Bloomin’ Brands (NASDAQ:BLMN) reached a new 52-week high and low during mid-day trading on Friday . The stock traded as low as $25.00 and last traded at $24.78, with a volume of 590615 shares traded. The stock had previously closed at $24.80.
BLMN has been the topic of several recent research reports. Zacks Investment Research upgraded Bloomin’ Brands from a “sell” rating to a “hold” rating in a research report on Thursday, January 18th. Goldman Sachs restated a “sell” rating on shares of Bloomin’ Brands in a research report on Friday, January 19th. BidaskClub upgraded Bloomin’ Brands from a “hold” rating to a “buy” rating in a research report on Wednesday, March 28th. TheStreet upgraded Bloomin’ Brands from a “c” rating to a “b-” rating in a research report on Friday, February 23rd. Finally, BMO Capital Markets set a $27.00 target price on Bloomin’ Brands and gave the stock a “buy” rating in a research report on Friday, February 23rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Bloomin’ Brands presently has an average rating of “Hold” and a consensus target price of $22.78.
The company has a debt-to-equity ratio of 22.07, a current ratio of 0.42 and a quick ratio of 0.36. The stock has a market capitalization of $2,296.37, a PE ratio of 18.29, a price-to-earnings-growth ratio of 1.78 and a beta of 0.38.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 14th. Investors of record on Monday, March 5th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, March 2nd. This is an increase from Bloomin’ Brands’s previous quarterly dividend of $0.08. Bloomin’ Brands’s dividend payout ratio (DPR) is 26.47%.
Bloomin’ Brands announced that its Board of Directors has initiated a share buyback program on Thursday, February 22nd that allows the company to repurchase $150.00 million in outstanding shares. This repurchase authorization allows the restaurant operator to buy shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.
In related news, EVP Gregg Scarlett sold 45,846 shares of the stock in a transaction on Thursday, March 29th. The stock was sold at an average price of $24.23, for a total value of $1,110,848.58. Following the transaction, the executive vice president now owns 46,595 shares of the company’s stock, valued at $1,128,996.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Donagh Herlihy sold 195,333 shares of the stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $24.00, for a total value of $4,687,992.00. The disclosure for this sale can be found here. In the last three months, insiders sold 520,970 shares of company stock worth $12,373,870. 7.47% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Segall Bryant & Hamill LLC increased its stake in Bloomin’ Brands by 32.5% in the fourth quarter. Segall Bryant & Hamill LLC now owns 248,612 shares of the restaurant operator’s stock valued at $5,305,000 after acquiring an additional 60,960 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in Bloomin’ Brands in the fourth quarter valued at $887,000. Vident Investment Advisory LLC bought a new position in Bloomin’ Brands in the fourth quarter valued at $203,000. Dean Capital Management bought a new position in Bloomin’ Brands in the fourth quarter valued at $2,329,000. Finally, Millennium Management LLC increased its stake in Bloomin’ Brands by 226.7% in the fourth quarter. Millennium Management LLC now owns 872,560 shares of the restaurant operator’s stock valued at $18,620,000 after acquiring an additional 605,511 shares during the last quarter. 98.49% of the stock is currently owned by institutional investors and hedge funds.
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About Bloomin’ Brands
Bloomin' Brands, Inc, through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. The company operates through two segments, U.S. and International. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba's Italian Grill, a casual Italian restaurant; Bonefish Grill, an upscale casual seafood restaurant; and Fleming's Prime Steakhouse & Wine Bar, a contemporary steakhouse.
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