Bloomin’ Brands (NASDAQ:BLMN) Stock Rating Lowered by Bank of America

Bank of America downgraded shares of Bloomin’ Brands (NASDAQ:BLMN) from a neutral rating to an underperform rating in a research note issued to investors on Monday morning, Marketbeat.com reports. They currently have $13.00 target price on the restaurant operator’s stock, down from their previous target price of $18.00.

BLMN has been the topic of several other reports. JPMorgan Chase & Co. lowered their price target on shares of Bloomin’ Brands from $19.00 to $14.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 12th. Piper Sandler lowered their price target on shares of Bloomin’ Brands from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, November 11th. StockNews.com lowered shares of Bloomin’ Brands from a “hold” rating to a “sell” rating in a research report on Friday. Raymond James lowered shares of Bloomin’ Brands from an “outperform” rating to a “market perform” rating in a research report on Monday, November 11th. Finally, The Goldman Sachs Group initiated coverage on shares of Bloomin’ Brands in a research report on Thursday, December 5th. They issued a “sell” rating and a $13.00 price target on the stock. Three analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. According to MarketBeat, Bloomin’ Brands presently has an average rating of “Hold” and a consensus target price of $16.30.

Bloomin’ Brands Stock Performance

Shares of BLMN stock opened at $12.60 on Monday. The company has a market cap of $1.07 billion, a P/E ratio of -114.54 and a beta of 1.97. Bloomin’ Brands has a 12 month low of $11.03 and a 12 month high of $30.13. The firm has a fifty day moving average price of $12.42 and a 200 day moving average price of $15.37. The company has a current ratio of 0.31, a quick ratio of 0.22 and a debt-to-equity ratio of 4.46.

Bloomin’ Brands (NASDAQ:BLMN) last posted its quarterly earnings results on Friday, November 8th. The restaurant operator reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. Bloomin’ Brands had a negative net margin of 0.12% and a positive return on equity of 62.18%. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the prior year, the company posted $0.44 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. Sell-side analysts predict that Bloomin’ Brands will post 1.8 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bloomin’ Brands

Hedge funds have recently made changes to their positions in the business. Erste Asset Management GmbH acquired a new stake in Bloomin’ Brands during the 3rd quarter valued at $41,325,000. Millennium Management LLC grew its holdings in Bloomin’ Brands by 2,520.7% during the 2nd quarter. Millennium Management LLC now owns 468,507 shares of the restaurant operator’s stock valued at $9,009,000 after purchasing an additional 450,630 shares in the last quarter. FMR LLC grew its holdings in Bloomin’ Brands by 34.8% during the 3rd quarter. FMR LLC now owns 1,381,150 shares of the restaurant operator’s stock valued at $22,830,000 after purchasing an additional 356,456 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings in Bloomin’ Brands by 58.3% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 691,585 shares of the restaurant operator’s stock valued at $11,432,000 after purchasing an additional 254,570 shares in the last quarter. Finally, Systematic Financial Management LP grew its holdings in Bloomin’ Brands by 76.5% during the 2nd quarter. Systematic Financial Management LP now owns 544,742 shares of the restaurant operator’s stock valued at $10,475,000 after purchasing an additional 236,037 shares in the last quarter.

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; and Fleming's Prime Steakhouse & Wine Bar, a contemporary steakhouse.