Brinker International, Inc. (NYSE:EAT – Get Rating) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 3,860,000 shares, a drop of 18.7% from the August 31st total of 4,750,000 shares. Currently, 9.0% of the company's shares are sold short. Based on an average daily trading volume, of 988,500 shares, the short-interest ratio is presently 3.9 days.
Analysts Set New Price Targets
EAT has been the topic of a number of research analyst reports. Morgan Stanley cut their price target on shares of Brinker International from $37.00 to $26.00 and set an "equal weight" rating on the stock in a report on Monday, July 18th. KeyCorp lowered their price target on shares of Brinker International from $40.00 to $30.00 and set an "overweight" rating on the stock in a report on Friday, July 22nd. Bank of America restated an "underperform" rating and issued a $26.00 price objective on shares of Brinker International in a research report on Monday, June 27th. Wedbush upped their price objective on shares of Brinker International from $26.00 to $29.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 24th. Finally, Piper Sandler dropped their price objective on Brinker International from $80.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, August 25th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Brinker International currently has an average rating of "Hold" and an average target price of $36.74.
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Brinker International Stock Performance
Brinker International stock traded down $0.65 during midday trading on Friday, hitting $24.98. 640,197 shares of the company were exchanged, compared to its average volume of 809,837. The firm has a market capitalization of $1.10 billion, a PE ratio of 9.64, a price-to-earnings-growth ratio of 0.95 and a beta of 2.43. The business has a fifty day simple moving average of $28.03 and a two-hundred day simple moving average of $29.80. Brinker International has a fifty-two week low of $21.47 and a fifty-two week high of $52.42.
Brinker International (NYSE:EAT – Get Rating) last released its earnings results on Wednesday, August 24th. The restaurant operator reported $1.15 earnings per share for the quarter, missing the consensus estimate of $1.16 by ($0.01). Brinker International had a net
margin of 3.09% and a negative return on equity of 45.77%. The firm had revenue of $1.02 billion during the quarter, compared to analysts' expectations of $1.01 billion. During the same quarter last year, the business earned $1.68 EPS. The business's revenue was up 1.3% compared to the same quarter last year. As a group, equities analysts expect that Brinker International will post 2.6 earnings per share for the current year.
Insider Buying and Selling
In other news, EVP Rick Badgley sold 10,000 shares of the business's stock in a transaction that occurred on Friday, September 9th. The shares were sold at an average price of $29.66, for a total value of $296,600.00. Following the transaction, the executive vice president now owns 37,441 shares in the company, valued at approximately $1,110,500.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.21% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Brinker International
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWM LLC grew its stake in shares of Brinker International by 200.9% in the first quarter. CWM LLC now owns 1,044 shares of the restaurant operator's stock valued at $40,000 after buying an additional 697 shares in the last quarter. FourThought Financial LLC lifted its holdings in Brinker International by 6,063.6% during the 1st quarter. FourThought Financial LLC now owns 1,356 shares of the restaurant operator's stock worth $52,000 after buying an additional 1,334 shares during the last quarter. Point72 Hong Kong Ltd purchased a new stake in Brinker International during the 2nd quarter worth about $71,000. KBC Group NV purchased a new stake in shares of Brinker International in the 2nd quarter valued at about $90,000. Finally, Guggenheim Capital LLC purchased a new stake in shares of Brinker International in the 1st quarter valued at about $205,000. Institutional investors and hedge funds own 95.38% of the company's stock.
Brinker International Company Profile
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Brinker International, Inc, together with its subsidiaries, engages in the ownership, development, operation, and franchising of casual dining restaurants in the United States and internationally. The company operates in two segments, Chili's and Maggiano's. As of June 30, 2021, it owned, operated, or franchised 1,648 restaurants comprising 1,594 restaurants under the Chili's Grill & Bar name and 54 restaurants under the Maggiano's Little Italy brand name.
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