Bloomin’ Brands (NASDAQ:BLMN) Shares Gap Down After Analyst Downgrade

Bloomin’ Brands, Inc. (NASDAQ:BLMN) shares gapped down prior to trading on Tuesday after UBS Group lowered their price target on the stock from $16.00 to $13.00. The stock had previously closed at $12.62, but opened at $12.18. UBS Group currently has a neutral rating on the stock. Bloomin’ Brands shares last traded at $12.71, with a volume of 153,785 shares traded.

A number of other research analysts have also weighed in on BLMN. Piper Sandler dropped their target price on Bloomin’ Brands from $20.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, November 11th. Bank of America cut their price objective on shares of Bloomin’ Brands from $22.00 to $19.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Raymond James downgraded shares of Bloomin’ Brands from an “outperform” rating to a “market perform” rating in a report on Monday, November 11th. StockNews.com upgraded shares of Bloomin’ Brands from a “sell” rating to a “hold” rating in a report on Wednesday, November 6th. Finally, Barclays reiterated an “equal weight” rating and issued a $13.00 price objective (down previously from $19.00) on shares of Bloomin’ Brands in a research note on Tuesday. One investment analyst has rated the stock with a sell rating and eleven have given a hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $16.90.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Erste Asset Management GmbH bought a new stake in Bloomin’ Brands in the 3rd quarter valued at about $41,325,000. Deprince Race & Zollo Inc. bought a new stake in shares of Bloomin’ Brands in the second quarter valued at approximately $28,672,000. Victory Capital Management Inc. lifted its stake in shares of Bloomin’ Brands by 29.6% during the 2nd quarter. Victory Capital Management Inc. now owns 2,492,119 shares of the restaurant operator’s stock valued at $47,923,000 after buying an additional 569,855 shares in the last quarter. Millennium Management LLC boosted its holdings in Bloomin’ Brands by 2,520.7% in the 2nd quarter. Millennium Management LLC now owns 468,507 shares of the restaurant operator’s stock worth $9,009,000 after buying an additional 450,630 shares during the period. Finally, FMR LLC grew its stake in Bloomin’ Brands by 34.8% in the 3rd quarter. FMR LLC now owns 1,381,150 shares of the restaurant operator’s stock valued at $22,830,000 after buying an additional 356,456 shares in the last quarter.

Bloomin’ Brands Price Performance

The firm has a market cap of $1.07 billion, a P/E ratio of -114.54 and a beta of 1.97. The business’s fifty day simple moving average is $13.42 and its 200-day simple moving average is $16.04. The company has a current ratio of 0.31, a quick ratio of 0.22 and a debt-to-equity ratio of 4.46.

Bloomin’ Brands (NASDAQ:BLMN) last released its quarterly earnings data on Friday, November 8th. The restaurant operator reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. Bloomin’ Brands had a positive return on equity of 62.18% and a negative net margin of 0.12%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the company posted $0.44 EPS. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, analysts forecast that Bloomin’ Brands, Inc. will post 1.8 EPS for the current fiscal year.

Bloomin’ Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Investors of record on Monday, November 25th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $0.96 annualized dividend and a yield of 7.62%. Bloomin’ Brands’s dividend payout ratio is currently -872.73%.

About Bloomin’ Brands

Bloomin' Brands, Inc, through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. The company operates through two segments, U.S. and International. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba's Italian Grill, a casual Italian restaurant; Bonefish Grill; and Fleming's Prime Steakhouse & Wine Bar, a contemporary steakhouse.