BJ’s Restaurants Inc. (BJRI) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of BJ’s Restaurants Inc. (NASDAQ:BJRI) from a strong sell rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $42.00 price target on the stock.
According to Zacks, “BJ's Restaurants posted positive earnings surprises in eight of the last nine quarters. Going forward, the company is positive on driving top and bottom-line growth given its prudent expansion plans along with various marketing, operational and technology-driven initiatives. Moreover, the company has been refining and streamlining its menu to make it easier for guests to order and thereby improve traffic. Meanwhile, the company’s Project Q initiatives have led to strong margins in the past few quarters and are likely to continue doing so. However, higher costs may keep profits under pressure. Moreover, the company expects traffic and sales to remain soft in the near term given various social and political issues, weakening consumer confidence and increasing global uncertainties.”
Several other equities analysts also recently issued reports on BJRI. Barclays PLC cut their price objective on shares of BJ’s Restaurants from $46.00 to $38.00 and set an underweight rating on the stock in a report on Thursday, July 28th. Wedbush cut their price objective on shares of BJ’s Restaurants from $55.00 to $47.00 and set an outperform rating on the stock in a report on Wednesday, July 27th. Canaccord Genuity began coverage on shares of BJ’s Restaurants in a report on Monday, August 22nd. They set a hold rating and a $43.00 price objective on the stock. Jefferies Group restated a hold rating on shares of BJ’s Restaurants in a report on Wednesday, August 3rd. Finally, Robert W. Baird reiterated a neutral rating on shares of BJ’s Restaurants in a research report on Thursday, September 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. The company has an average rating of Hold and a consensus price target of $40.67.
BJ’s Restaurants (NASDAQ:BJRI) traded down 2.31% during midday trading on Tuesday, reaching $35.52. 138,840 shares of the company’s stock were exchanged. The firm has a market capitalization of $858.63 million, a price-to-earnings ratio of 18.42 and a beta of 1.09. The firm’s 50 day moving average is $39.14 and its 200 day moving average is $42.46. BJ’s Restaurants has a 52 week low of $35.32 and a 52 week high of $47.95.
BJ’s Restaurants (NASDAQ:BJRI) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by $0.01. BJ’s Restaurants had a net margin of 5.09% and a return on equity of 14.58%. The company had revenue of $250.30 million for the quarter, compared to analyst estimates of $253.23 million. During the same quarter last year, the company earned $0.47 EPS. The business’s revenue was up 7.9% compared to the same quarter last year. On average, equities analysts anticipate that BJ’s Restaurants will post $1.86 earnings per share for the current year.
In related news, insider Alex Puchner sold 10,319 shares of the stock in a transaction on Thursday, August 11th. The stock was sold at an average price of $40.67, for a total value of $419,673.73. Following the completion of the transaction, the insider now directly owns 2,602 shares of the company’s stock, valued at approximately $105,823.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Noah A. Elbogen acquired 30,000 shares of BJ’s Restaurants stock in a transaction that occurred on Monday, August 1st. The stock was purchased at an average cost of $39.17 per share, with a total value of $1,175,100.00. Following the completion of the purchase, the director now owns 1,271 shares in the company, valued at approximately $49,785.07. The disclosure for this purchase can be found here. 7.10% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC increased its position in BJ’s Restaurants by 402.9% in the first quarter. Renaissance Technologies LLC now owns 476,429 shares of the company’s stock valued at $19,805,000 after buying an additional 381,700 shares in the last quarter. GW&K Investment Management LLC increased its position in BJ’s Restaurants by 241.4% in the second quarter. GW&K Investment Management LLC now owns 304,722 shares of the company’s stock valued at $13,356,000 after buying an additional 215,477 shares in the last quarter. Norges Bank purchased a new position in BJ’s Restaurants during the fourth quarter valued at approximately $8,162,000. Credit Agricole S A increased its position in BJ’s Restaurants by 755.5% in the first quarter. Credit Agricole S A now owns 181,000 shares of the company’s stock valued at $7,524,000 after buying an additional 159,843 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in BJ’s Restaurants by 7.8% in the second quarter. Vanguard Group Inc. now owns 1,929,442 shares of the company’s stock valued at $84,567,000 after buying an additional 140,295 shares in the last quarter. 93.55% of the stock is owned by hedge funds and other institutional investors.
About BJ’s Restaurants
BJ’s Restaurants, Inc owns and operates restaurants. The Company’s restaurants are operated as a BJ’s Restaurant & Brewery, a BJ’s Restaurant & Brewhouse, a BJ’s Pizza & Grill and a BJ’s Grill restaurant. Its menu features deep-dish pizza, craft beers and other beers, as well as a selection of appetizers, entrees, pastas, sandwiches, specialty salads and desserts, including its Pizookie dessert.
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