Bloomin’ Brands (NASDAQ:BLMN) Shares Down 6.5% After Analyst Downgrade

Bloomin’ Brands, Inc. (NASDAQ:BLMN) shares dropped 6.5% during mid-day trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $13.00 to $10.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Bloomin’ Brands traded as low as $8.55 and last traded at $8.60. Approximately 1,439,741 shares traded hands during trading, a decline of 15% from the average daily volume of 1,698,080 shares. The stock had previously closed at $9.20.

BLMN has been the topic of several other reports. UBS Group cut their target price on Bloomin’ Brands from $16.00 to $13.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. StockNews.com upgraded Bloomin’ Brands from a “sell” rating to a “hold” rating in a report on Friday, March 7th. Barclays set a $11.00 target price on Bloomin’ Brands and gave the company an “equal weight” rating in a report on Thursday, February 27th. The Goldman Sachs Group cut their target price on Bloomin’ Brands from $13.00 to $10.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. Finally, Bank of America lowered Bloomin’ Brands from a “neutral” rating to an “underperform” rating and cut their target price for the company from $18.00 to $13.00 in a report on Monday, January 27th. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $14.60.

Insider Transactions at Bloomin’ Brands

In related news, EVP Patrick M. Hafner sold 9,555 shares of Bloomin’ Brands stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $8.32, for a total transaction of $79,497.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 3.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Bloomin’ Brands

A number of institutional investors have recently added to or reduced their stakes in BLMN. Erste Asset Management GmbH acquired a new stake in Bloomin’ Brands during the third quarter worth about $41,325,000. Schonfeld Strategic Advisors LLC grew its position in Bloomin’ Brands by 8,666.6% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 1,568,253 shares of the restaurant operator’s stock worth $19,148,000 after buying an additional 1,550,364 shares in the last quarter. American Century Companies Inc. grew its position in Bloomin’ Brands by 565.9% during the fourth quarter. American Century Companies Inc. now owns 1,791,366 shares of the restaurant operator’s stock worth $21,873,000 after buying an additional 1,522,370 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Bloomin’ Brands by 385.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,817,145 shares of the restaurant operator’s stock worth $22,187,000 after buying an additional 1,442,964 shares in the last quarter. Finally, Marshall Wace LLP grew its position in Bloomin’ Brands by 483.0% during the fourth quarter. Marshall Wace LLP now owns 1,225,608 shares of the restaurant operator’s stock worth $14,965,000 after buying an additional 1,015,372 shares in the last quarter.

Bloomin’ Brands Trading Down 7.0 %

The firm has a market capitalization of $738.90 million, a price-to-earnings ratio of -79.08 and a beta of 2.04. The business has a 50-day moving average of $11.39 and a two-hundred day moving average of $13.76. 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 Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Tuesday, March 11th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 6.90%. The ex-dividend date of this dividend is Tuesday, March 11th. Bloomin’ Brands’s payout ratio is -40.27%.

Bloomin’ Brands Company Profile

Bloomin’ Brands, Inc engages in the acquisition, operation, design, and development of restaurant concepts. It operates through the U.S. and International geographical segments. The U.S. segment operates in the USA and Puerto Rico. The International segment operates in Brazil, South Korea, Hong Kong, and China.