BJ’s Restaurants Inc. (NASDAQ:BJRI) was upgraded by Zacks Investment Research from a “strong sell” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $42.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 18.21% from the stock’s previous close.
According to Zacks, “BJ's Restaurants posted positive earnings surprises in eight of the last nine quarters. Going forward, the company is positive on driving top and bottom-line growth given its prudent expansion plans along with various marketing, operational and technology-driven initiatives. Moreover, the company has been refining and streamlining its menu to make it easier for guests to order and thereby improve traffic. Meanwhile, the company’s Project Q initiatives have led to strong margins in the past few quarters and are likely to continue doing so. However, higher costs may keep profits under pressure. Moreover, the company expects traffic and sales to remain soft in the near term given various social and political issues, weakening consumer confidence and increasing global uncertainties.”
BJRI has been the topic of several other reports. Barclays PLC dropped their price target on BJ’s Restaurants from $46.00 to $38.00 and set an “underweight” rating on the stock in a research report on Thursday, July 28th. Wedbush dropped their price target on BJ’s Restaurants from $55.00 to $47.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 27th. Canaccord Genuity assumed coverage on BJ’s Restaurants in a research report on Monday, August 22nd. They set a “hold” rating and a $43.00 price target on the stock. Jefferies Group reissued a “hold” rating on shares of BJ’s Restaurants in a research report on Wednesday, August 3rd. Finally, Robert W. Baird reissued a “neutral” rating on shares of BJ’s Restaurants in a research report on Thursday, September 8th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. BJ’s Restaurants presently has an average rating of “Hold” and an average price target of $40.67.
Shares of BJ’s Restaurants (NASDAQ:BJRI) opened at 35.53 on Tuesday. The firm has a market cap of $858.87 million, a P/E ratio of 18.43 and a beta of 1.09. The firm has a 50-day moving average price of $39.00 and a 200-day moving average price of $42.41. BJ’s Restaurants has a 12-month low of $35.20 and a 12-month high of $47.95.
BJ’s Restaurants (NASDAQ:BJRI) last announced its earnings results on Tuesday, July 26th. The company reported $0.56 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.57 by $0.01. BJ’s Restaurants had a net margin of 5.09% and a return on equity of 14.58%. The business earned $250.30 million during the quarter, compared to analyst estimates of $253.23 million. During the same period in the previous year, the company earned $0.47 earnings per share. The business’s revenue for the quarter was up 7.9% on a year-over-year basis. On average, equities research analysts expect that BJ’s Restaurants will post $1.86 earnings per share for the current fiscal year.
In other news, Director Pozzo James Dal sold 5,358 shares of the stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $40.04, for a total value of $214,534.32. Following the completion of the transaction, the director now owns 4,304 shares of the company’s stock, valued at $172,332.16. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Larry D. Bouts sold 26,792 shares of the stock in a transaction on Friday, August 12th. The stock was sold at an average price of $40.86, for a total value of $1,094,721.12. Following the completion of the transaction, the director now directly owns 1,955 shares of the company’s stock, valued at approximately $79,881.30. The disclosure for this sale can be found here. Corporate insiders own 7.10% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its position in BJ’s Restaurants by 402.9% in the first quarter. Renaissance Technologies LLC now owns 476,429 shares of the company’s stock valued at $19,805,000 after buying an additional 381,700 shares during the last quarter. GW&K Investment Management LLC boosted its position in BJ’s Restaurants by 241.4% in the second quarter. GW&K Investment Management LLC now owns 304,722 shares of the company’s stock valued at $13,356,000 after buying an additional 215,477 shares during the last quarter. Norges Bank acquired a new position in BJ’s Restaurants during the fourth quarter valued at about $8,162,000. Credit Agricole S A boosted its position in BJ’s Restaurants by 755.5% in the first quarter. Credit Agricole S A now owns 181,000 shares of the company’s stock valued at $7,524,000 after buying an additional 159,843 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in BJ’s Restaurants by 7.8% in the second quarter. Vanguard Group Inc. now owns 1,929,442 shares of the company’s stock valued at $84,567,000 after buying an additional 140,295 shares during the last quarter. 93.55% of the stock is owned by institutional investors.
About BJ’s Restaurants
BJ’s Restaurants, Inc owns and operates restaurants. The Company’s restaurants are operated as a BJ’s Restaurant & Brewery, a BJ’s Restaurant & Brewhouse, a BJ’s Pizza & Grill and a BJ’s Grill restaurant. Its menu features deep-dish pizza, craft beers and other beers, as well as a selection of appetizers, entrees, pastas, sandwiches, specialty salads and desserts, including its Pizookie dessert.
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