Bank of New York Mellon Corp Invests $7.52 Million in BJ's Restaurants, Inc. $BJRI

Key Points

• Bank of New York Mellon acquired 123,757 shares of BJ’s Restaurants worth approximately $7.52 million, joining other institutions that increased their positions. Institutional investors own 99.95% of the company.
• BJ’s Restaurants exceeded quarterly expectations, reporting $0.94 in earnings per share versus the $0.90 consensus estimate and revenue of $388.89 million, up 6.4% year over year.
• Shares opened at $58.82, down 3.1%, while analysts maintained a consensus “Hold” rating with an average price target of $56.88; insiders have sold $7.68 million worth of stock over the past 90 days.

Bank of New York Mellon Corp acquired a new stake in shares of BJ's Restaurants, Inc. (NASDAQ:BJRI - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 123,757 shares of the restaurant operator's stock, valued at approximately $7,516,000. Bank of New York Mellon Corp owned about 0.58% of BJ's Restaurants at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in BJRI. State of Wyoming bought a new position in BJ's Restaurants during the 2nd quarter worth approximately $393,000. Bank of America Corp DE grew its holdings in shares of BJ's Restaurants by 73.5% in the first quarter. Bank of America Corp DE now owns 324,588 shares of the restaurant operator's stock worth $11,393,000 after purchasing an additional 137,511 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of BJ's Restaurants by 31.7% in the first quarter. California State Teachers Retirement System now owns 19,737 shares of the restaurant operator's stock worth $693,000 after buying an additional 4,746 shares during the period. Royal Bank of Canada increased its stake in shares of BJ's Restaurants by 238.0% in the first quarter. Royal Bank of Canada now owns 16,272 shares of the restaurant operator's stock worth $572,000 after buying an additional 11,458 shares during the period. Finally, Empowered Funds LLC raised its holdings in BJ's Restaurants by 7.1% during the 1st quarter. Empowered Funds LLC now owns 107,143 shares of the restaurant operator's stock valued at $3,761,000 after buying an additional 7,080 shares during the last quarter. 99.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at BJ's Restaurants

In other news, EVP Brian Krakower sold 7,341 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $55.17, for a total value of $405,002.97. Following the transaction, the executive vice president owned 4,721 shares in the company, valued at $260,457.57. This represents a 60.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Noah Elbogen sold 7,535 shares of the company's stock in a transaction on Monday, August 10th. The stock was sold at an average price of $70.14, for a total value of $528,504.90. Following the completion of the sale, the director owned 71,655 shares of the company's stock, valued at $5,025,881.70. This trade represents a 9.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 124,077 shares of company stock worth $7,676,952. 2.40% of the stock is owned by corporate insiders.

BJ's Restaurants Stock Down 3.1%

NASDAQ:BJRI opened at $58.82 on Friday. The firm's 50-day moving average price is $64.88 and its 200-day moving average price is $49.46. The company has a market capitalization of $1.25 billion, a PE ratio of 31.45, a P/E/G ratio of 1.83 and a beta of 1.30. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.29 and a quick ratio of 0.22. BJ's Restaurants, Inc. has a 1-year low of $28.46 and a 1-year high of $74.60.

BJ's Restaurants (NASDAQ:BJRI - Get Free Report) last released its earnings results on Thursday, July 30th. The restaurant operator reported $0.94 EPS for the quarter, topping the consensus estimate of $0.90 by $0.04. The business had revenue of $388.89 million for the quarter, compared to the consensus estimate of $377.07 million. BJ's Restaurants had a return on equity of 12.93% and a net margin of 2.86%.The company's revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.97 earnings per share. On average, equities analysts predict that BJ's Restaurants, Inc. will post 2.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Piper Sandler increased their target price on shares of BJ's Restaurants from $40.00 to $43.00 and gave the stock a "neutral" rating in a report on Thursday, May 7th. Mizuho set a $74.00 price target on BJ's Restaurants in a report on Friday, July 31st. DA Davidson set a $65.00 price target on BJ's Restaurants in a research report on Friday, July 31st. Benchmark increased their price objective on BJ's Restaurants from $68.00 to $80.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Finally, Zacks Research upgraded BJ's Restaurants from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $56.88.

BJ's Restaurants Company Profile

BJ's Restaurants, Inc is a publicly traded casual dining chain known for its deep‐dish pizzas, California‐style thin crust offerings and in‐house craft beer selections. Operating under the BJ's Restaurant & Brewhouse brand, the company combines a microbrewery concept with full‐service dining, offering an extensive menu that includes appetizers, salads, pasta dishes, sandwiches and the signature Pizookie dessert.

Founded in 1978 in Orange County, California, BJ's Restaurants began as BJ's Chicago Pizzeria, bringing a Chicago‐style pizza experience to the West Coast.

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