Zacks Investment Research upgraded shares of BJ’s Restaurants Inc. (NASDAQ:BJRI) from a strong sell rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $42.00 price objective on the stock.
According to Zacks, “BJ's Restaurants posted positive earnings surprises in eight of the last nine quarters. Going forward, the company is positive on driving top and bottom-line growth given its prudent expansion plans along with various marketing, operational and technology-driven initiatives. Moreover, the company has been refining and streamlining its menu to make it easier for guests to order and thereby improve traffic. Meanwhile, the company’s Project Q initiatives have led to strong margins in the past few quarters and are likely to continue doing so. However, higher costs may keep profits under pressure. Moreover, the company expects traffic and sales to remain soft in the near term given various social and political issues, weakening consumer confidence and increasing global uncertainties.”
Other analysts have also issued research reports about the company. Wedbush lowered BJ’s Restaurants from an outperform rating to a neutral rating and cut their price target for the company from $47.00 to $40.00 in a report on Friday, September 9th. Robert W. Baird reaffirmed a neutral rating on shares of BJ’s Restaurants in a research note on Thursday, September 8th. Canaccord Genuity initiated coverage on BJ’s Restaurants in a research note on Monday, August 22nd. They issued a hold rating and a $43.00 price objective for the company. Jefferies Group reissued a hold rating on shares of BJ’s Restaurants in a research note on Wednesday, August 3rd. Finally, Barclays PLC dropped their price target on BJ’s Restaurants from $46.00 to $38.00 and set an underweight rating for the company in a research note on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of Hold and a consensus price target of $40.67.
BJ’s Restaurants (NASDAQ:BJRI) opened at 35.04 on Tuesday. The company has a market capitalization of $847.02 million, a PE ratio of 18.17 and a beta of 1.09. The company has a 50 day moving average of $38.86 and a 200 day moving average of $42.36. BJ’s Restaurants has a 1-year low of $34.83 and a 1-year high of $47.95.
BJ’s Restaurants (NASDAQ:BJRI) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $0.56 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.01. BJ’s Restaurants had a return on equity of 14.58% and a net margin of 5.09%. The business earned $250.30 million during the quarter, compared to analysts’ expectations of $253.23 million. During the same quarter in the prior year, the firm earned $0.47 EPS. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. On average, analysts predict that BJ’s Restaurants will post $1.86 earnings per share for the current fiscal year.
In related news, major shareholder Luxor Capital Group, Lp sold 37,000 shares of BJ’s Restaurants stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $35.74, for a total value of $1,322,380.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Larry D. Bouts sold 26,792 shares of BJ’s Restaurants stock in a transaction dated Friday, August 12th. The shares were sold at an average price of $40.86, for a total value of $1,094,721.12. Following the completion of the transaction, the director now owns 1,955 shares of the company’s stock, valued at approximately $79,881.30. The disclosure for this sale can be found here. 7.10% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in BJRI. Invictus RG boosted its stake in BJ’s Restaurants by 27.3% in the second quarter. Invictus RG now owns 2,354 shares of the company’s stock valued at $103,000 after buying an additional 505 shares during the last quarter. PineBridge Investments L.P. boosted its position in shares of BJ’s Restaurants by 1.6% in the second quarter. PineBridge Investments L.P. now owns 2,467 shares of the company’s stock valued at $108,000 after buying an additional 38 shares in the last quarter. Teacher Retirement System of Texas boosted its position in shares of BJ’s Restaurants by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 2,638 shares of the company’s stock valued at $116,000 after buying an additional 318 shares in the last quarter. BlackRock Inc. boosted its position in BJ’s Restaurants by 120.5% in the second quarter. BlackRock Inc. now owns 3,178 shares of the company’s stock worth $139,000 after buying an additional 1,737 shares in the last quarter. Finally, Advisor Group Inc. acquired a new position in BJ’s Restaurants during the second quarter worth approximately $152,000. Hedge funds and other institutional investors own 93.55% of the company’s stock.
About BJ’s Restaurants
BJ’s Restaurants, Inc owns and operates restaurants. The Company’s restaurants are operated as a BJ’s Restaurant & Brewery, a BJ’s Restaurant & Brewhouse, a BJ’s Pizza & Grill and a BJ’s Grill restaurant. Its menu features deep-dish pizza, craft beers and other beers, as well as a selection of appetizers, entrees, pastas, sandwiches, specialty salads and desserts, including its Pizookie dessert.
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