Bloomin' Brands (NASDAQ:BLMN) Stock Price Down 3.6% - Here's What Happened

Shares of Bloomin' Brands, Inc. (NASDAQ:BLMN - Get Free Report) dropped 3.6% during mid-day trading on Monday . The stock traded as low as $8.29 and last traded at $8.24. Approximately 1,417,868 shares changed hands during mid-day trading, a decline of 18% from the average daily volume of 1,726,437 shares. The stock had previously closed at $8.55.

Wall Street Analyst Weigh In

BLMN has been the subject of several recent analyst reports. The Goldman Sachs Group reduced their target price on Bloomin' Brands from $13.00 to $10.00 and set a "sell" rating for the company in a report on Thursday, February 27th. StockNews.com upgraded Bloomin' Brands from a "sell" rating to a "hold" rating in a research note on Friday, March 7th. UBS Group dropped their price objective on Bloomin' Brands from $16.00 to $13.00 and set a "neutral" rating on the stock in a research note on Tuesday, January 7th. JPMorgan Chase & Co. dropped their price objective on Bloomin' Brands from $10.00 to $9.00 and set a "neutral" rating on the stock in a research note on Thursday. Finally, Bank of America downgraded Bloomin' Brands from a "neutral" rating to an "underperform" rating and dropped their price objective for the company from $18.00 to $13.00 in a research note 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $14.50.

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Bloomin' Brands Trading Down 3.0 %

The stock has a market cap of $666.28 million, a PE ratio of -71.40 and a beta of 2.04. The firm has a 50-day simple moving average of $10.86 and a 200-day simple moving average of $13.36. 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 announced a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Tuesday, March 11th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $0.60 annualized dividend and a dividend yield of 7.65%. Bloomin' Brands's dividend payout ratio is currently -40.27%.

Insiders Place Their Bets

In related news, EVP Patrick M. Hafner sold 9,555 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $8.32, for a total value of $79,497.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Bloomin' Brands

A number of institutional investors and hedge funds have recently made changes to their positions in BLMN. Erste Asset Management GmbH purchased a new stake in shares of Bloomin' Brands in the third quarter worth $41,325,000. Schonfeld Strategic Advisors LLC raised its position in shares of Bloomin' Brands by 8,666.6% in 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. raised its position in shares of Bloomin' Brands by 565.9% in 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 raised its position in shares of Bloomin' Brands by 385.6% in 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 raised its position in shares of Bloomin' Brands by 483.0% in 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 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.