Bloomin’ Brands (NASDAQ:BLMN) Stock Price Up 7.6% – Here’s What Happened

Bloomin’ Brands, Inc. (NASDAQ:BLMN)’s stock price shot up 7.6% during mid-day trading on Monday . The company traded as high as $9.39 and last traded at $9.45. 390,291 shares were traded during trading, a decline of 77% from the average session volume of 1,686,655 shares. The stock had previously closed at $8.79.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on BLMN. StockNews.com upgraded Bloomin’ Brands from a “sell” rating to a “hold” rating in a research note on Friday, March 7th. Bank of America downgraded Bloomin’ Brands from a “neutral” rating to an “underperform” rating and dropped their price target for the stock from $18.00 to $13.00 in a research note on Monday, January 27th. Barclays set a $11.00 price target on Bloomin’ Brands and gave the stock an “equal weight” rating in a research note on Thursday, February 27th. JPMorgan Chase & Co. dropped their price target on Bloomin’ Brands from $13.00 to $10.00 and set a “neutral” rating on the stock in a research note on Monday. Finally, UBS Group decreased their price objective on Bloomin’ Brands from $16.00 to $13.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating and ten have issued a hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.60.

Bloomin’ Brands Stock Down 7.0 %

The firm has a market capitalization of $738.90 million, a price-to-earnings ratio of -79.08 and a beta of 2.04. The firm has a fifty day moving average price of $11.39 and a 200 day moving average price of $13.76. The company has a debt-to-equity ratio of 4.46, a quick ratio of 0.22 and a current ratio of 0.31.

Bloomin’ Brands Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Tuesday, March 11th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 6.90%. The ex-dividend date is Tuesday, March 11th. Bloomin’ Brands’s payout ratio is currently -40.27%.

Insider Activity at Bloomin’ Brands

In related news, EVP Patrick M. Hafner sold 9,555 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $8.32, for a total value of $79,497.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bloomin’ Brands

Several hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in Bloomin’ Brands by 6.2% in the 3rd quarter. Principal Financial Group Inc. now owns 2,529,130 shares of the restaurant operator’s stock valued at $41,806,000 after purchasing an additional 147,895 shares in the last quarter. Erste Asset Management GmbH purchased a new position in Bloomin’ Brands during the third quarter worth $41,325,000. Victory Capital Management Inc. increased its position in Bloomin’ Brands by 0.4% during the fourth quarter. Victory Capital Management Inc. now owns 2,390,703 shares of the restaurant operator’s stock worth $29,190,000 after buying an additional 10,635 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Bloomin’ Brands by 385.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,817,145 shares of the restaurant operator’s stock worth $22,187,000 after buying an additional 1,442,964 shares in the last quarter. Finally, American Century Companies Inc. increased its position in Bloomin’ Brands by 565.9% during the fourth quarter. American Century Companies Inc. now owns 1,791,366 shares of the restaurant operator’s stock worth $21,873,000 after buying an additional 1,522,370 shares in the last quarter.

Bloomin’ Brands Company Profile

Bloomin’ Brands, Inc engages in the acquisition, operation, design, and development of restaurant concepts. It operates through the U.S. and International geographical segments. The U.S. segment operates in the USA and Puerto Rico. The International segment operates in Brazil, South Korea, Hong Kong, and China.