BJ’s Restaurants (NASDAQ:BJRI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “BJ’s Restaurants’ shares have outperformed the industry in the past year. BJ Restaurants’ high-quality slow-roasted menu has been favoring growth in foot traffic while daily Brewhouse Specials are contributing directly to the company’s top line. Apart from menu innovation, its cost containment initiatives are improving margins. Moreover, earnings estimates for the current year have inched up over the past two months, reflecting analysts’ confidence on its future potential. However, higher cost of sales and labor expenses due to higher wages are expected to continue to keep profits under pressure. Also, slowdown in new restaurant openings and company's limited international presence raises concerns.The company's high vulnerability to the inconsistent nature of consumer discretionary spending further add to the woes.”
A number of other brokerages have also issued reports on BJRI. Morgan Stanley boosted their price target on BJ’s Restaurants from $48.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Monday, July 16th. Piper Jaffray Companies boosted their price target on BJ’s Restaurants from $60.00 to $75.00 and gave the stock a “neutral” rating in a research report on Friday, July 27th. Barclays boosted their price target on BJ’s Restaurants from $47.00 to $49.00 and gave the stock a “$63.80” rating in a research report on Wednesday, July 18th. Stifel Nicolaus lowered BJ’s Restaurants from a “buy” rating to a “hold” rating and reduced their price target for the stock from $75.00 to $70.00 in a research report on Tuesday, October 23rd. Finally, Loop Capital initiated coverage on BJ’s Restaurants in a research report on Wednesday, October 24th. They set a “hold” rating and a $70.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $66.55.
BJ’s Restaurants (NASDAQ:BJRI) last announced its quarterly earnings results on Tuesday, October 30th. The restaurant operator reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.16. BJ’s Restaurants had a return on equity of 15.76% and a net margin of 5.35%. The company had revenue of $270.27 million during the quarter, compared to analyst estimates of $262.89 million. During the same quarter in the previous year, the firm posted $0.15 EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. Equities analysts expect that BJ’s Restaurants will post 2.13 EPS for the current year.
In other news, Director Patrick Walsh sold 12,000 shares of the business’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $63.33, for a total transaction of $759,960.00. Following the sale, the director now directly owns 18,603 shares of the company’s stock, valued at $1,178,127.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alex Puchner sold 3,907 shares of the business’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $62.63, for a total value of $244,695.41. Following the sale, the insider now directly owns 4,480 shares in the company, valued at $280,582.40. The disclosure for this sale can be found here. Insiders have sold 301,614 shares of company stock worth $21,777,152 over the last ninety days. 6.80% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in BJRI. Cubist Systematic Strategies LLC acquired a new position in BJ’s Restaurants during the first quarter valued at $201,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new position in BJ’s Restaurants during the second quarter valued at $230,000. First Capital Advisors Group LLC. acquired a new position in BJ’s Restaurants during the third quarter valued at $231,000. Bessemer Group Inc. acquired a new position in BJ’s Restaurants during the second quarter valued at $234,000. Finally, Teacher Retirement System of Texas acquired a new position in BJ’s Restaurants during the second quarter valued at $249,000. 95.27% of the stock is currently owned by institutional investors.
BJ’s Restaurants Company Profile
BJ's Restaurants, Inc owns and operates casual dining restaurants in the United States. Its restaurants offer pizzas, craft and other beers, appetizers, entrées, pastas, sandwiches, specialty salads, and desserts. As of September 4, 2018, the company owned and operated 201 casual dining restaurants located in the 27 states of Alabama, Arizona, Arkansas, California, Colorado, Florida, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Washington.
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