Bloomin’ Brands (NASDAQ:BLMN) Shares Down 8.3% After Analyst Downgrade

Shares of Bloomin’ Brands, Inc. (NASDAQ:BLMN) dropped 8.3% during mid-day trading on Friday after The Goldman Sachs Group lowered their price target on the stock from $13.00 to $10.00. The Goldman Sachs Group currently has a sell rating on the stock. Bloomin’ Brands traded as low as $9.29 and last traded at $9.19. Approximately 1,835,305 shares traded hands during mid-day trading, a decline of 8% from the average daily volume of 1,994,884 shares. The stock had previously closed at $10.02.

Several other equities research analysts have also recently issued reports on BLMN. JPMorgan Chase & Co. lowered their price objective on Bloomin’ Brands from $19.00 to $14.00 and set a “neutral” rating on the stock in a report on Tuesday, November 12th. Barclays set a $11.00 price objective on Bloomin’ Brands and gave the stock an “equal weight” rating in a report on Thursday. Raymond James cut Bloomin’ Brands from an “outperform” rating to a “market perform” rating in a report on Monday, November 11th. Piper Sandler lowered their target price on Bloomin’ Brands from $20.00 to $16.00 and set a “neutral” rating on the stock in a report on Monday, November 11th. Finally, Bank of America cut Bloomin’ Brands from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $18.00 to $13.00 in a report on Monday, January 27th. Two investment analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $15.00.

Institutional Trading of Bloomin’ Brands

Institutional investors have recently made changes to their positions in the company. FMR LLC raised its position in shares of Bloomin’ Brands by 34.8% during the 3rd quarter. FMR LLC now owns 1,381,150 shares of the restaurant operator’s stock valued at $22,830,000 after buying an additional 356,456 shares during the period. Barclays PLC raised its position in shares of Bloomin’ Brands by 29.4% during the 3rd quarter. Barclays PLC now owns 219,080 shares of the restaurant operator’s stock valued at $3,621,000 after buying an additional 49,723 shares during the period. Hotchkis & Wiley Capital Management LLC raised its position in shares of Bloomin’ Brands by 58.3% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 691,585 shares of the restaurant operator’s stock valued at $11,432,000 after buying an additional 254,570 shares during the period. Skylands Capital LLC purchased a new stake in shares of Bloomin’ Brands during the 4th quarter valued at approximately $1,407,000. Finally, Principal Financial Group Inc. raised its position in Bloomin’ Brands by 6.2% in the third quarter. Principal Financial Group Inc. now owns 2,529,130 shares of the restaurant operator’s stock valued at $41,806,000 after purchasing an additional 147,895 shares during the period.

Bloomin’ Brands Trading Down 6.4 %

The company has a market cap of $795.83 million, a PE ratio of -85.26 and a beta of 1.97. The company has a quick ratio of 0.22, a current ratio of 0.31 and a debt-to-equity ratio of 4.46. The business has a 50-day simple moving average of $11.85 and a 200-day simple moving average of $14.23.

Bloomin’ Brands Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Tuesday, March 11th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 6.40%. 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.