Kornitzer Capital Management Inc. KS decreased its stake in Sonic Corp. (NASDAQ:SONC) by 1.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,975 shares of the restaurant operator’s stock after selling 425 shares during the period. Kornitzer Capital Management Inc. KS owned about 0.07% of Sonic Corp. worth $768,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Aperio Group LLC boosted its stake in Sonic Corp. by 1.4% in the second quarter. Aperio Group LLC now owns 8,348 shares of the restaurant operator’s stock valued at $221,000 after buying an additional 119 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Sonic Corp. by 1.4% in the first quarter. BNP Paribas Arbitrage SA now owns 15,327 shares of the restaurant operator’s stock valued at $389,000 after buying an additional 213 shares during the period. Cardinal Capital Management raised its position in Sonic Corp. by 1.6% in the first quarter. Cardinal Capital Management now owns 17,448 shares of the restaurant operator’s stock valued at $442,000 after buying an additional 274 shares during the period. Mason Street Advisors LLC raised its position in Sonic Corp. by 2.8% in the first quarter. Mason Street Advisors LLC now owns 10,274 shares of the restaurant operator’s stock valued at $261,000 after buying an additional 275 shares during the period. Finally, Cobiz Wealth LLC raised its position in Sonic Corp. by 2.6% in the second quarter. Cobiz Wealth LLC now owns 57,230 shares of the restaurant operator’s stock valued at $1,516,000 after buying an additional 1,447 shares during the period. Hedge funds and other institutional investors own 97.48% of the company’s stock.
Shares of Sonic Corp. (NASDAQ SONC) traded down 0.59% on Friday, reaching $23.77. The company had a trading volume of 301,179 shares. Sonic Corp. has a 12 month low of $21.12 and a 12 month high of $30.05. The stock has a 50 day moving average price of $24.79 and a 200-day moving average price of $26.05. The company has a market capitalization of $993.80 million, a price-to-earnings ratio of 15.85 and a beta of 1.74.
Sonic Corp. (NASDAQ:SONC) last posted its earnings results on Thursday, June 22nd. The restaurant operator reported $0.43 EPS for the quarter, beating the consensus estimate of $0.41 by $0.02. Sonic Corp. had a negative return on equity of 44.21% and a net margin of 13.23%. The firm had revenue of $124 million for the quarter, compared to analysts’ expectations of $122.58 million. During the same period last year, the firm earned $0.43 EPS. The firm’s revenue was down 24.9% compared to the same quarter last year. Analysts forecast that Sonic Corp. will post $1.24 EPS for the current fiscal year.
Sonic Corp. declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 9th that permits the company to buyback $160.00 million in outstanding shares. This buyback authorization permits the restaurant operator to purchase up to 16.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 18th. Investors of record on Wednesday, August 9th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 2.36%. The ex-dividend date was Monday, August 7th. Sonic Corp.’s dividend payout ratio is currently 37.33%.
Several research analysts have commented on SONC shares. Bank of America Corporation reaffirmed an “underperform” rating and set a $28.00 price target (down previously from $30.00) on shares of Sonic Corp. in a research report on Sunday, June 25th. Stephens reaffirmed an “overweight” rating and set a $32.00 price target on shares of Sonic Corp. in a research report on Monday, June 26th. Zacks Investment Research lowered Sonic Corp. from a “hold” rating to a “sell” rating in a research report on Thursday, May 11th. Wells Fargo & Company started coverage on Sonic Corp. in a research report on Tuesday, May 23rd. They set a “market perform” rating and a $30.00 price target on the stock. Finally, BidaskClub lowered Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 17th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $27.75.
In other Sonic Corp. news, Director Steven A. Davis bought 2,000 shares of the stock in a transaction that occurred on Friday, July 21st. The shares were purchased at an average cost of $24.62 per share, for a total transaction of $49,240.00. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. 6.24% of the stock is owned by company insiders.
Sonic Corp. 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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