Bloomin’ Brands (NASDAQ:BLMN) Stock Price Down 8.3% Following Analyst Downgrade

Bloomin’ Brands, Inc. (NASDAQ:BLMN) shares traded down 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. 1,835,305 shares traded hands during trading, a decline of 8% from the average session volume of 1,994,884 shares. The stock had previously closed at $10.02.

Other equities research analysts have also recently issued reports about the company. Barclays set a $11.00 target price on Bloomin’ Brands and gave the stock an “equal weight” rating in a research note on Thursday. Raymond James cut Bloomin’ Brands from an “outperform” rating to a “market perform” rating in a research note on Monday, November 11th. UBS Group lowered 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. Bank of America cut Bloomin’ Brands from a “neutral” rating to an “underperform” rating and lowered their price objective for the company from $18.00 to $13.00 in a research note on Monday, January 27th. Finally, Piper Sandler lowered their price objective on Bloomin’ Brands from $20.00 to $16.00 and set a “neutral” rating on the stock in a research note on Monday, November 11th. Two analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.00.

Hedge Funds Weigh In On Bloomin’ Brands

Institutional investors and hedge funds have recently modified their holdings of the stock. Gladius Capital Management LP purchased a new position in shares of Bloomin’ Brands in the 3rd quarter worth approximately $26,000. Headlands Technologies LLC purchased a new position in shares of Bloomin’ Brands in the 4th quarter worth approximately $27,000. Public Employees Retirement System of Ohio purchased a new position in shares of Bloomin’ Brands in the 4th quarter worth approximately $32,000. KBC Group NV boosted its holdings in shares of Bloomin’ Brands by 79.1% in the 3rd quarter. KBC Group NV now owns 3,371 shares of the restaurant operator’s stock worth $56,000 after purchasing an additional 1,489 shares during the period. Finally, Meeder Asset Management Inc. purchased a new position in shares of Bloomin’ Brands in the 4th quarter worth approximately $41,000.

Bloomin’ Brands Trading Down 7.6 %

The stock has a fifty day moving average price of $11.90 and a 200 day moving average price of $14.28. 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 stock has a market cap of $785.31 million, a PE ratio of -84.13 and a beta of 1.97.

Bloomin’ Brands Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors 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 6.48%. The ex-dividend date of this dividend is Tuesday, March 11th. Bloomin’ Brands’s payout ratio is currently -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.