Brinker International (NYSE:EAT) Hits New 52-Week High Following Better-Than-Expected Earnings

Shares of Brinker International, Inc. (NYSE:EAT) reached a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The company traded as high as $53.27 and last traded at $52.92, with a volume of 805537 shares traded. The stock had previously closed at $49.66.

The restaurant operator reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.09. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Brinker International had a negative return on equity of 113.41% and a net margin of 3.63%. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.23 EPS.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Raymond James lifted their target price on shares of Brinker International from $45.00 to $50.00 and gave the company a “strong-buy” rating in a research note on Thursday, February 1st. Wedbush lifted their price objective on Brinker International from $45.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. StockNews.com lowered Brinker International from a “buy” rating to a “hold” rating in a research report on Thursday, February 1st. UBS Group lifted their price target on Brinker International from $46.00 to $50.00 and gave the company a “neutral” rating in a report on Wednesday, April 24th. Finally, Gordon Haskett raised Brinker International from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Tuesday, January 16th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $46.06.

Insiders Place Their Bets

In other news, CFO Joseph G. Taylor sold 24,163 shares of the firm’s stock in a transaction dated Friday, February 2nd. The stock was sold at an average price of $44.97, for a total value of $1,086,610.11. Following the sale, the chief financial officer now directly owns 56,661 shares of the company’s stock, valued at $2,548,045.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.50% of the company’s stock.

Institutional Investors Weigh In On Brinker International

Hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. increased its position in Brinker International by 1.3% during the fourth quarter. Victory Capital Management Inc. now owns 17,318 shares of the restaurant operator’s stock worth $748,000 after acquiring an additional 230 shares during the period. Quadrant Capital Group LLC increased its holdings in shares of Brinker International by 12.8% during the 4th quarter. Quadrant Capital Group LLC now owns 2,070 shares of the restaurant operator’s stock worth $89,000 after purchasing an additional 235 shares during the period. Signaturefd LLC raised its position in shares of Brinker International by 68.9% during the third quarter. Signaturefd LLC now owns 946 shares of the restaurant operator’s stock valued at $30,000 after buying an additional 386 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Brinker International by 3.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 13,408 shares of the restaurant operator’s stock valued at $424,000 after buying an additional 487 shares during the period. Finally, Bogart Wealth LLC grew its position in Brinker International by 100.0% during the third quarter. Bogart Wealth LLC now owns 1,000 shares of the restaurant operator’s stock worth $32,000 after buying an additional 500 shares in the last quarter.

Brinker International Price Performance

The firm has a 50 day moving average of $47.44 and a 200-day moving average of $41.99. The stock has a market capitalization of $2.43 billion, a P/E ratio of 16.12, a price-to-earnings-growth ratio of 0.81 and a beta of 2.46.

About Brinker International

Brinker International, Inc, together with its subsidiaries, engages in the ownership, development, operation, and franchising of casual dining restaurants in the United States and internationally. It operates and franchises Chili's Grill & Bar and Maggiano's Little Italy restaurant brands.