Cracker Barrel Old Country Store (NASDAQ:CBRL) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL - Get Free Report) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $53.63, but opened at $55.60. Cracker Barrel Old Country Store shares last traded at $55.22, with a volume of 90,777 shares traded.

The restaurant operator reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.41. Cracker Barrel Old Country Store had a return on equity of 18.61% and a net margin of 1.15%. The firm had revenue of $821.10 million during the quarter, compared to the consensus estimate of $824.65 million. During the same period last year, the company earned $0.88 earnings per share. The company's revenue for the quarter was up .5% on a year-over-year basis.

Cracker Barrel Old Country Store Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 13th. Investors of record on Friday, July 18th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Friday, July 18th. Cracker Barrel Old Country Store's dividend payout ratio is presently 38.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wall Street Zen raised Cracker Barrel Old Country Store from a "sell" rating to a "hold" rating in a report on Sunday, March 2nd. Citigroup reissued a "sell" rating and issued a $42.00 target price (up previously from $39.00) on shares of Cracker Barrel Old Country Store in a report on Friday, May 23rd. Benchmark reissued a "hold" rating on shares of Cracker Barrel Old Country Store in a report on Monday, March 10th. Truist Financial raised their target price on Cracker Barrel Old Country Store from $63.00 to $64.00 and gave the company a "buy" rating in a report on Friday. Finally, UBS Group reissued a "neutral" rating and issued a $60.00 target price (up previously from $48.00) on shares of Cracker Barrel Old Country Store in a report on Tuesday, June 3rd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $53.71.

Insider Transactions at Cracker Barrel Old Country Store

In other news, major shareholder Gmt Capital Corp bought 53,000 shares of the business's stock in a transaction that occurred on Wednesday, May 7th. The stock was purchased at an average price of $44.60 per share, with a total value of $2,363,800.00. Following the purchase, the insider now owns 2,833,700 shares of the company's stock, valued at $126,383,020. This trade represents a 1.91% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Insiders bought 385,307 shares of company stock valued at $15,679,910 in the last 90 days. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CBRL. Mirae Asset Global Investments Co. Ltd. raised its stake in Cracker Barrel Old Country Store by 18.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,069 shares of the restaurant operator's stock valued at $906,000 after purchasing an additional 2,531 shares during the last quarter. Empowered Funds LLC acquired a new position in Cracker Barrel Old Country Store in the 4th quarter valued at about $213,000. Principal Financial Group Inc. raised its stake in Cracker Barrel Old Country Store by 2.9% in the 4th quarter. Principal Financial Group Inc. now owns 107,820 shares of the restaurant operator's stock valued at $5,699,000 after purchasing an additional 2,988 shares during the last quarter. Good Life Advisors LLC acquired a new position in Cracker Barrel Old Country Store in the 4th quarter valued at about $404,000. Finally, Versor Investments LP raised its stake in Cracker Barrel Old Country Store by 234.8% in the 4th quarter. Versor Investments LP now owns 15,400 shares of the restaurant operator's stock valued at $814,000 after purchasing an additional 10,800 shares during the last quarter. Institutional investors and hedge funds own 96.01% of the company's stock.

Cracker Barrel Old Country Store Stock Up 9.7%

The company has a current ratio of 0.69, a quick ratio of 0.24 and a debt-to-equity ratio of 1.20. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 33.56, a P/E/G ratio of 8.36 and a beta of 1.45. The firm's 50 day moving average is $47.96 and its two-hundred day moving average is $50.00.

About Cracker Barrel Old Country Store

Cracker Barrel Old Country Store, Inc develops and operates the Cracker Barrel Old Country Store concept in the United States. Its Cracker Barrel stores consist of restaurants with a gift shop. The company's restaurants serve breakfast, lunch, and dinner daily, as well as dine-in, pick-up, and delivery services.