Zacks Investment Research cut shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) from a buy rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “Red Robin’s shares outpaced the industry year to date. Menu innovation, focus on increasing service speed, effective marketing and remodeling program to reinvigorate brands have got the growth story back on track, after a disappointing 2016. Though the current challenging retail environment continued affecting business in first-half 2017, initiatives undertaken to improve sales and regain market share as the year progresses bode well. Moreover, Red Robin has a mostly positive record of earnings surprises in recent quarters. Still, cost-related issues along with company’s limited international presence and domestic contraction raise concerns. A slowdown in company’s 2017 unit growth plan given the choppy sales environment could further weigh on sales. Estimates too have been going down ahead of its third quarter earnings release.”

Several other brokerages have also commented on RRGB. Stifel Nicolaus began coverage on shares of Red Robin Gourmet Burgers in a research report on Monday, October 2nd. They issued a hold rating and a $62.00 price objective on the stock. Canaccord Genuity reaffirmed a buy rating and issued a $80.00 price objective on shares of Red Robin Gourmet Burgers in a research report on Sunday, October 1st. Raymond James Financial, Inc. reaffirmed a strong-buy rating and issued a $85.00 price objective on shares of Red Robin Gourmet Burgers in a research report on Tuesday, July 25th. BidaskClub lowered shares of Red Robin Gourmet Burgers from a hold rating to a sell rating in a research report on Sunday, July 16th. Finally, Maxim Group reaffirmed a buy rating and issued a $75.00 price objective (down previously from $80.00) on shares of Red Robin Gourmet Burgers in a research report on Tuesday, August 1st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $71.73.

Shares of Red Robin Gourmet Burgers (NASDAQ RRGB) traded up 0.39% during midday trading on Wednesday, hitting $64.85. 194,311 shares of the stock were exchanged. The firm’s 50 day moving average is $61.54 and its 200-day moving average is $62.14. The stock has a market capitalization of $838.32 million, a price-to-earnings ratio of 100.54 and a beta of 0.65. Red Robin Gourmet Burgers has a 1-year low of $40.85 and a 1-year high of $74.11.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last announced its quarterly earnings data on Tuesday, August 8th. The restaurant operator reported $0.61 EPS for the quarter, topping the consensus estimate of $0.51 by $0.10. The business had revenue of $315.80 million for the quarter, compared to analyst estimates of $315.69 million. Red Robin Gourmet Burgers had a net margin of 0.64% and a return on equity of 8.00%. The company’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.75 earnings per share. On average, analysts predict that Red Robin Gourmet Burgers will post $2.78 EPS for the current year.

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In other Red Robin Gourmet Burgers news, CFO Guy J. Constant purchased 2,500 shares of the stock in a transaction dated Monday, August 14th. The shares were bought at an average price of $58.88 per share, with a total value of $147,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.66% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of RRGB. Russell Investments Group Ltd. grew its stake in Red Robin Gourmet Burgers by 206.1% during the first quarter. Russell Investments Group Ltd. now owns 28,075 shares of the restaurant operator’s stock valued at $1,641,000 after acquiring an additional 18,904 shares in the last quarter. Great West Life Assurance Co. Can grew its stake in Red Robin Gourmet Burgers by 4.6% during the first quarter. Great West Life Assurance Co. Can now owns 17,280 shares of the restaurant operator’s stock valued at $1,009,000 after acquiring an additional 763 shares in the last quarter. First Trust Advisors LP purchased a new position in Red Robin Gourmet Burgers during the first quarter valued at approximately $589,000. Bank of New York Mellon Corp grew its stake in Red Robin Gourmet Burgers by 6.0% during the first quarter. Bank of New York Mellon Corp now owns 188,655 shares of the restaurant operator’s stock valued at $11,026,000 after acquiring an additional 10,742 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its stake in Red Robin Gourmet Burgers by 1.2% during the first quarter. BNP Paribas Arbitrage SA now owns 4,218 shares of the restaurant operator’s stock valued at $247,000 after acquiring an additional 51 shares in the last quarter.

Red Robin Gourmet Burgers Company Profile

Red Robin Gourmet Burgers, Inc, together with its subsidiaries, primarily develops, operates, and franchises full-service restaurants in North America and focuses on serving selection of gourmet burgers. The Company’s menu features a line of gourmet burgers, which it makes from ground beef, as well as its line of Red’s Tavern Double Burgers and its Red Robin’s line of half-pound Angus beef burgers with various toppings.

Analyst Recommendations for Red Robin Gourmet Burgers (NASDAQ:RRGB)

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