Amundi Pioneer Asset Management Inc. purchased a new position in shares of Sonic Co. (NASDAQ:SONC) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 114,316 shares of the restaurant operator’s stock, valued at approximately $3,142,000. Amundi Pioneer Asset Management Inc. owned 0.30% of Sonic as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Aperio Group LLC purchased a new stake in shares of Sonic during the 4th quarter worth about $203,000. Wolverine Trading LLC boosted its stake in shares of Sonic by 382.4% during the 3rd quarter. Wolverine Trading LLC now owns 9,110 shares of the restaurant operator’s stock worth $232,000 after acquiring an additional 12,336 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new stake in shares of Sonic during the 3rd quarter worth about $239,000. Commerce Bank purchased a new stake in shares of Sonic during the 4th quarter worth about $275,000. Finally, SG Americas Securities LLC boosted its stake in shares of Sonic by 117.1% during the 3rd quarter. SG Americas Securities LLC now owns 11,418 shares of the restaurant operator’s stock worth $291,000 after acquiring an additional 6,159 shares in the last quarter.
SONC has been the topic of several recent analyst reports. Guggenheim reissued a “buy” rating and set a $31.00 target price (up from $29.00) on shares of Sonic in a research note on Thursday, December 28th. Oppenheimer lowered shares of Sonic from an “outperform” rating to a “market perform” rating and set a $29.00 target price on the stock. in a research note on Thursday, January 4th. BidaskClub lowered shares of Sonic from a “hold” rating to a “sell” rating in a research note on Saturday, January 13th. UBS lowered shares of Sonic from an “outperform” rating to a “market perform” rating in a research note on Thursday, January 4th. Finally, Cowen reissued a “hold” rating and set a $29.00 target price on shares of Sonic in a research note on Tuesday, January 9th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. Sonic currently has an average rating of “Hold” and a consensus price target of $29.21.
Sonic (NASDAQ:SONC) last issued its quarterly earnings results on Thursday, January 4th. The restaurant operator reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.05. The firm had revenue of $105.40 million for the quarter, compared to analyst estimates of $106.86 million. Sonic had a net margin of 13.68% and a negative return on equity of 28.95%. Sonic’s quarterly revenue was down 18.7% compared to the same quarter last year. During the same period last year, the company posted $0.24 EPS. equities analysts anticipate that Sonic Co. will post 1.53 earnings per share for the current fiscal year.
In related news, Director Federico F. Pena sold 4,575 shares of the firm’s stock in a transaction dated Wednesday, January 17th. The shares were sold at an average price of $25.99, for a total value of $118,904.25. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Federico F. Pena sold 9,686 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $24.61, for a total transaction of $238,372.46. The disclosure for this sale can be found here. Company insiders own 6.24% of the company’s stock.
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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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