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

Bloomin' Brands, Inc. (NASDAQ:BLMN - Get Free Report) shares fell 6.5% 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. 1,439,741 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 1,698,080 shares. The stock had previously closed at $9.20.

BLMN has been the topic of a number of other reports. BMO Capital Markets lowered their target price on shares of Bloomin' Brands from $16.00 to $12.00 and set a "market perform" rating on the stock in a research note on Thursday, February 27th. Barclays set a $11.00 price target on shares of Bloomin' Brands and gave the company an "equal weight" rating in a research report on Thursday, February 27th. The Goldman Sachs Group reduced their price target on shares of Bloomin' Brands from $13.00 to $10.00 and set a "sell" rating on the stock in a research report on Thursday, February 27th. Piper Sandler reduced their price target on shares of Bloomin' Brands from $20.00 to $16.00 and set a "neutral" rating on the stock in a research report on Monday, November 11th. Finally, UBS Group reduced their price target on shares of Bloomin' Brands from $16.00 to $13.00 and set a "neutral" rating on the stock in a research report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating and ten have assigned a hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $14.60.

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Insider Buying and Selling at Bloomin' Brands

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

Institutional Trading of Bloomin' Brands

Hedge funds have recently modified their holdings of the business. FMR LLC boosted its holdings 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 in the last quarter. A&I Financial Services LLC bought a new position in Bloomin' Brands in the 4th quarter worth about $343,000. Barclays PLC boosted its stake in Bloomin' Brands by 29.4% in the 3rd quarter. Barclays PLC now owns 219,080 shares of the restaurant operator's stock worth $3,621,000 after purchasing an additional 49,723 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its stake in Bloomin' Brands by 58.3% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 691,585 shares of the restaurant operator's stock worth $11,432,000 after purchasing an additional 254,570 shares in the last quarter. Finally, Skylands Capital LLC bought a new position in Bloomin' Brands in the 4th quarter worth about $1,407,000.

Bloomin' Brands Trading Up 4.3 %

The company has a market cap of $726.16 million, a P/E ratio of -77.72 and a beta of 2.04. The stock's 50 day moving average is $11.18 and its 200-day moving average is $13.62. The company has a current ratio of 0.31, a quick ratio of 0.22 and a debt-to-equity ratio of 4.46.

Bloomin' Brands Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Tuesday, March 11th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 7.02%. The ex-dividend date of this dividend is Tuesday, March 11th. Bloomin' Brands's payout ratio is -40.27%.

About Bloomin' Brands

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.