Brinker International, Inc. (EAT) Stake Increased by Comerica Bank
Comerica Bank lifted its holdings in Brinker International, Inc. (NYSE:EAT) by 2.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,267 shares of the restaurant operator’s stock after purchasing an additional 1,048 shares during the quarter. Comerica Bank owned about 0.09% of Brinker International worth $1,510,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of the company. Legal & General Group Plc boosted its position in shares of Brinker International by 35.5% in the 2nd quarter. Legal & General Group Plc now owns 60,081 shares of the restaurant operator’s stock worth $2,292,000 after purchasing an additional 15,753 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Brinker International by 20.3% in the 2nd quarter. SG Americas Securities LLC now owns 39,235 shares of the restaurant operator’s stock worth $1,495,000 after purchasing an additional 6,612 shares in the last quarter. Advisors Asset Management Inc. boosted its position in shares of Brinker International by 20.6% in the 2nd quarter. Advisors Asset Management Inc. now owns 38,294 shares of the restaurant operator’s stock worth $1,459,000 after purchasing an additional 6,544 shares in the last quarter. Clark Estates Inc. NY acquired a new stake in shares of Brinker International in the 2nd quarter worth $2,515,000. Finally, Wedge Capital Management L L P NC boosted its position in shares of Brinker International by 1.3% in the 2nd quarter. Wedge Capital Management L L P NC now owns 10,275 shares of the restaurant operator’s stock worth $391,000 after purchasing an additional 135 shares in the last quarter.
A number of analysts have recently weighed in on EAT shares. ValuEngine cut Brinker International from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. J P Morgan Chase & Co cut Brinker International from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $48.00 to $44.00 in a research report on Thursday, June 15th. Maxim Group reissued a “buy” rating and issued a $54.00 price objective on shares of Brinker International in a research report on Thursday, June 15th. BMO Capital Markets upgraded Brinker International from an “underperform” rating to a “market perform” rating and set a $40.00 target price for the company in a research note on Thursday, June 22nd. Finally, Zacks Investment Research lowered Brinker International from a “hold” rating to a “sell” rating in a research note on Tuesday, June 27th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $45.67.
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Brinker International, Inc. (NYSE EAT) opened at 32.52 on Thursday. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 11.06 and a beta of 0.26. Brinker International, Inc. has a 1-year low of $29.50 and a 1-year high of $55.84. The firm’s 50 day moving average price is $33.52 and its 200-day moving average price is $39.16.
Brinker International (NYSE:EAT) last announced its earnings results on Thursday, August 10th. The restaurant operator reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.05. Brinker International had a net margin of 4.79% and a negative return on equity of 31.46%. The business had revenue of $810.66 million during the quarter, compared to the consensus estimate of $809.94 million. During the same quarter in the prior year, the firm earned $1.24 earnings per share. The business’s quarterly revenue was down 8.1% compared to the same quarter last year. On average, equities analysts anticipate that Brinker International, Inc. will post $3.24 earnings per share for the current year.
Brinker International announced that its Board of Directors has authorized a stock repurchase program on Thursday, August 10th that allows the company to buyback $250.00 million in shares. This buyback authorization allows the restaurant operator to buy up to 14.6% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Friday, September 8th will be paid a dividend of $0.38 per share. This is an increase from Brinker International’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, September 7th. This represents a $1.52 annualized dividend and a dividend yield of 4.67%. Brinker International’s dividend payout ratio is 50.84%.
In other Brinker International news, Director Michael A. George bought 16,450 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was acquired at an average price of $30.31 per share, for a total transaction of $498,599.50. Following the completion of the purchase, the director now owns 49,952 shares of the company’s stock, valued at $1,514,045.12. The acquisition was disclosed in a filing with the SEC, which is available through this link. 1.76% of the stock is currently owned by corporate insiders.
About Brinker International
Brinker International, Inc is engaged in the ownership, operation, development, and franchising of the Chili’s Grill & Bar (Chili’s) and Maggiano’s Little Italy (Maggiano’s) restaurant brands. The Company’s Chili’s operates Bar & Grill category of casual dining. Chili’s menu features authentic Fresh Mex and Fresh Tex cuisine, including signature items, such as Baby Back Ribs smoked in-house, Hand-Crafted Burgers served with house-made garlic dill pickles, Mix and Match Fajitas, Tableside Guacamole and house-made Chips and Salsa.
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