Municipal Employees Retirement System of Michigan reduced its stake in Brinker International, Inc. (NYSE:EAT) by 19.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 14,800 shares of the restaurant operator’s stock after selling 3,660 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Brinker International were worth $472,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in Brinker International by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,198,052 shares of the restaurant operator’s stock worth $45,647,000 after purchasing an additional 9,729 shares during the period. Airain ltd purchased a new stake in shares of Brinker International during the second quarter worth approximately $2,031,000. BNP Paribas Arbitrage SA increased its stake in shares of Brinker International by 87.6% during the second quarter. BNP Paribas Arbitrage SA now owns 109,883 shares of the restaurant operator’s stock worth $4,187,000 after buying an additional 51,313 shares during the period. Gotham Asset Management LLC increased its stake in shares of Brinker International by 348.9% during the second quarter. Gotham Asset Management LLC now owns 421,534 shares of the restaurant operator’s stock worth $16,060,000 after buying an additional 327,637 shares during the period. Finally, BlackRock Inc. increased its stake in shares of Brinker International by 27.8% during the second quarter. BlackRock Inc. now owns 5,080,271 shares of the restaurant operator’s stock worth $193,557,000 after buying an additional 1,104,999 shares during the period.
In other Brinker International news, SVP Charles A. Lousignont sold 3,364 shares of the stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $33.00, for a total value of $111,012.00. Following the completion of the transaction, the senior vice president now owns 15,074 shares in the company, valued at $497,442. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.91% of the company’s stock.
EAT has been the subject of a number of research analyst reports. Barclays lowered their price target on Brinker International from $44.00 to $41.00 and set an “equal weight” rating for the company in a report on Friday, August 11th. Maxim Group reaffirmed a “buy” rating and issued a $49.00 price target (down from $54.00) on shares of Brinker International in a report on Wednesday, August 9th. Stifel Nicolaus initiated coverage on Brinker International in a report on Monday, October 2nd. They issued a “hold” rating and a $36.00 price target for the company. Zacks Investment Research raised Brinker International from a “sell” rating to a “hold” rating in a report on Monday, September 4th. Finally, BMO Capital Markets set a $36.00 price target on Brinker International and gave the company a “hold” rating in a report on Saturday, August 12th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $40.50.
Shares of Brinker International, Inc. (NYSE:EAT) opened at $39.23 on Wednesday. The company has a current ratio of 0.34, a quick ratio of 0.28 and a debt-to-equity ratio of -2.51. Brinker International, Inc. has a fifty-two week low of $29.50 and a fifty-two week high of $54.43. The firm has a market capitalization of $1,793.74, a price-to-earnings ratio of 12.26, a P/E/G ratio of 1.22 and a beta of 0.24.
Brinker International (NYSE:EAT) last issued its quarterly earnings results on Wednesday, November 1st. The restaurant operator reported $0.42 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.01). Brinker International had a negative return on equity of 30.36% and a net margin of 4.39%. The company had revenue of $739.40 million for the quarter, compared to analyst estimates of $749.05 million. During the same period in the prior year, the business earned $0.49 earnings per share. Brinker International’s revenue for the quarter was down 2.5% compared to the same quarter last year. analysts anticipate that Brinker International, Inc. will post 3.22 EPS for the current year.
Brinker International declared that its Board of Directors has authorized a share repurchase plan on Thursday, August 10th that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the restaurant operator to reacquire up to 14.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 28th. Shareholders of record on Friday, December 8th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 3.87%. The ex-dividend date of this dividend is Thursday, December 7th. Brinker International’s payout ratio is 54.87%.
Brinker International Company Profile
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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