Bloomin’ Brands (NASDAQ:BLMN) Shares Gap Down on Disappointing Earnings

Shares of Bloomin’ Brands, Inc. (NASDAQ:BLMN) gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $24.96, but opened at $24.16. Bloomin’ Brands shares last traded at $23.85, with a volume of 199,759 shares traded.

The restaurant operator reported $0.70 earnings per share for the quarter, missing the consensus estimate of $0.75 by ($0.05). Bloomin’ Brands had a net margin of 5.30% and a return on equity of 73.67%. The company had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter last year, the firm earned $0.98 EPS. The business’s revenue was down 4.0% on a year-over-year basis.

Bloomin’ Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, May 20th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date is Friday, May 17th. Bloomin’ Brands’s payout ratio is currently 37.94%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Barclays reduced their target price on Bloomin’ Brands from $32.00 to $30.00 and set an “overweight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. lowered Bloomin’ Brands from an “overweight” rating to a “neutral” rating and set a $26.00 price objective for the company. in a research report on Tuesday, January 23rd. UBS Group reduced their target price on shares of Bloomin’ Brands from $30.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday. Citigroup upped their price objective on shares of Bloomin’ Brands from $25.00 to $29.00 and gave the stock a “neutral” rating in a report on Thursday, February 15th. Finally, BMO Capital Markets lowered their target price on shares of Bloomin’ Brands from $29.00 to $27.00 and set a “market perform” rating for the company in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $27.50.

Hedge Funds Weigh In On Bloomin’ Brands

Several hedge funds and other institutional investors have recently modified their holdings of the company. Foundry Partners LLC lifted its holdings in Bloomin’ Brands by 32.7% in the fourth quarter. Foundry Partners LLC now owns 200,256 shares of the restaurant operator’s stock valued at $5,637,000 after acquiring an additional 49,398 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Bloomin’ Brands by 1.4% in the third quarter. Vanguard Group Inc. now owns 12,527,385 shares of the restaurant operator’s stock worth $308,048,000 after buying an additional 175,493 shares during the last quarter. Jump Financial LLC bought a new stake in Bloomin’ Brands during the third quarter valued at about $759,000. 13D Management LLC bought a new position in shares of Bloomin’ Brands in the third quarter worth approximately $2,537,000. Finally, FMR LLC increased its stake in shares of Bloomin’ Brands by 364.4% in the third quarter. FMR LLC now owns 494,338 shares of the restaurant operator’s stock worth $12,156,000 after purchasing an additional 387,896 shares in the last quarter.

Bloomin’ Brands Stock Down 3.8 %

The stock has a market capitalization of $2.00 billion, a P/E ratio of 9.09, a P/E/G ratio of 9.85 and a beta of 2.02. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.27 and a current ratio of 0.34. The company’s 50-day moving average price is $27.38 and its 200 day moving average price is $26.15.

Bloomin’ Brands Company Profile

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.