Sonic Co. (NASDAQ:SONC) had its target price decreased by Cowen and Company to $24.00 in a research report issued to clients and investors on Friday. Cowen and Company’s target price points to a potential upside of 2.78% from the stock’s previous close.
Several other brokerages have also recently weighed in on SONC. Longbow Research cut Sonic from a “buy” rating to a “neutral” rating in a report on Friday, December 2nd. Vetr raised Sonic from a “sell” rating to a “hold” rating and set a $26.50 price objective for the company in a report on Tuesday, December 20th. Deutsche Bank AG reissued a “hold” rating and set a $25.00 price objective on shares of Sonic in a report on Sunday, January 1st. Zacks Investment Research raised Sonic from a “sell” rating to a “hold” rating in a report on Tuesday, January 3rd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $26.00 price objective on shares of Sonic in a report on Saturday, January 7th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. Sonic has an average rating of “Hold” and a consensus target price of $29.50.
Shares of Sonic (NASDAQ:SONC) opened at 23.35 on Friday. Sonic has a 12-month low of $21.12 and a 12-month high of $36.34. The company’s 50 day moving average is $24.81 and its 200 day moving average is $25.76. The firm has a market capitalization of $1.03 billion, a PE ratio of 17.46 and a beta of 1.49.
Sonic (NASDAQ:SONC) last released its quarterly earnings results on Wednesday, January 4th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.21 by $0.03. Sonic had a negative return on equity of 88.45% and a net margin of 10.97%. The business earned $129.60 million during the quarter. During the same period in the prior year, the firm earned $0.24 earnings per share. The business’s quarterly revenue was down 11.1% compared to the same quarter last year. On average, analysts forecast that Sonic will post $1.26 earnings per share for the current year.
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In other news, VP Harold A. Ceron sold 3,112 shares of the company’s stock in a transaction dated Wednesday, January 11th. The stock was sold at an average price of $27.02, for a total value of $84,086.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank E. Richardson III sold 4,685 shares of the company’s stock in a transaction dated Tuesday, January 10th. The shares were sold at an average price of $27.57, for a total value of $129,165.45. Following the completion of the sale, the director now directly owns 1,290,728 shares of the company’s stock, valued at $35,585,370.96. The disclosure for this sale can be found here. Corporate insiders own 6.24% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Sonic during the fourth quarter worth approximately $30,952,000. Sandler Capital Management bought a new stake in shares of Sonic during the fourth quarter worth approximately $7,338,000. Westwood Holdings Group Inc. boosted its stake in shares of Sonic by 10.4% in the fourth quarter. Westwood Holdings Group Inc. now owns 454,720 shares of the company’s stock worth $12,054,000 after buying an additional 42,900 shares during the period. Thrivent Financial for Lutherans boosted its stake in shares of Sonic by 1.6% in the fourth quarter. Thrivent Financial for Lutherans now owns 24,712 shares of the company’s stock worth $655,000 after buying an additional 390 shares during the period. Finally, Nokota Management LP boosted its stake in shares of Sonic by 52.9% in the fourth quarter. Nokota Management LP now owns 463,351 shares of the company’s stock worth $12,283,000 after buying an additional 160,250 shares during the period. 96.33% of the stock is owned by institutional investors.
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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