Bloomin' Brands Inc (NASDAQ:BLMN) shares gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $24.48, but opened at $23.75. Bloomin' Brands shares last traded at $23.75, with a volume of 3583900 shares traded.
The restaurant operator reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.02. Bloomin' Brands had a return on equity of 114.19% and a net margin of 2.38%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.05 billion. During the same quarter in the prior year, the company earned $0.31 EPS. The firm’s revenue for the quarter was up 8.3% compared to the same quarter last year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 14th. Investors of record on Monday, March 5th will be paid a dividend of $0.09 per share. This is an increase from Bloomin' Brands’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Friday, March 2nd. This represents a $0.36 annualized dividend and a yield of 1.49%. Bloomin' Brands’s dividend payout ratio is presently 32.65%.
Bloomin' Brands announced that its Board of Directors has authorized a stock repurchase plan on Thursday, February 22nd that allows the company to buyback $150.00 million in shares. This buyback authorization allows the restaurant operator to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several brokerages recently weighed in on BLMN. BMO Capital Markets set a $27.00 target price on Bloomin' Brands and gave the company a “buy” rating in a research note on Friday. Barclays increased their target price on Bloomin' Brands from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday. BidaskClub upgraded Bloomin' Brands from a “sell” rating to a “hold” rating in a research note on Monday, February 5th. William Blair restated a “market perform” rating on shares of Bloomin' Brands in a research note on Monday, January 22nd. Finally, ValuEngine upgraded Bloomin' Brands from a “hold” rating to a “buy” rating in a research note on Friday, February 2nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Bloomin' Brands has an average rating of “Hold” and an average target price of $22.78.
In other Bloomin' Brands news, EVP Donagh Herlihy sold 195,333 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $24.00, for a total value of $4,687,992.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Elizabeth A. Smith sold 375,000 shares of the company’s stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $20.79, for a total value of $7,796,250.00. Following the completion of the transaction, the chairman now directly owns 206,235 shares of the company’s stock, valued at approximately $4,287,625.65. The disclosure for this sale can be found here. In the last ninety days, insiders sold 624,011 shares of company stock valued at $13,657,191. Insiders own 7.04% of the company’s stock.
A number of institutional investors have recently bought and sold shares of BLMN. Public Employees Retirement Association of Colorado acquired a new position in Bloomin' Brands in the 4th quarter valued at approximately $118,000. New York State Teachers Retirement System acquired a new position in shares of Bloomin' Brands in the 3rd quarter worth approximately $153,000. PNC Financial Services Group Inc. raised its holdings in shares of Bloomin' Brands by 83.2% in the 2nd quarter. PNC Financial Services Group Inc. now owns 7,647 shares of the restaurant operator’s stock worth $162,000 after buying an additional 3,472 shares in the last quarter. Boothbay Fund Management LLC acquired a new position in shares of Bloomin' Brands in the 3rd quarter worth approximately $181,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Bloomin' Brands by 317.0% in the 3rd quarter. Meeder Asset Management Inc. now owns 10,608 shares of the restaurant operator’s stock worth $187,000 after buying an additional 8,064 shares in the last quarter. 94.61% of the stock is owned by hedge funds and other institutional investors.
The company has a quick ratio of 0.29, a current ratio of 0.36 and a debt-to-equity ratio of 31.17. The company has a market capitalization of $2,167.65, a price-to-earnings ratio of 24.60, a PEG ratio of 1.77 and a beta of 0.50.
COPYRIGHT VIOLATION NOTICE: “Bloomin' Brands (BLMN) Shares Gap Up After Strong Earnings” was originally published by Transcript Daily and is owned by of Transcript Daily. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of US & international trademark and copyright laws. The original version of this piece of content can be viewed at https://transcriptdaily.com/2018/02/25/bloomin-brands-blmn-shares-gap-up-after-strong-earnings.html.
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.
Receive News & Ratings for Bloomin' Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bloomin' Brands and related companies with MarketBeat.com's FREE daily email newsletter.