Wellington Management Group LLP Purchases Shares of 347,746 Red Robin Gourmet Burgers, Inc. $RRGB

Key Points

• Wellington Management acquired 347,746 Red Robin shares worth approximately $2.78 million, giving it an estimated 1.84% stake in the company.
• Other institutional investors, including BlackRock and Western Standard, also added positions, with hedge funds and institutions collectively owning 84.04% of RRGB.
• Red Robin reported quarterly EPS of $0.12 and revenue of $277.64 million, exceeding estimates. Analysts have a consensus “Hold” rating and an average price target of $8.33, compared with a recent share price of $7.56.

Wellington Management Group LLP acquired a new stake in Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 347,746 shares of the restaurant operator's stock, valued at approximately $2,778,000. Wellington Management Group LLP owned approximately 1.84% of Red Robin Gourmet Burgers at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in RRGB. BlackRock Inc. purchased a new stake in Red Robin Gourmet Burgers during the 2nd quarter worth about $2,382,000. Western Standard LLC acquired a new position in shares of Red Robin Gourmet Burgers in the 2nd quarter valued at $706,000. Osaic Holdings Inc. increased its stake in Red Robin Gourmet Burgers by 152.6% in the second quarter. Osaic Holdings Inc. now owns 10,055 shares of the restaurant operator's stock valued at $58,000 after purchasing an additional 6,075 shares during the period. Jain Global LLC purchased a new stake in Red Robin Gourmet Burgers during the 4th quarter valued at approximately $47,000. Finally, BNP Paribas Financial Markets raised its stake in shares of Red Robin Gourmet Burgers by 503.0% during the second quarter. BNP Paribas Financial Markets now owns 5,379 shares of the restaurant operator's stock worth $31,000 after purchasing an additional 4,487 shares during the last quarter. 84.04% of the stock is owned by hedge funds and other institutional investors.

Red Robin Gourmet Burgers Price Performance

Shares of NASDAQ RRGB opened at $7.56 on Friday. The company has a market capitalization of $142.88 million, a price-to-earnings ratio of -4.47 and a beta of 2.44. Red Robin Gourmet Burgers, Inc. has a 1-year low of $2.45 and a 1-year high of $10.95. The business has a 50-day moving average of $8.17 and a 200-day moving average of $5.66.

Red Robin Gourmet Burgers (NASDAQ:RRGB - Get Free Report) last announced its earnings results on Wednesday, August 12th. The restaurant operator reported $0.12 earnings per share for the quarter. The business had revenue of $277.64 million for the quarter, compared to analyst estimates of $268.56 million. Research analysts expect that Red Robin Gourmet Burgers, Inc. will post -0.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. UBS Group set a $8.00 price target on Red Robin Gourmet Burgers in a report on Wednesday, June 3rd. Wall Street Zen raised Red Robin Gourmet Burgers from a "sell" rating to a "hold" rating in a report on Saturday, August 1st. Benchmark boosted their price objective on shares of Red Robin Gourmet Burgers from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Red Robin Gourmet Burgers in a research note on Friday, July 17th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $8.33.

About Red Robin Gourmet Burgers

Red Robin Gourmet Burgers, Inc, trading on NASDAQ under the ticker RRGB, is a leading casual dining restaurant company headquartered in Greenwood Village, Colorado. The company specializes in offering a diverse menu centered on gourmet burgers, bottomless steak fries, salads, sandwiches and a selection of alcoholic beverages. Red Robin operates restaurants under its flagship Red Robin® brand, serving guests through both dine-in and off-premises channels, including delivery and carry-out. The company also leverages technology and loyalty programs to enhance the guest experience and drive repeat visits.

Founded in 1969 in Seattle, Washington, Red Robin began as a small tavern before evolving into a family-friendly restaurant concept focused on premium burgers.

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