Bank of New York Mellon Corp Sells 14,187 Shares of Texas Roadhouse, Inc. $TXRH

Key Points

• Bank of New York Mellon trimmed its Texas Roadhouse stake by 2.6% in the first quarter, selling 14,187 shares and ending with 530,142 shares worth about $87.5 million.
• Texas Roadhouse insiders also sold shares, with directors Jane Grote Abell and Gregory N. Moore making recent transactions; insiders have sold 6,154 shares over the past three months.
• The company beat quarterly EPS estimates with $1.87 per share, and it continues to pay a quarterly dividend of $0.75 per share, equal to a 1.5% annualized yield.

Bank of New York Mellon Corp cut its stake in shares of Texas Roadhouse, Inc. (NASDAQ:TXRH - Free Report) by 2.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 530,142 shares of the restaurant operator's stock after selling 14,187 shares during the period. Bank of New York Mellon Corp owned 0.80% of Texas Roadhouse worth $87,548,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TXRH. Geneos Wealth Management Inc. grew its position in shares of Texas Roadhouse by 1,203.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 365 shares of the restaurant operator's stock worth $60,000 after purchasing an additional 337 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Texas Roadhouse by 28.6% during the 1st quarter. Sanctuary Advisors LLC now owns 4,383 shares of the restaurant operator's stock worth $724,000 after buying an additional 975 shares in the last quarter. State of Michigan Retirement System lifted its holdings in shares of Texas Roadhouse by 1.3% in the first quarter. State of Michigan Retirement System now owns 15,878 shares of the restaurant operator's stock worth $2,622,000 after acquiring an additional 200 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Texas Roadhouse by 5.0% in the 1st quarter. Principal Financial Group Inc. now owns 148,837 shares of the restaurant operator's stock valued at $24,579,000 after purchasing an additional 7,039 shares during the last quarter. Finally, Chicago Partners Investment Group LLC lifted its stake in shares of Texas Roadhouse by 160.0% in the 1st quarter. Chicago Partners Investment Group LLC now owns 5,488 shares of the restaurant operator's stock valued at $868,000 after acquiring an additional 3,377 shares during the last quarter. Institutional investors own 94.82% of the company's stock.

Insiders Place Their Bets

In other news, Director Jane Grote Abell sold 339 shares of the company's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $177.43, for a total value of $60,148.77. Following the completion of the sale, the director owned 2,161 shares in the company, valued at $383,426.23. This represents a 13.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gregory N. Moore sold 1,250 shares of the company'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 completion of the sale, the director owned 30,900 shares of the company's stock, valued at approximately $5,504,526. The trade was a 3.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 6,154 shares of company stock worth $1,115,864 in the last three months. 0.50% of the stock is owned by corporate insiders.

Texas Roadhouse Price Performance

TXRH stock opened at $194.31 on Wednesday. The company has a market capitalization of $12.77 billion, a P/E ratio of 31.04, a price-to-earnings-growth ratio of 2.17 and a beta of 0.78. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.40 and a current ratio of 0.46. Texas Roadhouse, Inc. has a 52-week low of $153.82 and a 52-week high of $200.11. The business has a 50-day simple moving average of $181.01 and a two-hundred day simple moving average of $176.93.

Texas Roadhouse (NASDAQ:TXRH - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The restaurant operator reported $1.87 EPS for the quarter, topping the consensus estimate 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 period in the prior year, the business posted $1.70 earnings per share. The company's quarterly revenue was up 10.5% compared to the same quarter last year. Research analysts expect that Texas Roadhouse, Inc. will post 6.45 EPS for the current fiscal year.

Texas Roadhouse Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 2nd were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Tuesday, June 2nd. Texas Roadhouse's dividend payout ratio is presently 47.92%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Wall Street Zen upgraded shares of Texas Roadhouse from a "sell" rating to a "hold" rating in a research report on Sunday, May 10th. Piper Sandler lifted their target price on Texas Roadhouse from $190.00 to $192.00 and gave the stock a "neutral" rating in a report on Monday, May 11th. Citigroup dropped their price target on Texas Roadhouse from $176.00 to $174.00 and set a "neutral" rating on the stock in a research note on Friday, May 8th. Barclays cut their price objective on shares of Texas Roadhouse from $188.00 to $175.00 and set an "equal weight" rating on the stock in a research report on Friday, May 8th. Finally, BMO Capital Markets upped their target price on Texas Roadhouse from $165.00 to $180.00 and gave the stock a "market perform" rating in a research report on Thursday, May 21st. Ten investment analysts have rated the stock with a Buy rating and thirteen have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $194.90.

About Texas Roadhouse

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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