Bloomin’ Brands (NASDAQ:BLMN) Reaches New 1-Year Low – Here’s Why

Bloomin’ Brands, Inc. (NASDAQ:BLMN)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $5.79 and last traded at $5.8850, with a volume of 2283795 shares trading hands. The stock had previously closed at $6.14.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on BLMN shares. Loop Capital set a $10.00 target price on Bloomin’ Brands in a research note on Tuesday, December 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Bloomin’ Brands in a research report on Monday, December 29th. Zacks Research raised shares of Bloomin’ Brands from a “strong sell” rating to a “hold” rating in a research report on Friday, November 7th. Finally, The Goldman Sachs Group upgraded shares of Bloomin’ Brands from a “sell” rating to a “neutral” rating and set a $7.00 price target for the company in a research note on Friday, November 7th. Seven equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Bloomin’ Brands currently has an average rating of “Reduce” and a consensus target price of $8.64.

Bloomin’ Brands Trading Down 4.4%

The firm has a 50-day simple moving average of $6.78 and a 200-day simple moving average of $6.95. The company has a quick ratio of 0.38, a current ratio of 0.45 and a debt-to-equity ratio of 2.77. The stock has a market cap of $500.24 million, a PE ratio of -8.76 and a beta of 1.15.

Institutional Investors Weigh In On Bloomin’ Brands

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC boosted its position in shares of Bloomin’ Brands by 123.1% in the first quarter. Millennium Management LLC now owns 2,299,778 shares of the restaurant operator’s stock valued at $16,489,000 after acquiring an additional 1,268,988 shares during the period. Federated Hermes Inc. lifted its stake in Bloomin’ Brands by 115.9% in the 4th quarter. Federated Hermes Inc. now owns 2,064,940 shares of the restaurant operator’s stock worth $12,741,000 after purchasing an additional 1,108,500 shares in the last quarter. Broad Bay Capital Management LP purchased a new stake in Bloomin’ Brands in the 4th quarter worth approximately $6,031,000. Nuveen LLC boosted its holdings in Bloomin’ Brands by 371.5% in the 4th quarter. Nuveen LLC now owns 1,057,233 shares of the restaurant operator’s stock valued at $6,523,000 after purchasing an additional 832,982 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in Bloomin’ Brands by 32.1% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,732,038 shares of the restaurant operator’s stock valued at $23,523,000 after purchasing an additional 664,545 shares during the period.

About Bloomin’ Brands

Bloomin’ Brands, Inc engages in the ownership, operation and franchising of casual dining restaurants worldwide. The company’s portfolio includes five full-service restaurant chains: Outback Steakhouse, known for its Australian-inspired steakhouse concept; Carrabba’s Italian Grill, offering Italian-American cuisine; Bonefish Grill, specializing in handcrafted seafood dishes; Fleming’s Prime Steakhouse & Wine Bar, focusing on premium steak and wine experiences; and Aussie Grill by Outback, featuring a streamlined menu of signature items.