BlackRock Investment Management LLC cut its stake in Sonic Corp. (NASDAQ:SONC) by 0.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 202,693 shares of the company’s stock after selling 1,403 shares during the period. BlackRock Investment Management LLC owned about 0.44% of Sonic Corp. worth $5,307,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Advisors LLC boosted its position in Sonic Corp. by 8.0% in the third quarter. BlackRock Advisors LLC now owns 24,611 shares of the company’s stock valued at $644,000 after buying an additional 1,831 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Sonic Corp. by 38.9% in the third quarter. JPMorgan Chase & Co. now owns 655,914 shares of the company’s stock valued at $17,172,000 after buying an additional 183,586 shares during the last quarter. Lucus Advisors LLC purchased a new stake in shares of Sonic Corp. during the third quarter valued at approximately $403,000. KBC Group NV purchased a new stake in shares of Sonic Corp. during the third quarter valued at approximately $507,000. Finally, TD Asset Management Inc. raised its stake in shares of Sonic Corp. by 76.9% in the third quarter. TD Asset Management Inc. now owns 37,280 shares of the company’s stock valued at $976,000 after buying an additional 16,200 shares during the last quarter. Hedge funds and other institutional investors own 96.33% of the company’s stock.
Sonic Corp. (NASDAQ:SONC) opened at 25.40 on Friday. Sonic Corp. has a 1-year low of $21.12 and a 1-year high of $36.34. The stock has a 50 day moving average price of $26.94 and a 200-day moving average price of $26.77. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 19.00 and a beta of 1.46.
Sonic Corp. (NASDAQ:SONC) last issued its earnings results on Wednesday, January 4th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.21 by $0.03. The company earned $129.60 million during the quarter. Sonic Corp. had a negative return on equity of 88.45% and a net margin of 10.97%. The business’s revenue was down 11.1% on a year-over-year basis. During the same quarter last year, the business earned $0.24 EPS. On average, equities research analysts forecast that Sonic Corp. will post $1.26 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, February 17th. Investors of record on Wednesday, February 8th will be paid a $0.14 dividend. The ex-dividend date is Monday, February 6th. This represents a $0.56 dividend on an annualized basis and a yield of 2.20%. Sonic Corp.’s dividend payout ratio (DPR) is 41.79%.
SONC has been the subject of several research analyst reports. Jefferies Group reaffirmed a “hold” rating and issued a $26.00 price objective (down previously from $28.00) on shares of Sonic Corp. in a report on Wednesday, October 26th. Longbow Research lowered Sonic Corp. from a “buy” rating to a “neutral” rating in a report on Friday, December 2nd. Zacks Investment Research raised Sonic Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, January 3rd. Cowen and Company reaffirmed a “market perform” rating and issued a $26.00 price objective on shares of Sonic Corp. in a report on Tuesday, December 13th. Finally, Vetr raised Sonic Corp. from a “sell” rating to a “hold” rating and set a $26.50 price objective for the company in a report on Tuesday, December 20th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. Sonic Corp. currently has a consensus rating of “Hold” and a consensus price target of $30.12.
In related news, VP Harold A. Ceron sold 3,112 shares of the firm’s stock in a transaction on Wednesday, January 11th. The stock was sold at an average price of $27.02, for a total value of $84,086.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank E. Richardson III sold 4,685 shares of the firm’s stock in a transaction on 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 owns 1,290,728 shares of the company’s stock, valued at approximately $35,585,370.96. The disclosure for this sale can be found here. Company insiders own 6.24% of the company’s stock.
About Sonic Corp.
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.
Want to see what other hedge funds are holding SONC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Sonic Corp. (NASDAQ:SONC).