Traders Buy Shares of Texas Roadhouse, Inc. (TXRH) on Weakness Following Analyst Downgrade

Investors bought shares of Texas Roadhouse, Inc. (NASDAQ:TXRH) on weakness during trading hours on Wednesday after BMO Capital Markets lowered their price target on the stock from $58.00 to $57.00. $25.19 million flowed into the stock on the tick-up and $7.21 million flowed out of the stock on the tick-down, for a money net flow of $17.98 million into the stock. Of all stocks tracked, Texas Roadhouse had the 23rd highest net in-flow for the day. Texas Roadhouse traded down ($0.41) for the day and closed at $49.60

Other research analysts also recently issued reports about the company. Robert W. Baird set a $56.00 target price on Texas Roadhouse and gave the company a “buy” rating in a research report on Wednesday, August 30th. Maxim Group reiterated a “buy” rating and set a $55.00 target price on shares of Texas Roadhouse in a research report on Friday, July 28th. Zacks Investment Research upgraded Texas Roadhouse from a “hold” rating to a “buy” rating and set a $56.00 target price for the company in a research report on Friday, July 21st. Longbow Research reiterated a “buy” rating and set a $56.00 target price on shares of Texas Roadhouse in a research report on Monday, July 3rd. Finally, Stifel Nicolaus started coverage on Texas Roadhouse in a research report on Monday, October 2nd. They set a “buy” rating and a $55.00 target price for the company. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and eight have assigned a buy rating to the company. Texas Roadhouse presently has an average rating of “Hold” and an average target price of $51.05.

In other Texas Roadhouse news, insider S. Chris Jacobsen sold 2,500 shares of the stock in a transaction on Friday, August 11th. The stock was sold at an average price of $49.25, for a total value of $123,125.00. Following the sale, the insider now owns 15,184 shares in the company, valued at $747,812. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Kathy Widmer sold 2,000 shares of the stock in a transaction on Thursday, September 21st. The stock was sold at an average price of $47.95, for a total value of $95,900.00. Following the completion of the sale, the director now owns 11,750 shares in the company, valued at approximately $563,412.50. The disclosure for this sale can be found here. Corporate insiders own 6.60% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. YorkBridge Wealth Partners LLC increased its stake in Texas Roadhouse by 4.2% in the second quarter. YorkBridge Wealth Partners LLC now owns 2,159 shares of the restaurant operator’s stock worth $110,000 after purchasing an additional 87 shares during the period. Creative Planning increased its stake in Texas Roadhouse by 11.2% in the second quarter. Creative Planning now owns 2,223 shares of the restaurant operator’s stock worth $113,000 after purchasing an additional 224 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Texas Roadhouse by 11.0% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,612 shares of the restaurant operator’s stock worth $133,000 after purchasing an additional 258 shares during the period. Advisor Group Inc. increased its stake in Texas Roadhouse by 26.8% in the second quarter. Advisor Group Inc. now owns 2,808 shares of the restaurant operator’s stock worth $143,000 after purchasing an additional 593 shares during the period. Finally, Public Employees Retirement System of Ohio increased its stake in Texas Roadhouse by 4.3% in the first quarter. Public Employees Retirement System of Ohio now owns 3,393 shares of the restaurant operator’s stock worth $151,000 after purchasing an additional 141 shares during the period. Institutional investors and hedge funds own 86.39% of the company’s stock.

Texas Roadhouse (NASDAQ:TXRH) last posted its earnings results on Monday, October 30th. The restaurant operator reported $0.43 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.43. Texas Roadhouse had a return on equity of 16.96% and a net margin of 5.73%. The company had revenue of $540.50 million for the quarter, compared to the consensus estimate of $538.15 million. During the same quarter in the previous year, the business earned $0.36 earnings per share. The company’s revenue for the quarter was up 12.2% on a year-over-year basis.

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About Texas Roadhouse

Texas Roadhouse, Inc is a restaurant company, which operates in the casual dining segment. The Company offers an assortment of seasoned and aged steaks, all cooked over open grills and all but one hand cut daily on the premises. Its restaurants offer a range of menu items at prices that are designed to appeal to a range of consumer tastes.

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