Fogo de Chao, Inc. (FOGO) Receives Average Rating of “Hold” from Brokerages
Fogo de Chao, Inc. (NASDAQ:FOGO) has received an average rating of “Hold” from the ten research firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $15.08.
Several research analysts have issued reports on FOGO shares. Zacks Investment Research cut shares of Fogo de Chao from a “buy” rating to a “sell” rating in a report on Wednesday, July 12th. BidaskClub cut shares of Fogo de Chao from a “sell” rating to a “strong sell” rating in a report on Wednesday, July 12th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $16.00 target price on shares of Fogo de Chao in a report on Thursday, August 10th. ValuEngine raised shares of Fogo de Chao from a “hold” rating to a “buy” rating in a report on Monday, October 2nd. Finally, Canaccord Genuity decreased their target price on shares of Fogo de Chao from $17.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday, October 18th.
Fogo de Chao (NASDAQ:FOGO) last issued its quarterly earnings results on Tuesday, August 8th. The restaurant operator reported $0.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.02). The business had revenue of $77.80 million for the quarter, compared to analysts’ expectations of $77.46 million. Fogo de Chao had a net margin of 7.40% and a return on equity of 8.08%. The company’s revenue was up 11.8% on a year-over-year basis. During the same period last year, the business earned $0.22 earnings per share.
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A number of institutional investors have recently modified their holdings of FOGO. New York State Common Retirement Fund raised its holdings in Fogo de Chao by 221.1% in the second quarter. New York State Common Retirement Fund now owns 10,600 shares of the restaurant operator’s stock worth $147,000 after buying an additional 7,299 shares during the last quarter. Nationwide Fund Advisors grew its stake in shares of Fogo de Chao by 269.6% in the second quarter. Nationwide Fund Advisors now owns 11,095 shares of the restaurant operator’s stock worth $154,000 after acquiring an additional 8,093 shares during the period. Citigroup Inc. grew its stake in shares of Fogo de Chao by 83.3% in the second quarter. Citigroup Inc. now owns 11,663 shares of the restaurant operator’s stock worth $162,000 after acquiring an additional 5,299 shares during the period. Marshall Wace LLP bought a new stake in shares of Fogo de Chao in the second quarter worth approximately $199,000. Finally, Nordea Investment Management AB bought a new stake in shares of Fogo de Chao in the second quarter worth approximately $210,000. 85.58% of the stock is owned by institutional investors and hedge funds.
About Fogo de Chao
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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