Zacks Investment Research upgraded shares of Fogo de Chao, Inc. (NASDAQ:FOGO) from a sell rating to a hold rating in a research note released on Monday morning.
According to Zacks, “Fogo De Chao, Inc. owns and operates Brazilian steakhouses. It offers beef, lamb, chicken, pork and seafood items as well as liquor, beer and wine. The company operates primarily in the United States, Puerto Rico and Brazil. Fogo De Chao, Inc. is headquartered in Dallas, Texas. “
Other analysts also recently issued reports about the stock. Piper Jaffray Companies restated a buy rating and issued a $16.00 target price on shares of Fogo de Chao in a report on Thursday, August 10th. BidaskClub upgraded shares of Fogo de Chao from a strong sell rating to a sell rating in a report on Monday, August 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. Fogo de Chao presently has a consensus rating of Hold and a consensus target price of $16.36.
Fogo de Chao (NASDAQ FOGO) remained flat at $12.50 during mid-day trading on Monday. 16,077 shares of the stock were exchanged. The firm has a 50 day moving average price of $12.52 and a 200-day moving average price of $13.32. Fogo de Chao has a one year low of $10.50 and a one year high of $14.95. The company has a market cap of $352.94 million, a price-to-earnings ratio of 15.82 and a beta of 0.38.
Fogo de Chao (NASDAQ:FOGO) last posted its earnings results on Tuesday, August 8th. The restaurant operator reported $0.21 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.02). Fogo de Chao had a return on equity of 8.08% and a net margin of 7.40%. The business had revenue of $77.80 million during the quarter, compared to the consensus estimate of $77.46 million. During the same quarter last year, the firm earned $0.22 earnings per share. The business’s quarterly revenue was up 11.8% on a year-over-year basis. Analysts expect that Fogo de Chao will post $0.91 earnings per share for the current fiscal year.
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Hedge funds have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund boosted its stake in shares of Fogo de Chao by 221.1% during the 2nd quarter. New York State Common Retirement Fund now owns 10,600 shares of the restaurant operator’s stock worth $147,000 after purchasing an additional 7,299 shares during the period. Nationwide Fund Advisors boosted its stake in shares of Fogo de Chao by 269.6% during the 2nd quarter. Nationwide Fund Advisors now owns 11,095 shares of the restaurant operator’s stock worth $154,000 after purchasing an additional 8,093 shares during the period. Citigroup Inc. boosted its stake in shares of Fogo de Chao by 83.3% during the 2nd quarter. Citigroup Inc. now owns 11,663 shares of the restaurant operator’s stock worth $162,000 after purchasing an additional 5,299 shares during the period. Marshall Wace LLP purchased a new position in shares of Fogo de Chao during the 2nd quarter worth about $199,000. Finally, Nordea Investment Management AB purchased a new position in shares of Fogo de Chao during the 2nd quarter worth about $210,000. 85.65% of the stock is owned by hedge funds and other institutional investors.
About Fogo de Chao
Fogo de Chao, Inc is a United States-based holding company. The Company, through its subsidiaries, operates upscale Brazilian churrascaria steakhouses under the brand of Fogo de Chao. The Company owns 100% of Brasa (Purchaser) Inc (Brasa Purchaser), which owns 100% of Brasa (Holdings) Inc (Brasa Holdings).
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