Meros Investment Management LP Makes New Investment in BJ's Restaurants, Inc. $BJRI

Key Points

• Meros Investment Management initiated a 143,493-share position in BJ’s Restaurants during the second quarter, representing approximately 0.67% of the company and 2.8% of Meros’ portfolio.
• Analyst sentiment remains mixed, with BJRI carrying an average rating of “Hold” and an average price target of $56.88; recent actions included an upgrade from William Blair and a downgrade from Barclays.
• BJ’s Restaurants exceeded quarterly expectations, reporting $0.94 in EPS versus $0.90 expected and revenue of $388.89 million, up 6.4% year over year. Meanwhile, insiders sold 131,601 shares worth roughly $8.03 million over the last quarter.

Meros Investment Management LP purchased a new stake in shares of BJ's Restaurants, Inc. (NASDAQ:BJRI - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 143,493 shares of the restaurant operator's stock, valued at approximately $8,715,047,000. BJ's Restaurants comprises about 2.8% of Meros Investment Management LP's portfolio, making the stock its 10th largest position. Meros Investment Management LP owned about 0.67% of BJ's Restaurants as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. CWM LLC raised its position in shares of BJ's Restaurants by 187.7% during the fourth quarter. CWM LLC now owns 699 shares of the restaurant operator's stock worth $28,000 after acquiring an additional 456 shares during the last quarter. Bard Associates Inc. acquired a new stake in BJ's Restaurants during the 2nd quarter valued at approximately $30,000. Quarry LP lifted its position in shares of BJ's Restaurants by 1,618.3% in the 3rd quarter. Quarry LP now owns 1,031 shares of the restaurant operator's stock worth $31,000 after purchasing an additional 971 shares during the period. Kemnay Advisory Services Inc. acquired a new position in shares of BJ's Restaurants in the 4th quarter worth approximately $63,000. Finally, US Bancorp DE boosted its stake in shares of BJ's Restaurants by 14.5% in the 3rd quarter. US Bancorp DE now owns 3,305 shares of the restaurant operator's stock valued at $101,000 after purchasing an additional 418 shares during the last quarter. Institutional investors and hedge funds own 99.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BJRI. William Blair raised BJ's Restaurants from a "market perform" rating to an "outperform" rating in a research note on Friday, July 17th. Weiss Ratings upgraded BJ's Restaurants from a "hold (c)" rating to a "hold (c+)" rating in a report on Friday. Piper Sandler boosted their target price on shares of BJ's Restaurants from $40.00 to $43.00 and gave the company a "neutral" rating in a research report on Thursday, May 7th. DA Davidson set a $65.00 price target on BJ's Restaurants in a report on Friday, July 31st. Finally, Barclays decreased their price objective on BJ's Restaurants from $42.00 to $38.00 and set an "underweight" rating for the company in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $56.88.

Insider Activity

In related news, EVP Brian S. Krakower sold 7,341 shares of BJ's Restaurants stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $55.17, for a total value of $405,002.97. Following the completion of the sale, the executive vice president owned 4,721 shares of the company's stock, valued at approximately $260,457.57. This trade represents a 60.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Noah A. Elbogen sold 7,535 shares of the business's stock in a transaction dated Monday, August 10th. The shares were 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 in the company, valued at $5,025,881.70. This represents a 9.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 131,601 shares of company stock worth $8,033,014. 2.40% of the stock is owned by insiders.

BJ's Restaurants Stock Down 2.9%

BJ's Restaurants stock opened at $65.34 on Wednesday. BJ's Restaurants, Inc. has a fifty-two week low of $28.46 and a fifty-two week high of $74.60. The stock has a market cap of $1.39 billion, a PE ratio of 34.94, a price-to-earnings-growth ratio of 2.03 and a beta of 1.32. The firm's 50-day simple moving average is $63.68 and its 200 day simple moving average is $48.46. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.22 and a current ratio of 0.29.

BJ's Restaurants (NASDAQ:BJRI - Get Free Report) last posted 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 firm had revenue of $388.89 million for the quarter, compared to analysts' expectations of $377.07 million. BJ's Restaurants had a net margin of 2.86% and a return on equity of 12.93%. The company's quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.97 EPS. Research analysts predict that BJ's Restaurants, Inc. will post 2.37 EPS for the current fiscal year.

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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