Zacks Investment Research Downgrades BJ’s Restaurants Inc. (BJRI) to Strong Sell
BJ’s Restaurants Inc. (NASDAQ:BJRI) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday.
According to Zacks, “BJ's Restaurants posted third-quarter 2016 adjusted earnings of $0.30 per share that missed the Zacks Consensus Estimate by 6.3% and decreased 23.1% on a year-over-year basis. Meanwhile, though revenues were up 1.9% year over year owing to new restaurant growth, it lagged the consensus mark by 2.2%. Moreover, despite menu innovation and efficiencies derived from Project Q, the company’s comps declined 3.4% mainly due to a challenging sales environment. Going forward, increase in labor costs and expenses related to marketing as well as other sales-boosting initiatives are expected to continue to keep profits under pressure. Nonetheless, the company is positive on driving growth given its prudent expansion plans along with various marketing, operational and technology-driven initiatives. However, social and political issues, weakening consumer confidence and increasing global uncertainties is likely to keep revenue growth under check.”
Other research analysts have also recently issued reports about the company. Barclays PLC decreased their price objective on BJ’s Restaurants from $38.00 to $32.00 and set an “underweight” rating on the stock in a report on Thursday, October 20th. Canaccord Genuity initiated coverage on BJ’s Restaurants in a research note on Monday, August 22nd. They set a “hold” rating and a $43.00 price target on the stock. Jefferies Group restated a “hold” rating on shares of BJ’s Restaurants in a research note on Wednesday, August 3rd. Wedbush decreased their price target on BJ’s Restaurants from $55.00 to $47.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 27th. Finally, Stifel Nicolaus cut BJ’s Restaurants from a “buy” rating to a “sell” rating and decreased their price target for the stock from $52.00 to $35.00 in a research note on Tuesday, July 26th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $36.25.
BJ’s Restaurants (NASDAQ:BJRI) opened at 38.70 on Wednesday. BJ’s Restaurants has a 52 week low of $32.24 and a 52 week high of $47.55. The stock has a market capitalization of $900.08 million, a P/E ratio of 21.99 and a beta of 0.97. The company’s 50-day moving average price is $35.69 and its 200 day moving average price is $40.85.
BJ’s Restaurants (NASDAQ:BJRI) last released its quarterly earnings data on Wednesday, October 19th. The company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.33 by $0.03. BJ’s Restaurants had a net margin of 4.54% and a return on equity of 13.91%. The business earned $233.70 million during the quarter, compared to analyst estimates of $239.64 million. During the same quarter in the prior year, the company posted $0.40 earnings per share. The company’s revenue was up 1.9% on a year-over-year basis. Equities research analysts expect that BJ’s Restaurants will post $1.74 EPS for the current fiscal year.
In related news, major shareholder Luxor Capital Group, Lp sold 11,298 shares of the stock in a transaction on Monday, September 26th. The stock was sold at an average price of $37.32, for a total value of $421,641.36. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Noah A. Elbogen acquired 15,000 shares of the company’s stock in a transaction on Wednesday, October 26th. The shares were purchased at an average cost of $33.57 per share, for a total transaction of $503,550.00. The disclosure for this purchase can be found here. 7.10% of the stock is owned by corporate insiders.
Institutional investors have recently modified their holdings of the company. BlackRock Institutional Trust Company N.A. raised its position in shares of BJ’s Restaurants by 2.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 542,290 shares of the company’s stock valued at $22,543,000 after buying an additional 10,377 shares during the last quarter. Loomis Sayles & Co. L P purchased a new position in shares of BJ’s Restaurants during the first quarter valued at about $1,180,000. GW&K Investment Management LLC raised its position in shares of 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 during the last quarter. Swiss National Bank raised its position in shares of BJ’s Restaurants by 1.2% in the second quarter. Swiss National Bank now owns 34,100 shares of the company’s stock valued at $1,495,000 after buying an additional 400 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of 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 during the last quarter. 86.33% of the stock is currently owned by institutional investors.
BJ’s Restaurants Company Profile
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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