Zacks Investment Research upgraded shares of Fogo de Chao Inc. (NASDAQ:FOGO) from a strong sell rating to a hold rating in a report issued on Tuesday morning.

According to Zacks, “Fogo De Chao, Inc. owns and operates Brazilian steakhouses. It offers beef, lamb, chicken, pork and seafood items as well as liquor, beer and wine. The company operates primarily in the United States, Puerto Rico and Brazil. Fogo De Chao, Inc. is headquartered in Dallas, Texas. “

A number of other research analysts also recently issued reports on the company. Jefferies Group decreased their price objective on Fogo de Chao from $20.00 to $18.00 and set a buy rating for the company in a report on Wednesday, August 10th. JPMorgan Chase & Co. reiterated a hold rating and set a $15.00 price objective on shares of Fogo de Chao in a report on Wednesday, September 28th. Deutsche Bank AG decreased their price objective on Fogo de Chao from $20.00 to $14.50 and set a hold rating for the company in a report on Wednesday, August 10th. Canaccord Genuity initiated coverage on Fogo de Chao in a report on Monday, August 22nd. They set a hold rating and a $13.00 price objective for the company. Finally, Piper Jaffray Cos. reiterated an overweight rating and set a $16.00 price objective (down from $18.00) on shares of Fogo de Chao in a report on Saturday, August 13th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. Fogo de Chao has a consensus rating of Hold and a consensus price target of $16.36.

Shares of Fogo de Chao (NASDAQ:FOGO) traded up 2.0674% on Tuesday, hitting $11.3499. The stock had a trading volume of 5,798 shares. The company has a market cap of $319.22 million, a PE ratio of 9.9911 and a beta of 0.33. Fogo de Chao has a 52 week low of $10.50 and a 52 week high of $17.89. The stock’s 50-day moving average price is $11.71 and its 200 day moving average price is $13.76.

Fogo de Chao (NASDAQ:FOGO) last announced its quarterly earnings results on Tuesday, August 9th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by $0.03. Fogo de Chao had a return on equity of 10.01% and a net margin of 11.88%. The business earned $69.60 million during the quarter, compared to the consensus estimate of $73.31 million. During the same quarter last year, the company earned $0.25 earnings per share. The firm’s revenue was up 2.1% compared to the same quarter last year. On average, analysts predict that Fogo de Chao will post $0.86 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in the company. Spark Investment Management LLC boosted its stake in Fogo de Chao by 68.7% in the first quarter. Spark Investment Management LLC now owns 84,200 shares of the company’s stock valued at $1,314,000 after buying an additional 34,300 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Fogo de Chao by 14.6% in the first quarter. Geode Capital Management LLC now owns 39,860 shares of the company’s stock valued at $622,000 after buying an additional 5,066 shares in the last quarter. Boothbay Fund Management LLC boosted its position in shares of Fogo de Chao by 95.4% in the first quarter. Boothbay Fund Management LLC now owns 25,591 shares of the company’s stock valued at $399,000 after buying an additional 12,497 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Fogo de Chao by 11.1% in the second quarter. Bank of New York Mellon Corp now owns 425,707 shares of the company’s stock valued at $5,560,000 after buying an additional 42,383 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Fogo de Chao by 1.1% in the second quarter. Vanguard Group Inc. now owns 182,687 shares of the company’s stock valued at $2,386,000 after buying an additional 2,064 shares in the last quarter. 92.87% of the stock is owned by institutional investors and hedge funds.

About Fogo de Chao

Fogo de Chao, Inc is a United States-based holding company. The Company, through its subsidiaries, operates upscale Brazilian churrascaria steakhouses under the brand of Fogo de Chao. The Company owns 100% of Brasa (Purchaser) Inc (Brasa Purchaser), which owns 100% of Brasa (Holdings) Inc (Brasa Holdings).

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