Artemis Investment Management LLP, a prominent institutional investor, recently reduced its stake in Bloomin’ Brands, Inc. (NASDAQ:BLMN) by 38.7% during the second quarter of this year. This information was disclosed in the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). As a result of this move, Artemis Investment Management LLP now holds only 64,496 shares of Bloomin’ Brands, representing a decrease of 40,755 shares from the previous reporting period. At the end of the quarter, these shares were valued at approximately $1,732,000.
Bloomin’ Brands is a well-known restaurant operator that recently reported its quarterly earnings results on August 1st. The company exceeded expectations by reporting earnings per share (EPS) of $0.74 for the quarter, surpassing analyst estimates by $0.11. During this period, Bloomin’ Brands generated $1.15 billion in revenue compared to consensus estimates of $1.15 billion. These positive financial results illustrate an increase in revenue by 2.4% on a year-over-year basis.
Furthermore, Bloomin’ Brands showcased an impressive return on equity of 86.88% and a net margin of 5.49%. In comparison to the same quarter last year when they earned $0.68 EPS, the company demonstrated growth and improvement in its financial performance.
Looking ahead to the remainder of fiscal year 2023, sell-side analysts predict that Bloomin’ Brands will achieve earnings per share of 2.93 units for the current fiscal year.
This recent development regarding Artemis Investment Management LLP reducing its stake in Bloomin’ Brands suggests a possible shift in their investment strategy or outlook towards this particular stock.
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Bloomin’ Brands Inc.: A Perplexing Puzzle for Investors
On September 30, 2023, Bloomin’ Brands, Inc. found itself amidst a wave of perplexity as several hedge funds and institutional investors made noteworthy moves with their stakes in the company. Advisor Group Holdings Inc., for instance, raised its stake in shares of Bloomin’ Brands by 6.2% during the first quarter. In doing so, they acquired an additional 525 shares, bringing their total ownership to 9,030 shares worth $198,000.
Not to be outdone, PNC Financial Services Group Inc. also increased its holdings in Bloomin’ Brands during the same period. Their stake grew by 10.5%, adding 700 shares valued at $160,000 to their portfolio. Likewise, Bank of Montreal Can decided to boost its position in the restaurant operator’s stock significantly by acquiring an additional 11,273 shares worth $1,011,000 during the first quarter.
MetLife Investment Management LLC joined this frenzy as well and saw fit to grow its stake in Bloomin’ Brands by a staggering 51.1% during the same period. They purchased an additional 16,472 shares worth $1,069,000. Finally, Rhumbline Advisers displayed their own investment prowess by raising their holdings in Bloomin’ Brands by 3.5%. With an additional purchase of 7,561 shares during the first quarter, they now own a total of 221,589 shares valued at $4,862,000.
Shares of NASDAQ:BLMN opened at $24.58 on Friday with a fifty day simple moving average of $26.48 and a 200-day simple moving average of $25.79—a delicate balance that would leave even seasoned investors bustling with analytical endeavors.
As we delve further into the financial labyrinth that is Bloomin’ Brands Inc., it becomes evident that this enigmatic entity has weathered both high and low points within the market. Having reached a one-year low of $17.96 and a one-year high of $28.67, Bloomin’ Brands finds itself with a market cap of $2.14 billion.
With a price-to-earnings ratio of 9.53, the firm certainly piques the interest of astute investors seeking fruitful ventures. Additionally, Bloomin’ Brands boasts a P/E/G ratio of 0.84, further adding to its mystique as it presents a promising growth potential.
However, it is not only the financial aspect that has investors intrigued; rather, it is also the prospect of dividends that proves compelling in these uncertain times. The company recently declared a quarterly dividend on Friday, August 25th—a tempting offering for those who were stockholders of record on Monday, August 14th. These fortunate individuals were issued a dividend amounting to $0.24 per share—an enticing proposition indeed.
Moving away from the inner workings of Bloomin’ Brands Inc., we turn our attention to the opinions and analysis offered by research analysts regarding this enigmatic corporation’s future prospects. Bank of America analysts have demonstrated confidence in their assessment by raising their price target from $26.00 to $30.00 in July 2023—a nod towards potential growth and value within the company.
StockNews.com appears to harbor mixed sentiment as they downgraded Bloomin’ Brands from a “buy” rating to a “hold” rating on August 24th—a decision sure to ignite further speculation and debate among industry enthusiasts.
Piper Sandler initiated coverage on Bloomin’ Brands with an impartial “neutral” rating and assigned it a fair price target of $28.00—reiterating the notion that caution may be beneficial when analyzing this perplexing entity’s movements within the current market climate.
William Blair analysts took an even more conservative stance by lowering Bloomin’ Brands from an “outperform” rating to a “market perform” rating on August 1st, urging investors to approach the stock with tempered expectations concerning future performance.
Citigroup research analysts echoed this sentiment by upping their target price from $28.00 to $30.00 while simultaneously labeling Bloomin’ Brands as a “neutral” investment—a position that encourages measured assessment.
In conclusion, the perplexing maneuvers of hedge funds and institutional investors in relation to Bloomin’ Brands Inc., coupled with the company’s intriguing financial offerings and the diverse opinions put forth by research analysts, all combine to create an atmosphere of baffled curiosity within the investment community. As we navigate these unknown waters together, it becomes evident that finding certainty amidst such bustle is no easy task.
