Cracker Barrel Old Country Store (NASDAQ:CBRL) Trading Down 6.1% – Here’s Why

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) shares dropped 6.1% on Friday . The company traded as low as $34.51 and last traded at $34.4650. Approximately 1,153,499 shares changed hands during mid-day trading, a decline of 37% from the average daily volume of 1,841,357 shares. The stock had previously closed at $36.70.

Wall Street Analyst Weigh In

CBRL has been the subject of several recent research reports. Citigroup cut their price objective on Cracker Barrel Old Country Store from $24.00 to $20.00 and set a “sell” rating for the company in a report on Wednesday, December 10th. Bank of America lowered their price target on Cracker Barrel Old Country Store from $34.00 to $29.00 and set an “underperform” rating for the company in a research note on Friday, December 19th. Benchmark restated a “hold” rating on shares of Cracker Barrel Old Country Store in a research note on Thursday, December 11th. UBS Group reduced their price objective on shares of Cracker Barrel Old Country Store from $30.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, December 10th. Finally, Wall Street Zen downgraded shares of Cracker Barrel Old Country Store from a “hold” rating to a “strong sell” rating in a research report on Saturday, September 20th. Two investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, Cracker Barrel Old Country Store currently has an average rating of “Reduce” and an average price target of $35.25.

Cracker Barrel Old Country Store Stock Performance

The firm has a fifty day simple moving average of $28.10 and a 200 day simple moving average of $43.90. The company has a current ratio of 0.51, a quick ratio of 0.16 and a debt-to-equity ratio of 0.93. The stock has a market cap of $761.65 million, a price-to-earnings ratio of 45.45 and a beta of 1.27.

Cracker Barrel Old Country Store (NASDAQ:CBRL) last released its quarterly earnings data on Tuesday, December 9th. The restaurant operator reported ($0.74) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.78) by $0.04. The business had revenue of $797.19 million for the quarter, compared to analysts’ expectations of $806.71 million. Cracker Barrel Old Country Store had a return on equity of 9.74% and a net margin of 0.49%.Cracker Barrel Old Country Store’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.45 earnings per share. As a group, sell-side analysts expect that Cracker Barrel Old Country Store, Inc. will post 2.76 earnings per share for the current year.

Cracker Barrel Old Country Store Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 11th. Stockholders of record on Friday, January 16th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Friday, January 16th. Cracker Barrel Old Country Store’s payout ratio is 133.33%.

Insiders Place Their Bets

In related news, major shareholder Gmt Capital Corp sold 42,400 shares of the stock in a transaction dated Monday, December 29th. The shares were sold at an average price of $25.56, for a total value of $1,083,744.00. Following the completion of the transaction, the insider owned 2,240,200 shares of the company’s stock, valued at $57,259,512. This represents a 1.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 381,500 shares of company stock valued at $10,258,409 over the last quarter. Insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Cracker Barrel Old Country Store

Hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC boosted its stake in Cracker Barrel Old Country Store by 17.6% in the 4th quarter. Nisa Investment Advisors LLC now owns 13,040 shares of the restaurant operator’s stock valued at $331,000 after buying an additional 1,948 shares in the last quarter. Wedge Capital Management L L P NC boosted its stake in shares of Cracker Barrel Old Country Store by 81.0% in the 4th quarter. Wedge Capital Management L L P NC now owns 69,514 shares of the restaurant operator’s stock valued at $1,766,000 after purchasing an additional 31,104 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Cracker Barrel Old Country Store by 6.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 168,834 shares of the restaurant operator’s stock worth $7,439,000 after purchasing an additional 10,590 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Cracker Barrel Old Country Store during the 3rd quarter worth about $26,000. Finally, Dark Forest Capital Management LP bought a new position in Cracker Barrel Old Country Store during the 3rd quarter valued at about $2,459,000. 96.01% of the stock is owned by institutional investors and hedge funds.

Cracker Barrel Old Country Store Company Profile

Cracker Barrel Old Country Store, Inc operates a distinctive combination of country-themed restaurants and retail stores across the United States. Since its founding in 1969, the company has focused on providing a nostalgic dining experience reminiscent of Southern hospitality, serving breakfast, lunch and dinner with an emphasis on traditional comfort foods.

The restaurant segment offers an extensive menu featuring signature items such as buttermilk pancakes, country ham, biscuits and gravy, meatloaf and pot roast.