Rail-splitter Capital Management Lowers stake in Sonic Corporation (SONC)

Sonic Corporation (SONC) : Rail-splitter Capital Management reduced its stake in Sonic Corporation by 18.62% during the most recent quarter end. The investment management company now holds a total of 287,508 shares of Sonic Corporation which is valued at $7,751,216 after selling 65,790 shares in Sonic Corporation , the firm said in a disclosure report filed with the SEC on Aug 2, 2016.Sonic Corporation makes up approximately 1.80% of Rail-splitter Capital Management’s portfolio.

Other Hedge Funds, Including , Quantbot Technologies Lp added SONC to its portfolio by purchasing 19,255 company shares during the most recent quarter which is valued at $519,115. Sonic Corporation makes up approx 0.05% of Quantbot Technologies Lp’s portfolio.Kornitzer Capital Management Inc Ks reduced its stake in SONC by selling 133,795 shares or 16.79% in the most recent quarter. The Hedge Fund company now holds 662,980 shares of SONC which is valued at $17,840,792. Sonic Corporation makes up approx 0.32% of Kornitzer Capital Management Inc Ks’s portfolio.

Sonic Corporation opened for trading at $28.04 and hit $28.45 on the upside on Monday, eventually ending the session at $28.3, with a gain of 1.00% or 0.28 points. The heightened volatility saw the trading volume jump to 7,65,246 shares. Company has a market cap of $1,346 M.

On the company’s financial health, Sonic Corporation reported $0.18 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Mar 29, 2016. Analyst had a consensus of $0.16. The company had revenue of $133.20 million for the quarter, compared to analysts expectations of $127.85 million. The company’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS.

Many Wall Street Analysts have commented on Sonic Corporation. Shares were Reiterated by Deutsche Bank on Jun 7, 2016 to “Hold” and Lowered the Price Target to $ 33 from a previous price target of $35 .

Sonic Corp. operates and franchises a chain of drive-in restaurants in the United States. The Company has around 3512 Sonic Drive-Ins in 44 states of the United States. The Company’s product categories include Burgers Coneys and Hot Dogs Chicken Breakfast Snacks and Sides Drinks Ice Cream and Wacky Pack. The Company’s products include SONIC Cheeseburger SuperSONIC Double Cheeseburger Chili Cheese Coney Chicago Dog Garlic Parmesan Boneless Wings Buffalo Boneless Wings BREAKFAST TOASTER SuperSONIC Breakfast Burrito Natural-Cut Fries Onion Rings Minute Maid Cranberry Juice Slush DR PEPPER SONIC Energy Zero Calorie OREO & Cake Shake Banana Split Master Blast and Waffle Cone Sundae with Chocolate & Reeses Cups among others. The Company offers Wacky Pack for kids. The Company also offers SONIC Wacky application which is available on Google Play and iTunes App Store.

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