Brinker International, Inc. (EAT) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS
Brinker International, Inc. (NYSE:EAT) posted its quarterly earnings results on Wednesday. The restaurant operator reported $0.42 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.01), Bloomberg Earnings reports. The firm had revenue of $739.40 million for the quarter, compared to analyst estimates of $749.05 million. Brinker International had a negative return on equity of 31.46% and a net margin of 4.79%. The business’s revenue was down 2.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.49 EPS.
Brinker International (NYSE EAT) traded up 7.00% during midday trading on Wednesday, reaching $32.87. 4,301,121 shares of the company’s stock traded hands. Brinker International has a 52-week low of $29.50 and a 52-week high of $55.84. The company’s 50-day moving average price is $31.87 and its 200-day moving average price is $36.49. The stock has a market cap of $1.59 billion, a P/E ratio of 11.18 and a beta of 0.26.
Brinker International announced that its board has authorized a stock repurchase plan on Thursday, August 10th that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the restaurant operator to purchase up to 14.6% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
In other news, Director Michael A. George acquired 16,450 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were bought at an average cost of $30.31 per share, with a total value of $498,599.50. Following the transaction, the director now owns 49,952 shares of the company’s stock, valued at approximately $1,514,045.12. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.91% of the stock is currently owned by corporate insiders.
A number of brokerages have weighed in on EAT. Barclays PLC restated an “equal weight” rating and issued a $47.00 target price on shares of Brinker International in a research report on Tuesday, July 4th. Telsey Advisory Group cut their target price on shares of Brinker International from $49.00 to $40.00 and set a “market perform” rating on the stock in a research report on Monday, July 17th. BidaskClub lowered shares of Brinker International from a “sell” rating to a “strong sell” rating in a research report on Friday, July 28th. Zacks Investment Research lowered shares of Brinker International from a “hold” rating to a “strong sell” rating in a research report on Friday, July 21st. Finally, ValuEngine upgraded shares of Brinker International from a “hold” rating to a “buy” rating in a research report on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $40.50.
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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