Sonic Corp. (NASDAQ:SONC) – Stock analysts at William Blair lowered their Q3 2017 earnings per share estimates for shares of Sonic Corp. in a research note issued to investors on Monday. William Blair analyst S. Zackfia now forecasts that the restaurant operator will post earnings of $0.39 per share for the quarter, down from their prior forecast of $0.40. William Blair also issued estimates for Sonic Corp.’s Q4 2017 earnings at $0.45 EPS, FY2017 earnings at $1.22 EPS, Q1 2018 earnings at $0.21 EPS, Q3 2018 earnings at $0.45 EPS, Q4 2018 earnings at $0.54 EPS and FY2018 earnings at $1.38 EPS.
Sonic Corp. (NASDAQ:SONC) last announced its quarterly earnings data on Tuesday, March 28th. The restaurant operator reported $0.15 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.14 by $0.01. Sonic Corp. had a negative return on equity of 59.25% and a net margin of 11.65%. The business had revenue of $100.20 million for the quarter, compared to the consensus estimate of $104.32 million. During the same period in the previous year, the business earned $0.18 earnings per share. The business’s revenue was down 24.8% on a year-over-year basis.
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Several other equities research analysts have also issued reports on SONC. Bank of America Corporation lowered shares of Sonic Corp. from a “buy” rating to an “underperform” rating and increased their target price for the stock from $27.00 to $30.00 in a research note on Tuesday, June 13th. BidaskClub lowered shares of Sonic Corp. from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Cowen and Company lowered shares of Sonic Corp. from an “outperform” rating to a “hold” rating and lowered their target price for the stock from $26.00 to $24.00 in a research note on Monday, March 20th. Zacks Investment Research raised shares of Sonic Corp. from a “sell” rating to a “hold” rating in a research note on Saturday, May 27th. Finally, Canaccord Genuity lowered shares of Sonic Corp. from a “buy” rating to a “hold” rating and lowered their target price for the stock from $30.00 to $24.00 in a research note on Monday, March 20th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. Sonic Corp. presently has a consensus rating of “Hold” and a consensus price target of $27.54.
Sonic Corp. (NASDAQ:SONC) opened at 28.61 on Tuesday. The stock has a market capitalization of $1.21 billion, a P/E ratio of 20.76 and a beta of 1.82. The stock has a 50 day moving average price of $28.77 and a 200 day moving average price of $26.47. Sonic Corp. has a 12 month low of $21.12 and a 12 month high of $30.45.
In other Sonic Corp. news, Director Frank E. Richardson III sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $28.15, for a total value of $1,407,500.00. Following the transaction, the director now directly owns 1,202,310 shares of the company’s stock, valued at approximately $33,845,026.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Carolyn C. Cummins sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $28.39, for a total transaction of $70,975.00. The disclosure for this sale can be found here. Company insiders own 6.24% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Karp Capital Management Corp acquired a new position in Sonic Corp. during the first quarter worth $209,000. Pacad Investment Ltd. raised its position in Sonic Corp. by 8,200.0% in the fourth quarter. Pacad Investment Ltd. now owns 8,300 shares of the restaurant operator’s stock worth $220,000 after buying an additional 8,200 shares during the period. LSV Asset Management acquired a new position in Sonic Corp. during the first quarter worth $218,000. Invictus RG raised its position in Sonic Corp. by 1,553.2% in the first quarter. Invictus RG now owns 9,539 shares of the restaurant operator’s stock worth $242,000 after buying an additional 8,962 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its position in Sonic Corp. by 4.7% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 9,602 shares of the restaurant operator’s stock worth $255,000 after buying an additional 432 shares during the period. 97.48% of the stock is currently owned by institutional investors and hedge funds.
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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