Zacks Investment Research Upgrades Bloomin’ Brands Inc. (BLMN) to Hold
Bloomin’ Brands Inc. (NASDAQ:BLMN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Bloomin’ Brands, Inc. is a casual dining restaurant company with a portfolio of differentiated restaurant concepts. It has five concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, Fleming’s Prime Steakhouse and Wine Bar and Roy’s. The Company offers its products and services through company owned and franchised locations throughout the United States and internationally. Bloomin’ Brands, Inc. is based in Tampa, Florida. “
Several other brokerages have also recently weighed in on BLMN. TheStreet cut Bloomin’ Brands from a “buy” rating to a “hold” rating in a report on Friday, June 17th. Raymond James Financial Inc. restated an “outperform” rating and set a $21.00 target price on shares of Bloomin’ Brands in a report on Friday, July 15th. Finally, BMO Capital Markets restated an “outperform” rating and set a $22.00 target price on shares of Bloomin’ Brands in a report on Tuesday, August 2nd. Six research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Bloomin’ Brands currently has an average rating of “Buy” and a consensus target price of $20.92.
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Bloomin’ Brands (NASDAQ:BLMN) traded down 1.10% during midday trading on Tuesday, hitting $17.03. The stock had a trading volume of 1,009,908 shares. The firm’s 50-day moving average price is $18.37 and its 200 day moving average price is $18.40. The company has a market cap of $1.93 billion, a P/E ratio of 35.19 and a beta of 0.84. Bloomin’ Brands has a 12 month low of $14.91 and a 12 month high of $19.89.
Bloomin’ Brands (NASDAQ:BLMN) last issued its earnings results on Friday, July 29th. The company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The company earned $1.07 billion during the quarter, compared to analysts’ expectations of $1.09 billion. Bloomin’ Brands had a return on equity of 38.79% and a net margin of 1.38%. Bloomin’ Brands’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.28 EPS. On average, analysts expect that Bloomin’ Brands will post $1.34 earnings per share for the current fiscal year.
In related news, Director Chris Thomas Sullivan sold 53,850 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $19.01, for a total transaction of $1,023,688.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Kappitt sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 16th. The shares were sold at an average price of $19.50, for a total value of $195,000.00. The disclosure for this sale can be found here. Corporate insiders own 6.68% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of BLMN. Fuller & Thaler Asset Management Inc. bought a new position in Bloomin’ Brands during the second quarter worth $118,000. BlackRock Japan Co. Ltd raised its position in Bloomin’ Brands by 1,373.0% in the second quarter. BlackRock Japan Co. Ltd now owns 6,702 shares of the company’s stock worth $120,000 after buying an additional 6,247 shares during the period. Public Employees Retirement System of Ohio raised its position in Bloomin’ Brands by 15.8% in the second quarter. Public Employees Retirement System of Ohio now owns 7,091 shares of the company’s stock worth $127,000 after buying an additional 968 shares during the period. Seven Eight Capital LLC raised its position in Bloomin’ Brands by 573.4% in the first quarter. Seven Eight Capital LLC now owns 8,000 shares of the company’s stock worth $135,000 after buying an additional 6,812 shares during the period. Finally, Acrospire Investment Management LLC raised its position in Bloomin’ Brands by 363.2% in the second quarter. Acrospire Investment Management LLC now owns 8,800 shares of the company’s stock worth $157,000 after buying an additional 6,900 shares during the period. 93.55% of the stock is owned by institutional investors.
Bloomin’ Brands Company Profile
Bloomin’ Brands, Inc (Bloomin’ Brands) is a holding company engaged in operating casual dining restaurants. The Company has a portfolio of four restaurant concepts: Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill and Fleming’s Prime Steakhouse & Wine Bar. The Company owns and operates approximately 1,340 restaurants and franchises over 170 restaurants across approximately 50 states, Puerto Rico, Guam and approximately 20 countries.
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