Zacks Investment Research downgraded shares of Fogo de Chao, Inc. (NASDAQ:FOGO) from a buy rating to a sell rating in a research note released on Wednesday, July 12th.

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. “

Several other analysts have also recently weighed in on the company. Canaccord Genuity restated a hold rating and set a $16.00 price target (up from $14.00) on shares of Fogo de Chao in a report on Saturday, April 22nd. Deutsche Bank AG lifted their price objective on Fogo de Chao from $14.50 to $15.00 and gave the stock a hold rating in a research note on Wednesday, March 15th. Wells Fargo & Company lifted their price objective on Fogo de Chao from $13.25 to $15.50 and gave the stock an in-line rating in a research note on Wednesday, March 15th. Finally, Jefferies Group LLC reaffirmed a buy rating and issued a $17.00 price objective on shares of Fogo de Chao in a research note on Wednesday, March 15th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. Fogo de Chao currently has an average rating of Hold and an average target price of $16.36.

Fogo de Chao (NASDAQ:FOGO) opened at 13.70 on Wednesday. Fogo de Chao has a 1-year low of $10.50 and a 1-year high of $17.05. The firm’s 50-day moving average is $13.67 and its 200-day moving average is $14.44. The stock has a market cap of $386.50 million, a P/E ratio of 16.91 and a beta of 0.36.

Fogo de Chao (NASDAQ:FOGO) last released its quarterly earnings results on Monday, May 8th. The restaurant operator reported $0.18 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.18. The company had revenue of $76.40 million for the quarter, compared to analysts’ expectations of $75.06 million. Fogo de Chao had a return on equity of 8.32% and a net margin of 7.92%. The business’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.21 earnings per share. On average, analysts forecast that Fogo de Chao will post $0.93 EPS for the current year.

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In other news, major shareholder H. Lee Equity Fund Vi Thomas sold 675,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $14.00, for a total transaction of $9,450,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Todd M. Abbrecht sold 4,500,000 shares of the company’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $14.00, for a total value of $63,000,000.00. The disclosure for this sale can be found here. 82.80% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Thomson Horstmann & Bryant Inc. increased its position in shares of Fogo de Chao by 438.6% in the second quarter. Thomson Horstmann & Bryant Inc. now owns 520,499 shares of the restaurant operator’s stock worth $7,234,000 after buying an additional 423,859 shares during the period. River & Mercantile Asset Management LLP increased its position in shares of Fogo de Chao by 7.9% in the first quarter. River & Mercantile Asset Management LLP now owns 202,140 shares of the restaurant operator’s stock worth $3,280,000 after buying an additional 14,800 shares during the period. Boston Partners acquired a new position in shares of Fogo de Chao during the second quarter worth about $2,258,000. Bank of New York Mellon Corp increased its position in shares of Fogo de Chao by 36.8% in the second quarter. Bank of New York Mellon Corp now owns 69,780 shares of the restaurant operator’s stock worth $971,000 after buying an additional 18,775 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in shares of Fogo de Chao during the second quarter worth about $920,000. Hedge funds and other institutional investors own 92.43% of the company’s stock.

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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