Red Robin Gourmet Burgers, Inc. (RRGB) Rating Increased to Buy at Zacks Investment Research

Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $73.00 target price on the restaurant operator’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.00% from the stock’s previous close.

According to Zacks, “We note that 2016 was a tough year for Red Robin given the impact of acquiring lower-margin franchise restaurants and higher labor cost that hurt margins. Soft industry trends added to the woes. Nonetheless, efficient menu innovation, focus on increasing service speed, effective marketing strategy and remodeling programs to reinvigorate brands have brought the growth story back on track. As a result, shares of the company outperformed the industry year to date. However, a slowdown in company’s 2017 unit growth plan given the persistent challenges in the U.S. restaurants space along with cost-related issues raise concerns. Even so, initiatives undertaken to improve sales and regain market share as the year progresses, bodes well.”

Other analysts also recently issued reports about the company. Raymond James Financial, Inc. set a $75.00 price target on Red Robin Gourmet Burgers and gave the stock a “buy” rating in a report on Wednesday, August 9th. Canaccord Genuity reiterated a “buy” rating and set a $80.00 price target (down from $90.00) on shares of Red Robin Gourmet Burgers in a report on Wednesday, August 9th. Maxim Group reiterated a “buy” rating and set a $75.00 price target on shares of Red Robin Gourmet Burgers in a report on Wednesday, August 9th. BTIG Research upgraded Red Robin Gourmet Burgers from a “neutral” rating to a “buy” rating and set a $64.00 price target for the company in a report on Wednesday, August 9th. Finally, TheStreet downgraded Red Robin Gourmet Burgers from a “b-” rating to a “c” rating in a report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the company. Red Robin Gourmet Burgers currently has an average rating of “Hold” and a consensus target price of $71.73.

Red Robin Gourmet Burgers (RRGB) opened at 64.60 on Tuesday. The firm has a 50-day moving average price of $61.54 and a 200-day moving average price of $62.14. Red Robin Gourmet Burgers has a 1-year low of $40.85 and a 1-year high of $74.11. The firm has a market capitalization of $835.08 million, a PE ratio of 100.16 and a beta of 0.65.

Red Robin Gourmet Burgers (NASDAQ:RRGB) last issued its quarterly earnings results on Tuesday, August 8th. The restaurant operator reported $0.61 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.51 by $0.10. Red Robin Gourmet Burgers had a return on equity of 8.00% and a net margin of 0.64%. The firm had revenue of $315.80 million during the quarter, compared to the consensus estimate of $315.69 million. During the same period last year, the business posted $0.75 EPS. The business’s revenue was up 3.4% compared to the same quarter last year. Equities analysts expect that Red Robin Gourmet Burgers will post $2.78 earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: This report was first reported by Markets Daily and is owned by of Markets Daily. If you are reading this report on another site, it was copied illegally and reposted in violation of United States & international trademark & copyright laws. The correct version of this report can be viewed at https://www.themarketsdaily.com/2017/10/12/red-robin-gourmet-burgers-inc-rrgb-rating-increased-to-buy-at-zacks-investment-research.html.

In other Red Robin Gourmet Burgers news, CFO Guy J. Constant purchased 2,500 shares of the company’s stock in a transaction that occurred on Monday, August 14th. The shares were acquired at an average price of $58.88 per share, with a total value of $147,200.00. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.66% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. USA Financial Portformulas Corp bought a new position in Red Robin Gourmet Burgers in the 2nd quarter valued at about $458,000. Phocas Financial Corp. lifted its position in Red Robin Gourmet Burgers by 4.7% in the 2nd quarter. Phocas Financial Corp. now owns 94,829 shares of the restaurant operator’s stock valued at $6,188,000 after acquiring an additional 4,233 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Red Robin Gourmet Burgers in the 2nd quarter valued at about $565,000. WINTON GROUP Ltd lifted its position in Red Robin Gourmet Burgers by 55.5% in the 2nd quarter. WINTON GROUP Ltd now owns 16,716 shares of the restaurant operator’s stock valued at $1,091,000 after acquiring an additional 5,963 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its position in Red Robin Gourmet Burgers by 6.4% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,871 shares of the restaurant operator’s stock valued at $122,000 after acquiring an additional 112 shares in the last quarter.

Red Robin Gourmet Burgers Company Profile

Red Robin Gourmet Burgers, Inc, together with its subsidiaries, primarily develops, operates, and franchises full-service restaurants in North America and focuses on serving selection of gourmet burgers. The Company’s menu features a line of gourmet burgers, which it makes from ground beef, as well as its line of Red’s Tavern Double Burgers and its Red Robin’s line of half-pound Angus beef burgers with various toppings.

Analyst Recommendations for Red Robin Gourmet Burgers (NASDAQ:RRGB)

Receive News & Ratings for Red Robin Gourmet Burgers Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Red Robin Gourmet Burgers Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply