Summit Asset Management LLC Buys Shares of 1,352 Texas Roadhouse, Inc. (NASDAQ:TXRH)

Summit Asset Management LLC bought a new stake in Texas Roadhouse, Inc. (NASDAQ:TXRH) during the 4th quarter, Holdings Channel.com reports. The fund bought 1,352 shares of the restaurant operator’s stock, valued at approximately $244,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC grew its stake in Texas Roadhouse by 3.1% in the third quarter. Kingsview Wealth Management LLC now owns 1,771 shares of the restaurant operator’s stock valued at $313,000 after purchasing an additional 54 shares during the last quarter. Lifestyle Asset Management Inc. boosted its position in Texas Roadhouse by 3.9% in the fourth quarter. Lifestyle Asset Management Inc. now owns 1,603 shares of the restaurant operator’s stock valued at $289,000 after buying an additional 60 shares during the last quarter. CIBC Asset Management Inc boosted its position in Texas Roadhouse by 3.3% in the third quarter. CIBC Asset Management Inc now owns 1,952 shares of the restaurant operator’s stock valued at $345,000 after buying an additional 62 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in Texas Roadhouse by 32.2% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 267 shares of the restaurant operator’s stock valued at $48,000 after acquiring an additional 65 shares during the period. Finally, Insight Wealth Partners LLC lifted its holdings in Texas Roadhouse by 3.9% in the third quarter. Insight Wealth Partners LLC now owns 1,818 shares of the restaurant operator’s stock valued at $321,000 after acquiring an additional 68 shares during the period. Hedge funds and other institutional investors own 94.82% of the company’s stock.

Wall Street Analyst Weigh In

TXRH has been the subject of several research analyst reports. Citigroup upped their target price on Texas Roadhouse from $212.00 to $213.00 and gave the stock a “buy” rating in a research note on Friday. Royal Bank of Canada dropped their target price on Texas Roadhouse from $200.00 to $180.00 and set a “sector perform” rating for the company in a report on Friday. Morgan Stanley upgraded Texas Roadhouse from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $205.00 to $213.00 in a report on Tuesday, January 21st. Stephens dropped their target price on Texas Roadhouse from $186.00 to $180.00 and set an “equal weight” rating for the company in a report on Friday. Finally, Truist Financial lowered their price target on Texas Roadhouse from $209.00 to $205.00 and set a “buy” rating for the company in a report on Friday. Eleven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, Texas Roadhouse currently has a consensus rating of “Moderate Buy” and an average price target of $192.50.

Insider Activity

In related news, insider Christopher C. Colson sold 1,370 shares of Texas Roadhouse stock in a transaction on Friday, January 10th. The stock was sold at an average price of $179.46, for a total transaction of $245,860.20. Following the completion of the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at approximately $1,794,600. The trade was a 12.05 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.50% of the company’s stock.

Texas Roadhouse Stock Down 1.4 %

NASDAQ:TXRH opened at $169.13 on Friday. The stock’s 50 day moving average price is $179.22 and its 200 day moving average price is $180.17. Texas Roadhouse, Inc. has a 52-week low of $146.51 and a 52-week high of $206.04. The company has a market capitalization of $11.28 billion, a PE ratio of 26.14, a P/E/G ratio of 1.23 and a beta of 1.02.

Texas Roadhouse (NASDAQ:TXRH) last posted its quarterly earnings results on Thursday, February 20th. The restaurant operator reported $1.73 EPS for the quarter, beating the consensus estimate of $1.66 by $0.07. The business had revenue of $1.44 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Texas Roadhouse had a return on equity of 34.02% and a net margin of 8.07%. As a group, sell-side analysts anticipate that Texas Roadhouse, Inc. will post 7.23 EPS for the current fiscal year.

Texas Roadhouse Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 18th will be issued a $0.68 dividend. This is a boost from Texas Roadhouse’s previous quarterly dividend of $0.61. This represents a $2.72 annualized dividend and a dividend yield of 1.61%. The ex-dividend date of this dividend is Tuesday, March 18th. Texas Roadhouse’s dividend payout ratio (DPR) is currently 42.04%.

About Texas Roadhouse

Texas Roadhouse, Inc, together with its subsidiaries, operates casual dining restaurants in the United States and internationally. It also operates and franchises restaurants under the Texas Roadhouse, Bubba's 33, and Jaggers names in 49 states and ten internationally. Texas Roadhouse, Inc was founded in 1993 and is based in Louisville, Kentucky.