Cracker Barrel Old Country Store (NASDAQ:CBRL) Price Target Lowered to $29.00 at Bank of America

Cracker Barrel Old Country Store (NASDAQ:CBRL) had its price target cut by equities research analysts at Bank of America from $34.00 to $29.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “underperform” rating on the restaurant operator’s stock. Bank of America‘s price objective suggests a potential upside of 8.59% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the stock. Citigroup cut their target price on shares of Cracker Barrel Old Country Store from $24.00 to $20.00 and set a “sell” rating on the stock in a research note on Wednesday, December 10th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Cracker Barrel Old Country Store in a research note on Monday. Gordon Haskett raised Cracker Barrel Old Country Store to a “strong sell” rating in a research note on Wednesday, December 10th. Argus reduced their price target on Cracker Barrel Old Country Store from $62.00 to $50.00 and set a “buy” rating on the stock in a research report on Monday, September 29th. Finally, Piper Sandler lowered their price objective on Cracker Barrel Old Country Store from $49.00 to $27.00 and set a “neutral” rating for the company in a research report on Wednesday, December 10th. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and four have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Reduce” and an average target price of $35.25.

Cracker Barrel Old Country Store Trading Down 2.4%

Shares of CBRL traded down $0.65 during midday trading on Friday, hitting $26.71. 825,486 shares of the stock were exchanged, compared to its average volume of 1,258,874. Cracker Barrel Old Country Store has a 52-week low of $25.25 and a 52-week high of $71.93. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.16 and a current ratio of 0.51. The stock has a fifty day simple moving average of $31.38 and a 200 day simple moving average of $48.03. The firm has a market cap of $596.32 million, a P/E ratio of 35.59 and a beta of 1.24.

Cracker Barrel Old Country Store (NASDAQ:CBRL) last posted its earnings results on Tuesday, December 9th. The restaurant operator reported ($0.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.78) by $0.04. The firm had revenue of $797.19 million for the quarter, compared to analyst estimates of $806.71 million. Cracker Barrel Old Country Store had a return on equity of 9.74% and a net margin of 0.49%.Cracker Barrel Old Country Store’s revenue was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.45 EPS. On average, research analysts anticipate that Cracker Barrel Old Country Store will post 2.76 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Gmt Capital Corp sold 84,700 shares of Cracker Barrel Old Country Store stock in a transaction dated Tuesday, December 2nd. The stock was sold at an average price of $28.15, for a total transaction of $2,384,305.00. Following the sale, the insider owned 2,749,000 shares in the company, valued at approximately $77,384,350. The trade was a 2.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 254,300 shares of company stock worth $6,952,905 over the last 90 days. Company insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. GMT Capital Corp grew its position in shares of Cracker Barrel Old Country Store by 39.7% during the second quarter. GMT Capital Corp now owns 2,833,700 shares of the restaurant operator’s stock worth $173,082,000 after acquiring an additional 805,100 shares during the last quarter. Alliancebernstein L.P. boosted its stake in Cracker Barrel Old Country Store by 19.5% during the 3rd quarter. Alliancebernstein L.P. now owns 1,459,983 shares of the restaurant operator’s stock worth $64,327,000 after purchasing an additional 237,741 shares during the period. Franklin Resources Inc. grew its position in Cracker Barrel Old Country Store by 13,737.1% during the 3rd quarter. Franklin Resources Inc. now owns 930,131 shares of the restaurant operator’s stock worth $40,982,000 after purchasing an additional 923,409 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Cracker Barrel Old Country Store by 2.2% in the third quarter. Dimensional Fund Advisors LP now owns 743,413 shares of the restaurant operator’s stock valued at $32,756,000 after purchasing an additional 15,661 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in shares of Cracker Barrel Old Country Store in the second quarter valued at about $43,930,000. Institutional investors and hedge funds own 96.01% of the company’s stock.

Cracker Barrel Old Country Store Company Profile

Cracker Barrel Old Country Store, Inc operates a distinctive combination of country-themed restaurants and retail stores across the United States. Since its founding in 1969, the company has focused on providing a nostalgic dining experience reminiscent of Southern hospitality, serving breakfast, lunch and dinner with an emphasis on traditional comfort foods.

The restaurant segment offers an extensive menu featuring signature items such as buttermilk pancakes, country ham, biscuits and gravy, meatloaf and pot roast.