Brinker International, Inc. (NYSE:EAT) Sees Large Decrease in Short Interest

Brinker International, Inc. (NYSE:EAT) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 10,210,000 shares, a drop of 16.4% from the September 30th total of 12,210,000 shares. Currently, 27.9% of the company’s shares are short sold. Based on an average daily volume of 1,110,000 shares, the days-to-cover ratio is currently 9.2 days.

EAT has been the topic of several recent analyst reports. Raymond James raised their target price on Brinker International from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. DA Davidson initiated coverage on Brinker International in a research note on Friday, September 27th. They issued a “buy” rating on the stock. Loop Capital raised their target price on Brinker International to $49.00 and gave the stock a “hold” rating in a research note on Thursday, October 31st. Stephens raised their target price on Brinker International from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Finally, Deutsche Bank reissued a “hold” rating and issued a $43.00 target price on shares of Brinker International in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $46.72.

In related news, VP Michaela M. Ware sold 968 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The stock was sold at an average price of $39.41, for a total value of $38,148.88. Following the sale, the vice president now directly owns 9,973 shares of the company’s stock, valued at $393,035.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Kelly C. Baltes bought 1,600 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was acquired at an average cost of $38.00 per share, for a total transaction of $60,800.00. Following the completion of the purchase, the executive vice president now directly owns 15,584 shares of the company’s stock, valued at $592,192. The disclosure for this purchase can be found here. Insiders sold 13,112 shares of company stock worth $523,720 over the last three months. 3.51% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC lifted its holdings in shares of Brinker International by 117.4% during the third quarter. Tower Research Capital LLC TRC now owns 1,248 shares of the restaurant operator’s stock valued at $53,000 after purchasing an additional 674 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its holdings in shares of Brinker International by 48,525.0% during the third quarter. Oppenheimer Asset Management Inc. now owns 1,945 shares of the restaurant operator’s stock valued at $83,000 after purchasing an additional 1,941 shares during the last quarter. North Star Investment Management Corp. purchased a new position in shares of Brinker International during the third quarter valued at approximately $159,000. Quantamental Technologies LLC purchased a new position in shares of Brinker International during the second quarter valued at approximately $173,000. Finally, Janney Montgomery Scott LLC purchased a new position in shares of Brinker International during the second quarter valued at approximately $219,000.

EAT traded up $0.12 on Friday, hitting $44.09. The company had a trading volume of 749,451 shares, compared to its average volume of 1,071,181. Brinker International has a 52-week low of $36.44 and a 52-week high of $53.61. The stock has a fifty day simple moving average of $42.94 and a 200-day simple moving average of $40.75. The firm has a market capitalization of $1.64 billion, a P/E ratio of 11.22, a P/E/G ratio of 1.59 and a beta of 0.26.

Brinker International (NYSE:EAT) last issued its quarterly earnings data on Wednesday, October 30th. The restaurant operator reported $0.41 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.41. Brinker International had a net margin of 4.41% and a negative return on equity of 19.76%. The business had revenue of $786.00 million during the quarter, compared to analyst estimates of $802.16 million. During the same period last year, the business posted $0.47 earnings per share. Brinker International’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, analysts anticipate that Brinker International will post 4.24 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 26th. Shareholders of record on Friday, December 6th will be issued a $0.38 dividend. The ex-dividend date is Thursday, December 5th. This represents a $1.52 annualized dividend and a yield of 3.45%. Brinker International’s dividend payout ratio (DPR) is presently 38.68%.

Brinker International Company Profile

Brinker International, Inc, together with its subsidiaries, owns, develops, operates, and franchises casual dining restaurants in the United States and internationally. As of June 27, 2018, it owned, operated, or franchised 1,686 restaurants comprising 997 company-owned restaurants and 689 franchised restaurants under the Chili's Grill & Bar and Maggiano's Little Italy brand names.

Further Reading: What is Considered a Good Return on Equity (ROE)?

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