Fogo de Chao Inc. (FOGO) Stock Rating Upgraded by Zacks Investment Research
Fogo de Chao Inc. (NASDAQ:FOGO) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Fogo De Chao, Inc. owns and operates Brazilian steakhouses. It offers beef, lamb, chicken, pork and seafood items as well as liquor, beer and wine. The company operates primarily in the United States, Puerto Rico and Brazil. Fogo De Chao, Inc. is headquartered in Dallas, Texas. “
Several other research firms have also recently issued reports on FOGO. Deutsche Bank AG lowered their price objective on Fogo de Chao from $20.00 to $14.50 and set a “hold” rating on the stock in a report on Wednesday, August 10th. Jefferies Group lowered their price objective on Fogo de Chao from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, August 10th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $16.00 price objective (down from $18.00) on shares of Fogo de Chao in a report on Saturday, August 13th. Canaccord Genuity assumed coverage on Fogo de Chao in a report on Monday, August 22nd. They issued a “hold” rating and a $13.00 price objective on the stock. Finally, TheStreet cut Fogo de Chao from a “hold” rating to a “sell” rating in a report on Wednesday, September 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $16.36.
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Fogo de Chao (NASDAQ:FOGO) traded down 1.85% on Tuesday, hitting $11.12. The stock had a trading volume of 25,352 shares. Fogo de Chao has a 12 month low of $10.50 and a 12 month high of $17.89. The firm’s 50 day moving average price is $11.75 and its 200-day moving average price is $13.78. The stock has a market cap of $312.75 million, a PE ratio of 9.79 and a beta of 0.34.
Fogo de Chao (NASDAQ:FOGO) last posted its earnings results on Tuesday, August 9th. The company reported $0.22 EPS for the quarter, missing the Zacks’ consensus estimate of $0.25 by $0.03. Fogo de Chao had a net margin of 11.88% and a return on equity of 10.01%. The business had revenue of $69.60 million for the quarter, compared to analyst estimates of $73.31 million. During the same quarter last year, the business earned $0.25 earnings per share. Fogo de Chao’s revenue was up 2.1% on a year-over-year basis. On average, analysts forecast that Fogo de Chao will post $0.86 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Investment Management LLC raised its position in Fogo de Chao by 18.6% in the second quarter. BlackRock Investment Management LLC now owns 20,505 shares of the company’s stock worth $268,000 after buying an additional 3,211 shares during the period. Boothbay Fund Management LLC raised its position in Fogo de Chao by 95.4% in the first quarter. Boothbay Fund Management LLC now owns 25,591 shares of the company’s stock worth $399,000 after buying an additional 12,497 shares during the period. Geode Capital Management LLC raised its position in Fogo de Chao by 14.6% in the first quarter. Geode Capital Management LLC now owns 39,860 shares of the company’s stock worth $622,000 after buying an additional 5,066 shares during the period. State Street Corp raised its position in Fogo de Chao by 0.4% in the second quarter. State Street Corp now owns 54,009 shares of the company’s stock worth $706,000 after buying an additional 199 shares during the period. Finally, Spark Investment Management LLC raised its position in Fogo de Chao by 68.7% in the first quarter. Spark Investment Management LLC now owns 84,200 shares of the company’s stock worth $1,314,000 after buying an additional 34,300 shares during the period. 92.87% of the stock is currently owned by institutional investors and hedge funds.
Fogo de Chao Company Profile
Fogo de Chao, Inc is a United States-based holding company. The Company, through its subsidiaries, operates upscale Brazilian churrascaria steakhouses under the brand of Fogo de Chao. The Company owns 100% of Brasa (Purchaser) Inc (Brasa Purchaser), which owns 100% of Brasa (Holdings) Inc (Brasa Holdings).
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