Brinker International, Inc. (EAT) Holdings Reduced by First Trust Advisors LP
First Trust Advisors LP lowered its position in Brinker International, Inc. (NYSE:EAT) by 67.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,394 shares of the restaurant operator’s stock after selling 64,265 shares during the quarter. First Trust Advisors LP owned approximately 0.06% of Brinker International worth $1,158,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. Arizona State Retirement System lifted its stake in Brinker International by 1.5% in the second quarter. Arizona State Retirement System now owns 20,600 shares of the restaurant operator’s stock valued at $785,000 after acquiring an additional 300 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Brinker International by 40.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 308,229 shares of the restaurant operator’s stock valued at $11,744,000 after acquiring an additional 89,023 shares during the last quarter. Foster & Motley Inc. acquired a new stake in Brinker International in the second quarter valued at $426,000. Texas Permanent School Fund lifted its stake in Brinker International by 1.0% in the second quarter. Texas Permanent School Fund now owns 35,725 shares of the restaurant operator’s stock valued at $1,361,000 after acquiring an additional 337 shares during the last quarter. Finally, ING Groep NV acquired a new stake in Brinker International in the second quarter valued at $227,000.
In other news, Director Michael A. George purchased 16,450 shares of the stock in a transaction dated Wednesday, September 6th. The shares were purchased at an average cost of $30.31 per share, with a total value of $498,599.50. Following the completion of the acquisition, the director now owns 49,952 shares in the company, valued at approximately $1,514,045.12. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 1.76% of the company’s stock.
Brinker International, Inc. (NYSE:EAT) opened at 32.32 on Tuesday. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 10.99 and a beta of 0.26. The firm has a 50-day moving average of $33.12 and a 200 day moving average of $38.88. Brinker International, Inc. has a 12-month low of $29.50 and a 12-month high of $55.84.
Brinker International (NYSE:EAT) last announced its quarterly earnings results on Thursday, August 10th. The restaurant operator reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.04 by $0.05. Brinker International had a net margin of 4.79% and a negative return on equity of 31.46%. The firm had revenue of $810.66 million for the quarter, compared to the consensus estimate of $809.94 million. During the same period in the prior year, the firm posted $1.24 earnings per share. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. Analysts expect that Brinker International, Inc. will post $3.24 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Stockholders of record on Friday, September 8th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.70%. This is an increase from Brinker International’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 7th. Brinker International’s dividend payout ratio is presently 50.84%.
Brinker International declared that its board has authorized a stock buyback program on Thursday, August 10th that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the restaurant operator to repurchase up to 14.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
A number of analysts have recently issued reports on EAT shares. Raymond James Financial, Inc. restated a “market perform” rating on shares of Brinker International in a research note on Monday, July 24th. ValuEngine cut shares of Brinker International from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. BMO Capital Markets set a $36.00 target price on shares of Brinker International and gave the stock a “hold” rating in a research note on Saturday, August 12th. Maxim Group restated a “buy” rating and set a $54.00 target price on shares of Brinker International in a research note on Thursday, June 15th. Finally, Sanford C. Bernstein restated a “market perform” rating and set a $50.00 target price on shares of Brinker International in a research note on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $45.67.
Brinker International 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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