Geode Capital Management LLC Has $30.50 Million Position in Bloomin’ Brands, Inc. (NASDAQ:BLMN)

Geode Capital Management LLC trimmed its holdings in shares of Bloomin’ Brands, Inc. (NASDAQ:BLMN) by 4.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,844,580 shares of the restaurant operator’s stock after selling 91,025 shares during the period. Geode Capital Management LLC owned about 2.17% of Bloomin’ Brands worth $30,497,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of BLMN. Gladius Capital Management LP bought a new position in shares of Bloomin’ Brands in the third quarter valued at $26,000. KBC Group NV grew its position in shares of Bloomin’ Brands by 79.1% in the 3rd quarter. KBC Group NV now owns 3,371 shares of the restaurant operator’s stock valued at $56,000 after acquiring an additional 1,489 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Bloomin’ Brands during the 2nd quarter worth about $111,000. Point72 DIFC Ltd acquired a new position in shares of Bloomin’ Brands during the 2nd quarter worth about $169,000. Finally, Olympiad Research LP bought a new stake in shares of Bloomin’ Brands in the 3rd quarter valued at about $202,000.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on BLMN shares. Piper Sandler lowered their price target on Bloomin’ Brands from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Monday, November 11th. Barclays dropped their price target on Bloomin’ Brands from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, November 11th. JPMorgan Chase & Co. reduced their price objective on shares of Bloomin’ Brands from $19.00 to $14.00 and set a “neutral” rating for the company in a research report on Tuesday, November 12th. Bank of America dropped their price objective on shares of Bloomin’ Brands from $22.00 to $19.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Finally, The Goldman Sachs Group began coverage on shares of Bloomin’ Brands in a report on Thursday, December 5th. They set a “sell” rating and a $13.00 target price for the company. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $19.09.

Bloomin’ Brands Stock Performance

Shares of NASDAQ:BLMN opened at $12.42 on Friday. The company has a quick ratio of 0.22, a current ratio of 0.31 and a debt-to-equity ratio of 4.46. Bloomin’ Brands, Inc. has a 12-month low of $11.24 and a 12-month high of $30.13. The company’s 50 day moving average price is $14.08 and its two-hundred day moving average price is $16.46. The firm has a market cap of $1.05 billion, a PE ratio of -112.90 and a beta of 1.95.

Bloomin’ Brands (NASDAQ:BLMN) last posted its quarterly earnings data on Friday, November 8th. The restaurant operator reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. Bloomin’ Brands had a positive return on equity of 62.18% and a negative net margin of 0.12%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the company earned $0.44 EPS. Equities research analysts predict that Bloomin’ Brands, Inc. will post 1.8 earnings per share for the current year.

Bloomin’ Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 11th. Shareholders of record on Monday, November 25th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, November 25th. This represents a $0.96 dividend on an annualized basis and a yield of 7.73%. Bloomin’ Brands’s payout ratio is -872.73%.

About Bloomin’ Brands

Bloomin' Brands, Inc, through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. The company operates through two segments, U.S. and International. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba's Italian Grill, a casual Italian restaurant; Bonefish Grill; and Fleming's Prime Steakhouse & Wine Bar, a contemporary steakhouse.