Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Red Robin’s shares outpaced the industry year to date. Menu innovation, focus on increasing service speed, effective marketing and remodeling program to reinvigorate brands have got the growth story back on track, after a disappointing 2016. Though the current challenging retail environment continued affecting business in first-half 2017, initiatives undertaken to improve sales and regain market share as the year progresses bode well. Moreover, Red Robin has a mostly positive record of earnings surprises in recent quarters. Still, cost-related issues along with company’s limited international presence and domestic contraction raise concerns. A slowdown in company’s 2017 unit growth plan given the choppy sales environment could further weigh on sales. Estimates too have been going down ahead of its third quarter earnings release.”
Several other equities research analysts have also issued reports on the stock. Stifel Nicolaus began coverage on shares of Red Robin Gourmet Burgers in a research note on Monday, October 2nd. They set a “hold” rating and a $62.00 price target for the company. Canaccord Genuity restated a “buy” rating and set a $80.00 price target on shares of Red Robin Gourmet Burgers in a research note on Sunday, October 1st. BTIG Research restated a “buy” rating and set a $70.00 price target (up previously from $64.00) on shares of Red Robin Gourmet Burgers in a research note on Tuesday, September 12th. BidaskClub upgraded shares of Red Robin Gourmet Burgers from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 12th. Finally, TheStreet lowered shares of Red Robin Gourmet Burgers from a “b-” rating to a “c” rating in a research note on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $71.73.
Shares of Red Robin Gourmet Burgers (NASDAQ:RRGB) opened at 64.55 on Wednesday. The stock’s 50 day moving average price is $61.72 and its 200-day moving average price is $62.16. The company has a market cap of $834.44 million, a PE ratio of 100.08 and a beta of 0.65. Red Robin Gourmet Burgers has a one year low of $40.85 and a one year high of $74.11.
Red Robin Gourmet Burgers (NASDAQ:RRGB) last issued its quarterly earnings results on Tuesday, August 8th. The restaurant operator reported $0.61 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.51 by $0.10. Red Robin Gourmet Burgers had a net margin of 0.64% and a return on equity of 8.00%. The company had revenue of $315.80 million during the quarter, compared to analyst estimates of $315.69 million. During the same quarter last year, the business posted $0.75 EPS. Red Robin Gourmet Burgers’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, analysts expect that Red Robin Gourmet Burgers will post $2.78 EPS for the current year.
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In other Red Robin Gourmet Burgers news, CFO Guy J. Constant acquired 2,500 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was bought at an average cost of $58.88 per share, with a total value of $147,200.00. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 2.66% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parametric Portfolio Associates LLC boosted its holdings in Red Robin Gourmet Burgers by 5.3% in the 1st quarter. Parametric Portfolio Associates LLC now owns 22,970 shares of the restaurant operator’s stock worth $1,343,000 after buying an additional 1,147 shares during the period. Crawford Lake Capital Management LLC bought a new position in Red Robin Gourmet Burgers in the 2nd quarter worth approximately $2,084,000. Thrivent Financial For Lutherans boosted its holdings in Red Robin Gourmet Burgers by 5.1% in the 1st quarter. Thrivent Financial For Lutherans now owns 7,280 shares of the restaurant operator’s stock worth $426,000 after buying an additional 350 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in Red Robin Gourmet Burgers by 11.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 108,295 shares of the restaurant operator’s stock worth $7,067,000 after buying an additional 11,261 shares during the period. Finally, Caldwell & Orkin Inc. bought a new position in Red Robin Gourmet Burgers in the 2nd quarter worth approximately $998,000.
Red Robin Gourmet Burgers Company Profile
Red Robin Gourmet Burgers, Inc, together with its subsidiaries, primarily develops, operates, and franchises full-service restaurants in North America and focuses on serving selection of gourmet burgers. The Company’s menu features a line of gourmet burgers, which it makes from ground beef, as well as its line of Red’s Tavern Double Burgers and its Red Robin’s line of half-pound Angus beef burgers with various toppings.
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