Bloomin’ Brands (NASDAQ:BLMN) Stock Price Down 7.7% Following Analyst Downgrade

Bloomin’ Brands, Inc. (NASDAQ:BLMN) fell 7.7% during mid-day trading on Monday after Piper Sandler lowered their price target on the stock from $20.00 to $16.00. Piper Sandler currently has a neutral rating on the stock. Bloomin’ Brands traded as low as $13.91 and last traded at $13.99. 808,755 shares were traded during trading, a decline of 45% from the average session volume of 1,481,034 shares. The stock had previously closed at $15.15.

Other research analysts have also recently issued reports about the stock. Citigroup cut their price target on shares of Bloomin’ Brands from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Monday, August 19th. Morgan Stanley decreased their target price on Bloomin’ Brands from $26.00 to $22.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Raymond James cut Bloomin’ Brands from an “outperform” rating to a “market perform” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Bloomin’ Brands from $26.00 to $19.00 and set a “hold” rating for the company in a research report on Wednesday, August 7th. Finally, BMO Capital Markets decreased their price objective on shares of Bloomin’ Brands from $27.00 to $20.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 7th. Ten investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Bloomin’ Brands presently has a consensus rating of “Hold” and a consensus target price of $20.70.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. SG Americas Securities LLC increased its holdings in Bloomin’ Brands by 219.2% in the second quarter. SG Americas Securities LLC now owns 165,705 shares of the restaurant operator’s stock valued at $3,187,000 after buying an additional 113,798 shares in the last quarter. Victory Capital Management Inc. increased its stake in shares of Bloomin’ Brands by 29.6% in the second quarter. Victory Capital Management Inc. now owns 2,492,119 shares of the restaurant operator’s stock valued at $47,923,000 after buying an additional 569,855 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new stake in Bloomin’ Brands in the 2nd quarter valued at approximately $563,000. Edgestream Partners L.P. bought a new stake in shares of Bloomin’ Brands during the 2nd quarter worth $711,000. Finally, Easterly Investment Partners LLC grew its stake in Bloomin’ Brands by 4.2% in the second quarter. Easterly Investment Partners LLC now owns 588,864 shares of the restaurant operator’s stock valued at $11,324,000 after acquiring an additional 23,466 shares during the period.

Bloomin’ Brands Price Performance

The company has a debt-to-equity ratio of 3.46, a quick ratio of 0.26 and a current ratio of 0.35. The firm has a market capitalization of $1.17 billion, a P/E ratio of -124.44 and a beta of 2.04. The business has a 50 day simple moving average of $16.42 and a two-hundred day simple moving average of $18.77.

Bloomin’ Brands (NASDAQ:BLMN) last issued its quarterly earnings results on Friday, November 8th. The restaurant operator reported $0.21 EPS for the quarter, beating the consensus estimate of $0.19 by $0.02. Bloomin’ Brands had a net margin of 0.70% and a return on equity of 61.90%. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same quarter last year, the company posted $0.44 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. On average, sell-side analysts expect that Bloomin’ Brands, Inc. will post 1.77 EPS for the current fiscal year.

Bloomin’ Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 11th. Stockholders of record on Monday, November 25th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.98%. The ex-dividend date of this dividend is Monday, November 25th. Bloomin’ Brands’s payout ratio is -872.65%.

Bloomin’ Brands Company Profile

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.