Bank of America Corp DE Sells 158,090 Shares of Cracker Barrel Old Country Store, Inc. $CBRL

Key Points

• Bank of America cut its Cracker Barrel stake by 82.6% in the first quarter, selling 158,090 shares and retaining 33,375 shares valued at approximately $938,000.
• Institutional ownership remains high at 96.01%, with investors including Invesco, Cetera Investment Advisers and the New York State Common Retirement Fund increasing their positions.
• Analysts maintain a consensus “Hold” rating with an average price target of $48.14. Cracker Barrel beat quarterly earnings expectations with $0.29 in EPS versus the projected $0.45 loss, while revenue declined 2.9% year over year.

Bank of America Corp DE decreased its stake in Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL - Free Report) by 82.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 33,375 shares of the restaurant operator's stock after selling 158,090 shares during the quarter. Bank of America Corp DE owned about 0.15% of Cracker Barrel Old Country Store worth $938,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Cracker Barrel Old Country Store by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,138 shares of the restaurant operator's stock worth $510,000 after buying an additional 546 shares during the last quarter. Cetera Investment Advisers increased its position in Cracker Barrel Old Country Store by 64.6% during the second quarter. Cetera Investment Advisers now owns 9,210 shares of the restaurant operator's stock valued at $563,000 after acquiring an additional 3,614 shares during the last quarter. Norges Bank purchased a new stake in shares of Cracker Barrel Old Country Store in the second quarter valued at $843,000. New York State Common Retirement Fund raised its stake in shares of Cracker Barrel Old Country Store by 23.6% in the second quarter. New York State Common Retirement Fund now owns 8,386 shares of the restaurant operator's stock valued at $512,000 after acquiring an additional 1,600 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of Cracker Barrel Old Country Store by 76.0% in the 2nd quarter. Invesco Ltd. now owns 350,859 shares of the restaurant operator's stock worth $21,430,000 after acquiring an additional 151,463 shares during the last quarter. Institutional investors own 96.01% of the company's stock.

Analysts Set New Price Targets

CBRL has been the subject of a number of recent analyst reports. Bank of America lifted their price target on shares of Cracker Barrel Old Country Store from $34.00 to $40.00 in a research note on Monday, June 15th. UBS Group reissued a "neutral" rating on shares of Cracker Barrel Old Country Store in a research report on Tuesday, July 28th. Benchmark reissued a "hold" rating on shares of Cracker Barrel Old Country Store in a research note on Wednesday, June 10th. Weiss Ratings upgraded Cracker Barrel Old Country Store from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Wednesday, July 8th. Finally, Piper Sandler reaffirmed a "neutral" rating and set a $51.00 target price on shares of Cracker Barrel Old Country Store in a research note on Wednesday, July 22nd. Two analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $48.14.

Cracker Barrel Old Country Store Stock Up 1.2%

Cracker Barrel Old Country Store stock opened at $54.69 on Friday. The company has a quick ratio of 0.19, a current ratio of 0.50 and a debt-to-equity ratio of 0.72. The firm has a market cap of $1.22 billion, a P/E ratio of 47.15 and a beta of 1.19. Cracker Barrel Old Country Store, Inc. has a twelve month low of $24.85 and a twelve month high of $60.26. The business has a fifty day moving average of $54.87 and a two-hundred day moving average of $40.43.

Cracker Barrel Old Country Store (NASDAQ:CBRL - Get Free Report) last issued its quarterly earnings data on Tuesday, June 9th. The restaurant operator reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of ($0.45) by $0.74. The company had revenue of $797.37 million for the quarter, compared to the consensus estimate of $776.69 million. Cracker Barrel Old Country Store had a return on equity of 2.78% and a net margin of 0.79%.The firm's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.56 earnings per share. On average, analysts forecast that Cracker Barrel Old Country Store, Inc. will post 0.07 earnings per share for the current fiscal year.

Cracker Barrel Old Country Store Company Profile

Cracker Barrel Old Country Store, Inc operates a distinctive combination of country-themed restaurants and retail stores across the United States. Since its founding in 1969, the company has focused on providing a nostalgic dining experience reminiscent of Southern hospitality, serving breakfast, lunch and dinner with an emphasis on traditional comfort foods.

The restaurant segment offers an extensive menu featuring signature items such as buttermilk pancakes, country ham, biscuits and gravy, meatloaf and pot roast.

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