Biglari Capital CORP. Decreases Position in Cracker Barrel Old Country Store, Inc. $CBRL

Key Points

• Biglari Capital sharply reduced its Cracker Barrel stake by 93.9% in the first quarter, selling 549,141 shares and retaining 35,859 shares valued at approximately $1.0 million.
• Cracker Barrel reported quarterly EPS of $0.29, beating the consensus estimate of a $0.45 loss, while revenue of $797.4 million exceeded expectations but declined 2.9% year over year.
• The stock traded at $52.43, while analysts maintained a consensus “Hold” rating with an average price target of $48.14; the company also declared a $0.25 quarterly dividend, representing a 1.9% yield.

Biglari Capital CORP. reduced its stake in shares of Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL - Free Report) by 93.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,859 shares of the restaurant operator's stock after selling 549,141 shares during the period. Cracker Barrel Old Country Store accounts for 0.1% of Biglari Capital CORP.'s portfolio, making the stock its 8th biggest holding. Biglari Capital CORP. owned 0.16% of Cracker Barrel Old Country Store worth $1,008,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new stake in Cracker Barrel Old Country Store in the 3rd quarter valued at $26,000. Hilton Head Capital Partners LLC purchased a new position in Cracker Barrel Old Country Store during the 4th quarter valued at approximately $35,000. Canada Pension Plan Investment Board purchased a new position in Cracker Barrel Old Country Store during the 2nd quarter valued at approximately $37,000. PNC Financial Services Group Inc. increased its stake in Cracker Barrel Old Country Store by 22.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,783 shares of the restaurant operator's stock worth $50,000 after acquiring an additional 321 shares during the last quarter. Finally, CWM LLC increased its stake in Cracker Barrel Old Country Store by 85.1% in the 4th quarter. CWM LLC now owns 2,345 shares of the restaurant operator's stock worth $60,000 after acquiring an additional 1,078 shares during the last quarter. 96.01% of the stock is currently owned by institutional investors.

Cracker Barrel Old Country Store Stock Performance

Cracker Barrel Old Country Store stock opened at $52.43 on Tuesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.50 and a quick ratio of 0.19. The firm has a market capitalization of $1.17 billion, a P/E ratio of 45.20 and a beta of 1.20. Cracker Barrel Old Country Store, Inc. has a 1-year low of $24.85 and a 1-year high of $65.90. The company's 50-day moving average is $44.67 and its 200 day moving average is $35.40.

Cracker Barrel Old Country Store (NASDAQ:CBRL - Get Free Report) last announced its earnings results on Tuesday, June 9th. The restaurant operator reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.45) by $0.74. The business had revenue of $797.37 million during the quarter, compared to analyst estimates 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 company's revenue for the quarter was down 2.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.56 earnings per share. Research analysts forecast that Cracker Barrel Old Country Store, Inc. will post -0.4 EPS for the current year.

Cracker Barrel Old Country Store Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 12th. Shareholders of record on Friday, July 17th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, July 17th. Cracker Barrel Old Country Store's payout ratio is 86.21%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CBRL shares. UBS Group increased their target price on Cracker Barrel Old Country Store from $31.00 to $37.00 and gave the company a "neutral" rating in a research report on Wednesday, June 10th. Freedom Capital raised shares of Cracker Barrel Old Country Store to a "strong-buy" rating in a research note on Monday, April 6th. Argus upped their price target on shares of Cracker Barrel Old Country Store from $40.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, June 11th. Citigroup increased their price objective on shares of Cracker Barrel Old Country Store from $34.00 to $42.00 and gave the company a "sell" rating in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company boosted their target price on shares of Cracker Barrel Old Country Store from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $48.14.

About Cracker Barrel Old Country Store

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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