Bloomin’ Brands (NASDAQ:BLMN) Shares Down 6.5% After Analyst Downgrade

Shares of Bloomin’ Brands, Inc. (NASDAQ:BLMN) were down 6.5% on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $13.00 to $10.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Bloomin’ Brands traded as low as $8.55 and last traded at $8.60. Approximately 1,439,741 shares traded hands during trading, a decline of 15% from the average daily volume of 1,698,080 shares. The stock had previously closed at $9.20.

Several other research analysts have also weighed in on BLMN. StockNews.com raised Bloomin’ Brands from a “sell” rating to a “hold” rating in a research report on Friday. BMO Capital Markets lowered their target price on Bloomin’ Brands from $16.00 to $12.00 and set a “market perform” rating on the stock in a research note on Thursday, February 27th. The Goldman Sachs Group reduced their price target on Bloomin’ Brands from $13.00 to $10.00 and set a “sell” rating on the stock in a research report on Thursday, February 27th. Piper Sandler cut their target price on Bloomin’ Brands from $20.00 to $16.00 and set a “neutral” rating for the company in a research note on Monday, November 11th. Finally, UBS Group lowered their target price on Bloomin’ Brands from $16.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.60.

Insiders Place Their Bets

In related news, EVP Patrick M. Hafner sold 9,555 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $8.32, for a total transaction of $79,497.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.14% of the company’s stock.

Institutional Investors Weigh In On Bloomin’ Brands

Hedge funds and other institutional investors have recently modified their holdings of the company. Erste Asset Management GmbH acquired a new stake in Bloomin’ Brands in the 3rd quarter valued at $41,325,000. Schonfeld Strategic Advisors LLC increased its position in shares of Bloomin’ Brands by 8,666.6% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,568,253 shares of the restaurant operator’s stock worth $19,148,000 after acquiring an additional 1,550,364 shares in the last quarter. American Century Companies Inc. boosted its stake in Bloomin’ Brands by 565.9% during the 4th quarter. American Century Companies Inc. now owns 1,791,366 shares of the restaurant operator’s stock valued at $21,873,000 after purchasing an additional 1,522,370 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Bloomin’ Brands by 385.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,817,145 shares of the restaurant operator’s stock worth $22,187,000 after purchasing an additional 1,442,964 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in Bloomin’ Brands by 483.0% during the 4th quarter. Marshall Wace LLP now owns 1,225,608 shares of the restaurant operator’s stock worth $14,965,000 after purchasing an additional 1,015,372 shares in the last quarter.

Bloomin’ Brands Stock Down 6.0 %

The company has a market cap of $734.40 million, a P/E ratio of -78.13 and a beta of 2.04. The company has a debt-to-equity ratio of 4.46, a current ratio of 0.31 and a quick ratio of 0.22. The stock has a fifty day moving average price of $11.46 and a two-hundred day moving average price of $13.82.

Bloomin’ Brands Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Tuesday, March 11th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $0.60 annualized dividend and a dividend yield of 6.94%. Bloomin’ Brands’s dividend payout ratio is currently -40.27%.

Bloomin’ Brands Company Profile

Bloomin’ Brands, Inc engages in the acquisition, operation, design, and development of restaurant concepts. It operates through the U.S. and International geographical segments. The U.S. segment operates in the USA and Puerto Rico. The International segment operates in Brazil, South Korea, Hong Kong, and China.