Zacks Investment Research Lowers Zoe’s Kitchen, Inc. (ZOES) to Sell
Zoe’s Kitchen, Inc. (NYSE:ZOES) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.
According to Zacks, “Zoe’s Kitchen Inc. operates as a fast casual restaurant concept serving Mediterranean-style food. The company operates a range of restaurant formats, including in-line, end-cap, and free-standing restaurants. It also grants licenses to qualified franchisees to construct and operate Zoe’s Kitchen restaurants. Zoe’s Kitchen, Inc. is based in Plano, Texas. “
Several other analysts also recently issued reports on ZOES. Maxim Group reduced their price target on shares of Zoe’s Kitchen from $24.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 14th. Robert W. Baird reduced their price target on shares of Zoe’s Kitchen from $15.00 to $13.00 and set a “neutral” rating on the stock in a report on Monday, August 14th. Credit Suisse Group reduced their price target on shares of Zoe’s Kitchen from $13.00 to $12.50 and set an “underperform” rating on the stock in a report on Friday, August 18th. Telsey Advisory Group raised shares of Zoe’s Kitchen from a “market perform” rating to an “outperform” rating and upped their price target for the company from $15.00 to $17.00 in a report on Thursday, August 17th. They noted that the move was a valuation call. Finally, Deutsche Bank AG reaffirmed a “hold” rating and issued a $13.00 price target (down previously from $15.00) on shares of Zoe’s Kitchen in a report on Monday, July 10th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $17.55.
Zoe’s Kitchen (NYSE:ZOES) last announced its quarterly earnings results on Thursday, August 17th. The restaurant operator reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.04. Zoe’s Kitchen had a negative net margin of 0.07% and a negative return on equity of 0.27%. The company had revenue of $74.30 million for the quarter, compared to the consensus estimate of $75.11 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. The company’s revenue for the quarter was up 12.1% compared to the same quarter last year. On average, equities analysts forecast that Zoe’s Kitchen will post ($0.09) earnings per share for the current fiscal year.
In other news, Director A Alexander Taylor II acquired 3,100 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was acquired at an average price of $12.87 per share, with a total value of $39,897.00. Following the completion of the transaction, the director now directly owns 7,508 shares in the company, valued at approximately $96,627.96. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.00% of the company’s stock.
Several large investors have recently bought and sold shares of ZOES. Ballentine Partners LLC acquired a new position in shares of Zoe’s Kitchen in the second quarter valued at approximately $7,728,000. Bank of New York Mellon Corp raised its position in shares of Zoe’s Kitchen by 692.7% in the second quarter. Bank of New York Mellon Corp now owns 613,448 shares of the restaurant operator’s stock valued at $7,306,000 after buying an additional 536,063 shares during the last quarter. FMR LLC acquired a new position in shares of Zoe’s Kitchen in the first quarter valued at approximately $8,984,000. Bamco Inc. NY raised its position in shares of Zoe’s Kitchen by 26.5% in the second quarter. Bamco Inc. NY now owns 1,200,000 shares of the restaurant operator’s stock valued at $14,292,000 after buying an additional 251,431 shares during the last quarter. Finally, Tocqueville Asset Management L.P. acquired a new position in shares of Zoe’s Kitchen in the second quarter valued at approximately $1,930,000.
About Zoe’s Kitchen
Zoe’s Kitchen, Inc develops and operates fast-casual restaurants serving a menu of fresh, wholesome, Mediterranean-inspired dishes delivered with Southern hospitality. The Company’s menu offers meals made from scratch using produce, proteins and other ingredients, including its appetizers, soups, salads and kabobs.
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