Bloomin’ Brands (NASDAQ:BLMN – Get Rating) issued an update on its fourth quarter 2022 guidance on Sunday morning. The company provided earnings per share guidance of $0.63-$0.73 for the period, compared to the consensus earnings per share estimate of $0.63. The company issued revenue guidance of $1.11 billion-$1.15 billion, compared to the consensus revenue estimate of $1.11 billion. Bloomin’ Brands also updated its FY 2022 guidance to $2.45-$2.55 EPS.

Bloomin’ Brands Price Performance

Shares of BLMN stock opened at $23.33 on Friday. Bloomin’ Brands has a 52-week low of $15.89 and a 52-week high of $25.51. The stock has a market cap of $2.05 billion, a PE ratio of 24.82 and a beta of 1.88. The company has a debt-to-equity ratio of 3.42, a quick ratio of 0.23 and a current ratio of 0.30. The firm’s 50 day moving average price is $20.58 and its two-hundred day moving average price is $20.16.

Bloomin’ Brands (NASDAQ:BLMN – Get Rating) last posted its earnings results on Friday, October 28th. The restaurant operator reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.05 billion. Bloomin’ Brands had a net margin of 2.39% and a return on equity of 92.10%. The business’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the business posted $0.57 earnings per share. As a group, analysts forecast that Bloomin’ Brands will post 2.46 EPS for the current year.

Bloomin’ Brands Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 23rd. Shareholders of record on Wednesday, November 9th will be issued a $0.14 dividend. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $0.56 annualized dividend and a yield of 2.40%. Bloomin’ Brands’s dividend payout ratio (DPR) is presently 59.58%.

Analysts Set New Price Targets

Several research firms have weighed in on BLMN. Citigroup increased their target price on shares of Bloomin’ Brands from $20.00 to $25.00 in a report on Monday, October 31st. Barclays increased their target price on shares of Bloomin’ Brands from $26.00 to $28.00 and gave the stock an overweight rating in a report on Monday, October 31st. StockNews.com assumed coverage on shares of Bloomin’ Brands in a report on Wednesday, October 12th. They set a buy rating on the stock. Morgan Stanley raised their objective price on shares of Bloomin’ Brands from $21.00 to $23.00 and gave the stock an equal weight rating in a report on Monday, October 31st. Finally, TheStreet upgraded shares of Bloomin’ Brands from ac rating to a b- rating in a report on Friday, October 28th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $27.89.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BLMN. Clearbridge Investments LLC grew its position in Bloomin’ Brands by 171.3% in the first quarter. Clearbridge Investments LLC now owns 5,626,195 shares of the restaurant operator’s stock valued at $123,439,000 after purchasing an additional 3,552,591 shares in the last quarter. BlackRock Inc. Its position grew in shares of Bloomin’ Brands by 13.0% in the 1st quarter. BlackRock Inc. now owns 15,152,121 shares of the restaurant operator’s stock valued at $332,436,000 after acquiring an additional 1,747,152 shares during the period. First Manhattan Co. bought a new position in shares of Bloomin’ Brands in the 1st quarter valued at about $9,949,000. Renaissance Technologies LLC bought a new position in shares of Bloomin’ Brands in the 2nd quarter valued at about $6,723,000. Finally, Weiss Multi Strategy Advisers LLC grew its position in shares of Bloomin’ Brands by 261.8% in the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 361,759 shares of the restaurant operator’s stock valued at $7,937,000 after acquiring an additional 261,759 shares during the period.

About Bloomin’ Brands

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Bloomin’ Brands, Inc, through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. The company operates through two segments, US and International. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba’s Italian Grill, a casual Italian restaurant; Bonefish Grill; and Fleming’s Prime Steakhouse & Wine Bar, a contemporary steakhouse.

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