Bank of New York Mellon Corp Reduces Stake in Texas Roadhouse, Inc. $TXRH

Key Points

• Bank of New York Mellon cut its Texas Roadhouse stake by 7.6% in the fourth quarter, selling 44,611 shares and ending with 544,329 shares valued at about $90.4 million.
• Texas Roadhouse reported better-than-expected earnings of $1.87 per share on $1.63 billion in revenue, with revenue up 10.5% year over year. Analysts currently rate the stock a consensus Hold with an average target price of $196.36.
• The company announced a quarterly dividend of $0.75 per share, payable June 30, while insiders have also been selling shares recently, including notable sales by a director and an executive.

Bank of New York Mellon Corp trimmed its position in shares of Texas Roadhouse, Inc. (NASDAQ:TXRH - Free Report) by 7.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 544,329 shares of the restaurant operator's stock after selling 44,611 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.82% of Texas Roadhouse worth $90,359,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Kesler Norman & Wride LLC boosted its holdings in Texas Roadhouse by 32.4% in the fourth quarter. Kesler Norman & Wride LLC now owns 5,389 shares of the restaurant operator's stock valued at $895,000 after acquiring an additional 1,318 shares during the last quarter. Natixis Advisors LLC raised its holdings in Texas Roadhouse by 8.3% in the fourth quarter. Natixis Advisors LLC now owns 49,370 shares of the restaurant operator's stock valued at $8,195,000 after buying an additional 3,777 shares during the period. MUFG Securities EMEA plc acquired a new position in Texas Roadhouse during the fourth quarter valued at approximately $29,714,000. Sfmg LLC acquired a new position in Texas Roadhouse during the fourth quarter valued at approximately $266,000. Finally, BNP Paribas Financial Markets grew its stake in Texas Roadhouse by 169.8% during the fourth quarter. BNP Paribas Financial Markets now owns 75,431 shares of the restaurant operator's stock worth $12,522,000 after buying an additional 47,475 shares during the period. Institutional investors and hedge funds own 94.82% of the company's stock.

Texas Roadhouse Stock Down 1.6%

Shares of NASDAQ TXRH opened at $167.78 on Tuesday. Texas Roadhouse, Inc. has a 1 year low of $153.82 and a 1 year high of $197.00. The firm has a market cap of $11.03 billion, a price-to-earnings ratio of 26.80, a PEG ratio of 1.87 and a beta of 0.79. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.40 and a current ratio of 0.46. The stock's 50-day simple moving average is $168.05 and its 200-day simple moving average is $173.77.

Texas Roadhouse (NASDAQ:TXRH - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The restaurant operator reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.80 by $0.07. Texas Roadhouse had a return on equity of 27.86% and a net margin of 6.85%.The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.64 billion. During the same quarter in the prior year, the business posted $1.70 earnings per share. Texas Roadhouse's revenue for the quarter was up 10.5% on a year-over-year basis. As a group, equities analysts anticipate that Texas Roadhouse, Inc. will post 6.4 earnings per share for the current fiscal year.

Texas Roadhouse Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 2nd will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Tuesday, June 2nd. Texas Roadhouse's dividend payout ratio is 47.92%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Mizuho lifted their target price on shares of Texas Roadhouse from $190.00 to $200.00 and gave the company an "outperform" rating in a report on Thursday, February 12th. Piper Sandler raised their price objective on Texas Roadhouse from $190.00 to $192.00 and gave the company a "neutral" rating in a research report on Monday, May 11th. Royal Bank Of Canada upgraded Texas Roadhouse from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $180.00 to $210.00 in a research note on Friday, May 15th. JPMorgan Chase & Co. upped their target price on Texas Roadhouse from $182.00 to $188.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. Finally, Morgan Stanley reiterated an "overweight" rating and issued a $201.00 target price on shares of Texas Roadhouse in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat.com, Texas Roadhouse has an average rating of "Hold" and an average target price of $196.36.

Insider Activity at Texas Roadhouse

In related news, insider Lloyd Paul Marshall sold 1,000 shares of Texas Roadhouse stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $178.34, for a total value of $178,340.00. Following the completion of the sale, the insider owned 10,326 shares in the company, valued at approximately $1,841,538.84. The trade was a 8.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Gregory N. Moore sold 1,250 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $178.14, for a total transaction of $222,675.00. Following the transaction, the director directly owned 30,900 shares of the company's stock, valued at approximately $5,504,526. This represents a 3.89% 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 16,166 shares of company stock worth $2,813,705. 0.50% of the stock is currently owned by insiders.

Texas Roadhouse Company Profile

Texas Roadhouse, Inc is a casual dining restaurant chain specializing in hand‐cut steaks, fall‐off‐the‐bone ribs, chicken, seafood and house specialties. Each restaurant features a Western‐themed décor, open kitchens and a signature line dance presentation of fresh, made‐from‐scratch sides and breads. The company emphasizes an energetic dining experience, focusing on hospitality, value and a family‐friendly environment.

The concept was created in 1993 by founder Kent Taylor, who sought to combine high‐quality steaks with an approachable, community‐oriented atmosphere.

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