Rhumbline Advisers Has $3.60 Million Holdings in Sonic Co. (SONC)

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Rhumbline Advisers lessened its stake in shares of Sonic Co. (NASDAQ:SONC) by 6.9% during the 3rd quarter, Holdings Channel reports. The firm owned 83,129 shares of the restaurant operator’s stock after selling 6,157 shares during the quarter. Rhumbline Advisers’ holdings in Sonic were worth $3,603,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Flinton Capital Management LLC grew its holdings in Sonic by 16.2% during the second quarter. Flinton Capital Management LLC now owns 10,744 shares of the restaurant operator’s stock valued at $370,000 after purchasing an additional 1,496 shares during the last quarter. HL Financial Services LLC grew its holdings in Sonic by 14.9% during the second quarter. HL Financial Services LLC now owns 11,979 shares of the restaurant operator’s stock valued at $412,000 after purchasing an additional 1,553 shares during the last quarter. Legal & General Group Plc boosted its position in shares of Sonic by 2.6% in the second quarter. Legal & General Group Plc now owns 80,035 shares of the restaurant operator’s stock valued at $2,768,000 after acquiring an additional 2,024 shares during the period. Engineers Gate Manager LP bought a new stake in shares of Sonic in the second quarter valued at approximately $210,000. Finally, Oppenheimer & Co. Inc. bought a new stake in shares of Sonic in the second quarter valued at approximately $215,000. Institutional investors own 89.06% of the company’s stock.

Several equities research analysts have recently weighed in on SONC shares. Telsey Advisory Group increased their price objective on Sonic from $32.00 to $40.00 and gave the company a “market perform” rating in a research report on Wednesday, September 12th. Piper Jaffray Companies cut Sonic from an “overweight” rating to a “neutral” rating in a research report on Tuesday, September 25th. Zacks Investment Research raised Sonic from a “hold” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Friday, September 14th. Wedbush started coverage on Sonic in a research report on Thursday, September 6th. They issued an “outperform” rating and a $42.00 price objective for the company. Finally, BidaskClub raised Sonic from a “buy” rating to a “strong-buy” rating in a research report on Thursday, October 11th. Fifteen research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $36.08.

In related news, insider John H. Budd III sold 89,176 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $43.24, for a total value of $3,855,970.24. Following the completion of the transaction, the insider now directly owns 32,065 shares of the company’s stock, valued at $1,386,490.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Carolyn C. Cummins sold 2,500 shares of the firm’s stock in a transaction on Monday, October 1st. The stock was sold at an average price of $43.31, for a total value of $108,275.00. The disclosure for this sale can be found here. 8.28% of the stock is owned by company insiders.

SONC opened at $43.49 on Tuesday. Sonic Co. has a 1-year low of $23.22 and a 1-year high of $44.87. The company has a market capitalization of $1.55 billion, a PE ratio of 29.19, a price-to-earnings-growth ratio of 1.86 and a beta of 1.32.

Sonic (NASDAQ:SONC) last issued its earnings results on Tuesday, October 16th. The restaurant operator reported $0.52 EPS for the quarter, topping the consensus estimate of $0.51 by $0.01. The firm had revenue of $111.80 million during the quarter, compared to analysts’ expectations of $113.22 million. Sonic had a negative return on equity of 21.64% and a net margin of 16.81%. Sonic’s quarterly revenue was down 9.5% compared to the same quarter last year. During the same period last year, the business earned $0.45 earnings per share. On average, sell-side analysts anticipate that Sonic Co. will post 1.65 EPS for the current fiscal year.

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About Sonic

Sonic Corp., through its subsidiaries, operates and franchises a chain of drive-in restaurants in the United States. As of August 31, 2018, the company operated 3,606 Sonic Drive-Ins in 45 states, including 3,427 Drive-Ins owned and operated by franchisees; and 179 Drive-Ins owned and operated by the company.

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Want to see what other hedge funds are holding SONC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sonic Co. (NASDAQ:SONC).

Institutional Ownership by Quarter for Sonic (NASDAQ:SONC)

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