Fogo de Chao, Inc. (NASDAQ:FOGO) Issues Quarterly Earnings Results
Fogo de Chao, Inc. (NASDAQ:FOGO) issued its quarterly earnings data on Tuesday. The restaurant operator reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.02, Briefing.com reports. The firm had revenue of $77.80 million for the quarter, compared to the consensus estimate of $77.46 million. Fogo de Chao had a return on equity of 8.32% and a net margin of 7.92%. Fogo de Chao’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.22 earnings per share. Fogo de Chao updated its FY17 guidance to $0.92-0.95 EPS.
Fogo de Chao (FOGO) traded down 7.66% during mid-day trading on Wednesday, hitting $12.65. 279,697 shares of the stock traded hands. The company has a 50 day moving average price of $13.62 and a 200-day moving average price of $14.42. The stock has a market capitalization of $356.88 million, a PE ratio of 15.62 and a beta of 0.36. Fogo de Chao has a one year low of $10.50 and a one year high of $17.05.
In other Fogo de Chao news, Director Todd M. Abbrecht sold 4,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $14.00, for a total transaction of $63,000,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder H. Lee Equity Fund Vi Thomas sold 675,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 23rd. The stock was sold at an average price of $14.00, for a total transaction of $9,450,000.00. The disclosure for this sale can be found here. Insiders own 82.80% of the company’s stock.
Large investors have recently bought and sold shares of the stock. River & Mercantile Asset Management LLP raised its stake in Fogo de Chao by 45.1% in the second quarter. River & Mercantile Asset Management LLP now owns 293,281 shares of the restaurant operator’s stock worth $4,069,000 after buying an additional 91,141 shares in the last quarter. Marshall Wace LLP purchased a new stake in Fogo de Chao during the second quarter worth approximately $199,000. Bank of New York Mellon Corp raised its stake in Fogo de Chao by 36.8% in the second quarter. Bank of New York Mellon Corp now owns 69,780 shares of the restaurant operator’s stock worth $971,000 after buying an additional 18,775 shares in the last quarter. ClariVest Asset Management LLC purchased a new stake in Fogo de Chao during the second quarter worth approximately $426,000. Finally, Boston Partners purchased a new stake in Fogo de Chao during the second quarter worth approximately $2,258,000. 92.43% of the stock is currently owned by institutional investors.
Several brokerages have weighed in on FOGO. BidaskClub cut shares of Fogo de Chao from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research raised shares of Fogo de Chao from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Wednesday, May 31st. Finally, Canaccord Genuity raised shares of Fogo de Chao from a “hold” rating to a “buy” rating and upped their price objective for the stock from $16.00 to $20.00 in a research note on Thursday, May 4th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $16.36.
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Fogo de Chao Company Profile
Fogo de Chao, Inc is a United States-based holding company. The Company, through its subsidiaries, operates upscale Brazilian churrascaria steakhouses under the brand of Fogo de Chao. The Company owns 100% of Brasa (Purchaser) Inc (Brasa Purchaser), which owns 100% of Brasa (Holdings) Inc (Brasa Holdings).
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