Shell Asset Management Co. increased its position in Brinker International, Inc. (NYSE:EAT) by 22.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,680 shares of the restaurant operator’s stock after acquiring an additional 1,942 shares during the quarter. Shell Asset Management Co.’s holdings in Brinker International were worth $542,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Brinker International by 5.9% during the 2nd quarter. Vanguard Group Inc. now owns 5,874,194 shares of the restaurant operator’s stock valued at $223,806,000 after buying an additional 329,577 shares in the last quarter. BlackRock Inc. grew its holdings in Brinker International by 27.8% during the 2nd quarter. BlackRock Inc. now owns 5,080,271 shares of the restaurant operator’s stock valued at $193,557,000 after buying an additional 1,104,999 shares in the last quarter. State Street Corp grew its holdings in Brinker International by 18.4% during the 2nd quarter. State Street Corp now owns 1,710,040 shares of the restaurant operator’s stock valued at $65,148,000 after buying an additional 265,437 shares in the last quarter. Cooke & Bieler LP grew its holdings in Brinker International by 4.4% during the 2nd quarter. Cooke & Bieler LP now owns 1,522,933 shares of the restaurant operator’s stock valued at $58,024,000 after buying an additional 64,780 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Brinker International by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,198,052 shares of the restaurant operator’s stock valued at $45,647,000 after buying an additional 9,729 shares in the last quarter.
Brinker International (NYSE:EAT) last issued its quarterly earnings results on Wednesday, November 1st. The restaurant operator reported $0.42 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.43 by ($0.01). Brinker International had a negative return on equity of 30.36% and a net margin of 4.39%. The firm had revenue of $739.40 million for the quarter, compared to analysts’ expectations of $749.05 million. During the same quarter in the previous year, the firm posted $0.49 earnings per share. The firm’s revenue for the quarter was down 2.5% compared to the same quarter last year.
Brinker International declared that its board has authorized a share buyback program on Thursday, August 10th that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the restaurant operator to reacquire up to 14.6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
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In related news, Director Michael A. George acquired 16,450 shares of the stock in a transaction on Wednesday, September 6th. The shares were bought at an average price of $30.31 per share, with a total value of $498,599.50. Following the completion of the purchase, the director now owns 49,952 shares of the company’s stock, valued at approximately $1,514,045.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.91% of the stock is currently owned by insiders.
A number of brokerages have issued reports on EAT. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $40.00 price objective (down from $49.00) on shares of Brinker International in a report on Wednesday, August 9th. Maxim Group reaffirmed a “buy” rating and set a $49.00 price objective on shares of Brinker International in a report on Thursday. Canaccord Genuity reaffirmed a “hold” rating on shares of Brinker International in a report on Wednesday. Barclays PLC cut their price objective on shares of Brinker International from $44.00 to $41.00 and set an “equal weight” rating for the company in a report on Friday, August 11th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating on shares of Brinker International in a report on Friday, August 11th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target 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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