Capstone Asset Management Co. Cuts Position in Sonic Corp. (SONC)

Capstone Asset Management Co. cut its position in shares of Sonic Corp. (NASDAQ:SONC) by 8.9% during the second quarter, Holdings Channel reports. The firm owned 9,259 shares of the restaurant operator’s stock after selling 910 shares during the period. Capstone Asset Management Co.’s holdings in Sonic Corp. were worth $245,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SONC. BlackRock Inc. boosted its stake in shares of Sonic Corp. by 121,423.6% in the first quarter. BlackRock Inc. now owns 5,323,947 shares of the restaurant operator’s stock worth $135,015,000 after buying an additional 5,319,566 shares during the period. Vanguard Group Inc. boosted its stake in shares of Sonic Corp. by 1.0% in the first quarter. Vanguard Group Inc. now owns 3,553,354 shares of the restaurant operator’s stock worth $90,114,000 after buying an additional 33,747 shares during the period. RidgeWorth Capital Management LLC acquired a new stake in shares of Sonic Corp. during the first quarter worth about $50,669,000. Macquarie Group Ltd. acquired a new stake in shares of Sonic Corp. during the first quarter worth about $28,891,000. Finally, State Street Corp boosted its stake in shares of Sonic Corp. by 5.7% in the first quarter. State Street Corp now owns 1,062,141 shares of the restaurant operator’s stock worth $26,936,000 after buying an additional 56,904 shares during the period. 97.48% of the stock is owned by institutional investors.

Shares of Sonic Corp. (NASDAQ:SONC) traded down 0.21% during midday trading on Friday, reaching $23.86. 82,007 shares of the company’s stock traded hands. Sonic Corp. has a one year low of $21.12 and a one year high of $30.05. The company has a 50-day moving average of $24.88 and a 200-day moving average of $26.06. The company has a market capitalization of $997.56 million, a price-to-earnings ratio of 15.91 and a beta of 1.74.

Sonic Corp. (NASDAQ:SONC) last posted its quarterly earnings data on Thursday, June 22nd. The restaurant operator reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.41 by $0.02. Sonic Corp. had a net margin of 13.23% and a negative return on equity of 44.21%. The business had revenue of $124 million for the quarter, compared to analysts’ expectations of $122.58 million. During the same quarter in the previous year, the business posted $0.43 earnings per share. The business’s revenue was down 24.9% compared to the same quarter last year. Equities research analysts anticipate that Sonic Corp. will post $1.24 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Wednesday, August 9th will be given a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date is Monday, August 7th. Sonic Corp.’s dividend payout ratio (DPR) is 37.33%.

Sonic Corp. announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 9th that authorizes the company to buyback $160.00 million in shares. This buyback authorization authorizes the restaurant operator to purchase up to 16.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

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A number of equities research analysts have recently issued reports on SONC shares. BidaskClub cut shares of Sonic Corp. from a “hold” rating to a “sell” rating in a research note on Sunday, July 16th. Bank of America Corporation reaffirmed a “buy” rating and issued a $30.00 price objective on shares of Sonic Corp. in a research note on Monday. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $32.00 price objective on shares of Sonic Corp. in a research note on Wednesday, July 26th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $26.00 price objective on shares of Sonic Corp. in a research note on Thursday, July 27th. Finally, Cowen and Company upped their price objective on shares of Sonic Corp. from $23.00 to $25.00 and gave the company a “market perform” rating in a research note on Friday, June 23rd. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $27.75.

In other news, Director Steven A. Davis acquired 2,000 shares of the business’s stock in a transaction on Friday, July 21st. The shares were acquired at an average price of $24.62 per share, for a total transaction of $49,240.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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.

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Institutional Ownership by Quarter for Sonic Corp. (NASDAQ:SONC)

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