional 54,500 shares during the period.
Several brokerages recently issued reports on SONC. Wells Fargo & Co boosted their price target on Sonic from $28.00 to $30.00 and gave the company a “market perform” rating in a research note on Wednesday, June 27th. BidaskClub downgraded Sonic from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 1st. Zacks Investment Research raised Sonic from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a report on Thursday, July 19th. Guggenheim reaffirmed a “buy” rating and set a $38.00 price objective on shares of Sonic in a report on Sunday, July 1st. Finally, Morgan Stanley lifted their price objective on Sonic from $26.00 to $31.00 and gave the company an “equal weight” rating in a report on Thursday, June 28th. Thirteen research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $35.88.
NASDAQ SONC opened at $43.27 on Tuesday. The company has a debt-to-equity ratio of -2.47, a quick ratio of 1.78 and a current ratio of 1.68. The company has a market cap of $1.54 billion, a price-to-earnings ratio of 29.04, a P/E/G ratio of 1.86 and a beta of 1.47. Sonic Co. has a 1-year low of $23.22 and a 1-year high of $44.87.
Sonic (NASDAQ:SONC) last released its quarterly earnings data on Tuesday, October 16th. The restaurant operator reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The company had revenue of $111.80 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the business earned $0.45 earnings per share. On average, sell-side analysts predict that Sonic Co. will post 1.64 EPS for the current year.
Sonic declared that its Board of Directors has approved a stock repurchase program on Thursday, July 12th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to repurchase up to 39.6% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other news, insider John H. Budd III sold 89,176 shares of the business’s stock in a transaction that occurred on 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 transaction, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Carolyn C. Cummins sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, October 1st. The stock was 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. 8.28% of the stock is owned by insiders.
Sonic Company Profile
Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in the United States. As of August 31, 2017, the company operated 3,593 Sonic Drive-Ins in 45 states, of which 228 were owned and operated by the company and 3,365 were owned and operated by franchisees. The company also owns and leases 135 properties; and sublease 53 properties to franchisees and other parties.
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