BJ’s Restaurants Inc. (BJRI) Stock Rating Upgraded by Zacks Investment Research
Zacks Investment Research upgraded shares of BJ’s Restaurants Inc. (NASDAQ:BJRI) from a strong sell rating to a buy rating in a research note issued to investors on Tuesday. Zacks Investment Research currently has $42.00 price target on the stock.
According to Zacks, “BJ's Restaurants posted positive earnings surprises in eight of the last nine quarters. Going forward, the company is positive on driving top and bottom-line growth given its prudent expansion plans along with various marketing, operational and technology-driven initiatives. Moreover, the company has been refining and streamlining its menu to make it easier for guests to order and thereby improve traffic. Meanwhile, the company’s Project Q initiatives have led to strong margins in the past few quarters and are likely to continue doing so. However, higher costs may keep profits under pressure. Moreover, the company expects traffic and sales to remain soft in the near term given various social and political issues, weakening consumer confidence and increasing global uncertainties.”
Several other analysts also recently weighed in on BJRI. Jefferies Group restated a hold rating on shares of BJ’s Restaurants in a research note on Wednesday, August 3rd. Wedbush lowered their target price on BJ’s Restaurants from $55.00 to $47.00 and set an outperform rating for the company in a research note on Wednesday, July 27th. Robert W. Baird restated a neutral rating on shares of BJ’s Restaurants in a research note on Thursday, September 8th. Canaccord Genuity initiated coverage on BJ’s Restaurants in a research note on Monday, August 22nd. They set a hold rating and a $43.00 target price for the company. Finally, Barclays PLC lowered their target price on BJ’s Restaurants from $46.00 to $38.00 and set an underweight rating for the company in a research note on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $40.67.
Shares of BJ’s Restaurants (NASDAQ:BJRI) opened at 35.55 on Tuesday. The firm has a market cap of $859.35 million, a PE ratio of 18.44 and a beta of 1.17. BJ’s Restaurants has a 1-year low of $34.83 and a 1-year high of $47.95. The firm’s 50-day moving average price is $38.70 and its 200 day moving average price is $42.29.
BJ’s Restaurants (NASDAQ:BJRI) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.57 by $0.01. BJ’s Restaurants had a net margin of 5.09% and a return on equity of 14.58%. The company earned $250.30 million during the quarter, compared to analyst estimates of $253.23 million. During the same quarter in the prior year, the company posted $0.47 earnings per share. The firm’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities research analysts forecast that BJ’s Restaurants will post $1.85 EPS for the current fiscal year.
In other BJ’s Restaurants news, major shareholder Luxor Capital Group, Lp sold 37,000 shares of the firm’s stock in a transaction dated Wednesday, September 28th. The shares were sold at an average price of $35.74, for a total value of $1,322,380.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Larry D. Bouts sold 26,792 shares of the firm’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $40.86, for a total transaction of $1,094,721.12. Following the completion of the transaction, the director now directly owns 1,955 shares in the company, valued at approximately $79,881.30. The disclosure for this sale can be found here. 7.10% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of BJRI. Renaissance Technologies LLC boosted its position in shares of BJ’s Restaurants by 402.9% in the first quarter. Renaissance Technologies LLC now owns 476,429 shares of the company’s stock worth $19,805,000 after buying an additional 381,700 shares in the last quarter. GW&K Investment Management LLC boosted its stake in BJ’s Restaurants by 241.4% in the second quarter. GW&K Investment Management LLC now owns 304,722 shares of the company’s stock worth $13,356,000 after buying an additional 215,477 shares during the period. Norges Bank acquired a new stake in BJ’s Restaurants during the fourth quarter worth $8,162,000. Credit Agricole S A boosted its stake in BJ’s Restaurants by 755.5% in the first quarter. Credit Agricole S A now owns 181,000 shares of the company’s stock worth $7,524,000 after buying an additional 159,843 shares during the period. Finally, Vanguard Group Inc. boosted its stake in BJ’s Restaurants by 7.8% in the second quarter. Vanguard Group Inc. now owns 1,929,442 shares of the company’s stock worth $84,567,000 after buying an additional 140,295 shares during the period. 93.55% of the stock is currently owned by hedge funds and other institutional investors.
BJ’s Restaurants Company Profile
BJ’s Restaurants, Inc owns and operates restaurants. The Company’s restaurants are operated as a BJ’s Restaurant & Brewery, a BJ’s Restaurant & Brewhouse, a BJ’s Pizza & Grill and a BJ’s Grill restaurant. Its menu features deep-dish pizza, craft beers and other beers, as well as a selection of appetizers, entrees, pastas, sandwiches, specialty salads and desserts, including its Pizookie dessert.
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