Bloomin’ Brands, Inc. (NASDAQ:BLMN) Issues Earnings Results, Hits Expectations
Bloomin’ Brands, Inc. (NASDAQ:BLMN) released its quarterly earnings data on Wednesday. The restaurant operator reported $0.28 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.28, Bloomberg Earnings reports. Bloomin’ Brands had a net margin of 1.21% and a return on equity of 61.37%. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the firm earned $0.30 earnings per share. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. Bloomin’ Brands updated its FY17 guidance to $1.40-1.47 EPS.
Shares of Bloomin’ Brands (BLMN) traded down 10.9769% during trading on Wednesday, reaching $18.4901. 1,357,604 shares of the company traded hands. Bloomin’ Brands has a 1-year low of $15.82 and a 1-year high of $22.16. The stock’s 50 day moving average is $21.02 and its 200 day moving average is $19.46. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 40.1959 and a beta of 0.76.
In related news, Chairman Elizabeth A. Smith sold 275,000 shares of the stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $21.81, for a total transaction of $5,997,750.00. Following the transaction, the chairman now directly owns 206,235 shares in the company, valued at $4,497,985.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Sukhdev Singh sold 26,446 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was sold at an average price of $21.67, for a total value of $573,084.82. Following the transaction, the executive vice president now owns 15,759 shares in the company, valued at $341,497.53. The disclosure for this sale can be found here. Corporate insiders own 7.04% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Bloomin’ Brands by 11.2% in the first quarter. Vanguard Group Inc. now owns 11,991,871 shares of the restaurant operator’s stock valued at $236,600,000 after buying an additional 1,203,463 shares during the period. BlackRock Inc. increased its position in Bloomin’ Brands by 36,253.0% in the first quarter. BlackRock Inc. now owns 7,091,374 shares of the restaurant operator’s stock worth $139,913,000 after buying an additional 7,071,867 shares during the period. Earnest Partners LLC increased its position in Bloomin’ Brands by 37.9% in the first quarter. Earnest Partners LLC now owns 3,911,225 shares of the restaurant operator’s stock worth $77,168,000 after buying an additional 1,074,463 shares during the period. RidgeWorth Capital Management LLC increased its position in Bloomin’ Brands by 47.8% in the first quarter. RidgeWorth Capital Management LLC now owns 3,734,317 shares of the restaurant operator’s stock worth $73,678,000 after buying an additional 1,207,202 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Bloomin’ Brands by 3.1% in the first quarter. JPMorgan Chase & Co. now owns 2,394,419 shares of the restaurant operator’s stock worth $47,242,000 after buying an additional 71,063 shares during the period. Hedge funds and other institutional investors own 98.48% of the company’s stock.
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Several research firms have commented on BLMN. BidaskClub lowered shares of Bloomin’ Brands from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Deutsche Bank AG reissued a “hold” rating and set a $24.00 price target (up from $21.00) on shares of Bloomin’ Brands in a research report on Monday, July 10th. TheStreet raised shares of Bloomin’ Brands from a “c” rating to a “b” rating in a research report on Wednesday, April 26th. ValuEngine lowered shares of Bloomin’ Brands from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, Morgan Stanley increased their price target on shares of Bloomin’ Brands from $18.00 to $19.00 and gave the company an “underweight” rating in a research report on Friday, April 28th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $20.57.
Bloomin’ Brands declared that its Board of Directors has authorized a stock buyback program on Wednesday, April 26th that allows the company to repurchase $250.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to buy shares of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.
Bloomin’ Brands Company Profile
Bloomin’ Brands, Inc is a holding company. The Company owns and operates casual, upscale casual and fine dining restaurants. The Company operates through two segments: U.S. and International. The U.S. segment includes all brands operating in the United States. The International segment includes brands operating outside the United States.
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