Bloomin' Brands (NASDAQ:BLMN) Shares Gap Up - Here's Why

Shares of Bloomin' Brands, Inc. (NASDAQ:BLMN - Get Free Report) gapped up before the market opened on Friday . The stock had previously closed at $8.56, but opened at $8.83. Bloomin' Brands shares last traded at $9.13, with a volume of 274,013 shares trading hands.

Wall Street Analyst Weigh In

BLMN has been the subject of a number of recent research reports. JPMorgan Chase & Co. reduced their price objective on shares of Bloomin' Brands from $13.00 to $10.00 and set a "neutral" rating for the company in a research note on Monday. BMO Capital Markets reduced their price target on Bloomin' Brands from $16.00 to $12.00 and set a "market perform" rating for the company in a research report on Thursday, February 27th. StockNews.com raised Bloomin' Brands from a "sell" rating to a "hold" rating in a research report on Friday. 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 research note on Tuesday, January 7th. Finally, 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. Two analysts have rated the stock with a sell rating and ten have assigned a hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $14.60.

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Bloomin' Brands Stock Down 7.0 %

The company has a market capitalization of $738.90 million, a price-to-earnings ratio of -79.08 and a beta of 2.04. The company has a debt-to-equity ratio of 4.46, a quick ratio of 0.22 and a current ratio of 0.31. The business's 50 day moving average is $11.39 and its 200 day moving average is $13.76.

Bloomin' Brands Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders 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 dividend yield of 6.90%. The ex-dividend date of this dividend is Tuesday, March 11th. Bloomin' Brands's dividend payout ratio (DPR) is presently -40.27%.

Insider Activity at Bloomin' Brands

In related news, EVP Patrick M. Hafner sold 9,555 shares of the company's stock in a transaction that occurred 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 document filed with the SEC, which is available at this link. 3.14% of the stock is owned by insiders.

Institutional Trading of Bloomin' Brands

Several institutional investors and hedge funds have recently bought and sold shares of BLMN. Principal Financial Group Inc. raised its holdings in shares of Bloomin' Brands by 6.2% during the third quarter. Principal Financial Group Inc. now owns 2,529,130 shares of the restaurant operator's stock worth $41,806,000 after purchasing an additional 147,895 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in Bloomin' Brands during the 3rd quarter worth about $41,325,000. Victory Capital Management Inc. raised its stake in shares of Bloomin' Brands by 0.4% during the 4th quarter. Victory Capital Management Inc. now owns 2,390,703 shares of the restaurant operator's stock valued at $29,190,000 after buying an additional 10,635 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Bloomin' Brands by 385.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,817,145 shares of the restaurant operator's stock valued at $22,187,000 after buying an additional 1,442,964 shares during the period. Finally, American Century Companies Inc. grew its holdings 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 acquiring an additional 1,522,370 shares during the period.

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.