Northern Trust Corp Lowers Stake in Brinker International, Inc. (EAT)
Northern Trust Corp reduced its stake in shares of Brinker International, Inc. (NYSE:EAT) by 2.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 785,685 shares of the restaurant operator’s stock after selling 22,835 shares during the period. Northern Trust Corp owned approximately 1.92% of Brinker International worth $37,399,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of EAT. BlackRock Inc. lifted its stake in shares of Brinker International by 2.1% during the first quarter. BlackRock Inc. now owns 5,103,055 shares of the restaurant operator’s stock worth $184,219,000 after buying an additional 106,420 shares during the period. New York State Common Retirement Fund lifted its position in Brinker International by 25.4% during the first quarter. New York State Common Retirement Fund now owns 83,927 shares of the restaurant operator’s stock valued at $3,030,000 after purchasing an additional 17,025 shares during the period. Russell Investments Group Ltd. lifted its position in Brinker International by 1,136.0% during the first quarter. Russell Investments Group Ltd. now owns 65,064 shares of the restaurant operator’s stock valued at $2,349,000 after purchasing an additional 59,800 shares during the period. Principal Financial Group Inc. lifted its position in Brinker International by 1.8% during the first quarter. Principal Financial Group Inc. now owns 203,678 shares of the restaurant operator’s stock valued at $7,353,000 after purchasing an additional 3,638 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC lifted its position in Brinker International by 56.4% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 9,483 shares of the restaurant operator’s stock valued at $342,000 after purchasing an additional 3,421 shares during the period.
In other Brinker International news, EVP Kelli Valade sold 4,905 shares of Brinker International stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $43.37, for a total value of $212,729.85. Following the completion of the transaction, the executive vice president now owns 74,068 shares of the company’s stock, valued at $3,212,329.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.72% of the stock is currently owned by insiders.
Brinker International (NYSE:EAT) last released its quarterly earnings data on Tuesday, August 14th. The restaurant operator reported $1.19 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.19. Brinker International had a net margin of 4.01% and a negative return on equity of 26.82%. The company had revenue of $817.10 million during the quarter, compared to analysts’ expectations of $817.93 million. During the same quarter in the previous year, the company earned $1.09 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. As a group, equities analysts anticipate that Brinker International, Inc. will post 3.76 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 27th. Shareholders of record on Friday, September 7th were issued a $0.38 dividend. The ex-dividend date was Thursday, September 6th. This represents a $1.52 dividend on an annualized basis and a yield of 3.19%. Brinker International’s payout ratio is 43.43%.
A number of research analysts recently issued reports on the stock. BMO Capital Markets set a $43.00 target price on shares of Brinker International and gave the company a “hold” rating in a research report on Tuesday, August 14th. Wells Fargo & Co boosted their target price on shares of Brinker International from $42.00 to $43.00 and gave the company a “market perform” rating in a research report on Monday, August 13th. TheStreet downgraded shares of Brinker International from a “b-” rating to a “c” rating in a research report on Wednesday, August 15th. Maxim Group restated a “buy” rating and set a $55.00 target price on shares of Brinker International in a research report on Tuesday, August 7th. Finally, Zacks Investment Research downgraded shares of Brinker International from a “buy” rating to a “hold” rating in a research report on Monday, July 16th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $45.93.
About Brinker International
Brinker International, Inc, together with its subsidiaries, owns, develops, operates, and franchises casual dining restaurants in the United States and internationally. As of June 27, 2018, it owned, operated, or franchised 1,686 restaurants comprising 997 company-owned restaurants and 689 franchised restaurants under the Chili's Grill & Bar and Maggiano's Little Italy brand names.
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