Bloomin' Brands (NASDAQ:BLMN) Stock Price Down 22.3% on Analyst Downgrade

Key Points

• Bloomin' Brands shares dropped 22.3% on Wednesday, trading as low as $6.84, with a significant decline in trading volume compared to the average.
• Analysts have provided mixed ratings for the stock, with price targets ranging from $8.50 to $10.00 and an average consensus price target of $12.75.
• The company reported a quarterly earnings per share of $0.59, exceeding estimates, but experienced a year-over-year revenue decline of 1.8%.

Bloomin' Brands, Inc. (NASDAQ:BLMN - Get Free Report) was down 22.3% during trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $8.00 to $6.50. The Goldman Sachs Group currently has a sell rating on the stock. Bloomin' Brands traded as low as $6.84 and last traded at $6.95. Approximately 1,119,893 shares traded hands during mid-day trading, a decline of 56% from the average daily volume of 2,532,320 shares. The stock had previously closed at $8.95.

BLMN has been the subject of a number of other reports. BMO Capital Markets lowered their price target on Bloomin' Brands from $10.00 to $8.00 and set a "market perform" rating for the company in a report on Thursday. Barclays lowered their price target on Bloomin' Brands from $9.00 to $7.00 and set an "equal weight" rating for the company in a report on Wednesday. Morgan Stanley increased their price target on Bloomin' Brands from $9.00 to $10.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. JPMorgan Chase & Co. increased their price target on Bloomin' Brands from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Wednesday, June 25th. Finally, UBS Group lowered their price target on Bloomin' Brands from $13.00 to $8.50 and set a "neutral" rating for the company in a report on Monday, May 5th. Two equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the stock. According to data from MarketBeat.com, Bloomin' Brands presently has an average rating of "Hold" and an average target price of $11.00.

Hedge Funds Weigh In On Bloomin' Brands

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio increased its holdings in shares of Bloomin' Brands by 32.9% in the second quarter. Public Employees Retirement System of Ohio now owns 4,704 shares of the restaurant operator's stock valued at $41,000 after purchasing an additional 1,164 shares during the period. GAMMA Investing LLC increased its holdings in shares of Bloomin' Brands by 28.9% in the first quarter. GAMMA Investing LLC now owns 6,304 shares of the restaurant operator's stock valued at $45,000 after purchasing an additional 1,414 shares during the period. Bank of Montreal Can increased its holdings in shares of Bloomin' Brands by 21.0% in the second quarter. Bank of Montreal Can now owns 14,583 shares of the restaurant operator's stock valued at $126,000 after purchasing an additional 2,526 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Bloomin' Brands by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 46,395 shares of the restaurant operator's stock worth $333,000 after acquiring an additional 2,622 shares during the period. Finally, Harbor Capital Advisors Inc. grew its holdings in Bloomin' Brands by 16.1% during the second quarter. Harbor Capital Advisors Inc. now owns 21,552 shares of the restaurant operator's stock worth $186,000 after acquiring an additional 2,987 shares during the period.

Bloomin' Brands Price Performance

The stock has a fifty day moving average of $9.00 and a two-hundred day moving average of $9.01. The stock has a market cap of $564.01 million, a price-to-earnings ratio of -132.60 and a beta of 1.32. The company has a quick ratio of 0.35, a current ratio of 0.43 and a debt-to-equity ratio of 2.29.

Bloomin' Brands (NASDAQ:BLMN - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The restaurant operator reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $974.69 million. Bloomin' Brands had a positive return on equity of 44.03% and a negative net margin of 0.12%. Bloomin' Brands's quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.51 earnings per share. On average, equities research analysts anticipate that Bloomin' Brands, Inc. will post 1.8 earnings per share for the current year.

Bloomin' Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 3rd. Shareholders of record on Tuesday, August 19th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 9.0%. The ex-dividend date is Tuesday, August 19th. Bloomin' Brands's payout ratio is presently -1,200.00%.

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.