Sonic Co. (NASDAQ:SONC) was downgraded by Cowen and Company from an “outperform” rating to a “hold” rating in a report released on Monday. They currently have a $24.00 price objective on the stock, down from their previous price objective of $26.00. Cowen and Company’s price objective suggests a potential upside of 4.35% from the stock’s current price.
Several other equities analysts have also recently commented on SONC. Canaccord Genuity cut Sonic from a “buy” rating to a “hold” rating and reduced their target price for the stock from $30.00 to $24.00 in a research report on Monday, March 20th. Jefferies Group LLC restated a “hold” rating and set a $26.00 target price on shares of Sonic in a research report on Saturday, January 7th. Zacks Investment Research cut Sonic from a “hold” rating to a “sell” rating in a research report on Wednesday, March 8th. Vetr upgraded Sonic from a “sell” rating to a “hold” rating and set a $26.50 target price for the company in a research report on Tuesday, December 20th. Finally, Longbow Research cut Sonic from a “buy” rating to a “neutral” rating in a research report on Friday, December 2nd. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $29.50.
Sonic (NASDAQ:SONC) traded down 0.43% during trading on Monday, reaching $23.00. The company’s stock had a trading volume of 1,651,279 shares. The stock has a 50-day moving average price of $24.87 and a 200 day moving average price of $25.79. The company has a market cap of $1.01 billion, a PE ratio of 17.20 and a beta of 1.49. Sonic has a 52-week low of $21.12 and a 52-week high of $36.34.
Sonic (NASDAQ:SONC) last posted its earnings results on Wednesday, January 4th. The company reported $0.24 EPS for the quarter, topping the Thomson Reuters’ 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 quarter in the previous year, the firm earned $0.24 earnings per share. Sonic’s quarterly revenue was down 11.1% compared to the same quarter last year. On average, analysts expect that Sonic will post $1.26 EPS for the current year.
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In other news, Director Frank E. Richardson III sold 4,685 shares of the company’s stock in a transaction dated Tuesday, January 10th. The stock was sold at an average price of $27.57, for a total value of $129,165.45. Following the completion of the transaction, the director now directly owns 1,290,728 shares in the company, valued at approximately $35,585,370.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. 6.24% of the stock is currently owned by corporate insiders.
Several institutional investors have recently bought and sold shares of SONC. Alambic Investment Management L.P. purchased a new position in Sonic during the third quarter worth about $859,000. Stoneridge Investment Partners LLC bought a new stake in shares of Sonic during the third quarter valued at $1,324,000. Rothschild Asset Management Inc. boosted its stake in shares of Sonic by 5.7% in the third quarter. Rothschild Asset Management Inc. now owns 720,602 shares of the company’s stock valued at $18,865,000 after buying an additional 39,039 shares in the last quarter. Great West Life Assurance Co. Can boosted its stake in shares of Sonic by 0.8% in the third quarter. Great West Life Assurance Co. Can now owns 64,550 shares of the company’s stock valued at $1,689,000 after buying an additional 524 shares in the last quarter. Finally, Pembroke Management LTD bought a new stake in shares of Sonic during the third quarter valued at $10,697,000. Hedge funds and other institutional investors own 96.33% of the company’s stock.
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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