On October 11, 2023, analysts at Morgan Stanley revised down their target price for Texas Roadhouse (NASDAQ:TXRH) from $110.00 to $106.00 in a note to investors. The firm maintained an “equal weight” rating on the company’s stock. According to Morgan Stanley, this target price suggests a potential upside of 10.81% from the previous close.
During mid-day trading on Wednesday, shares of TXRH declined by $0.80 and reached $95.66. The trading volume was 50,024 shares, which is lower than the average volume of 949,785 shares. Texas Roadhouse has experienced a range of prices over the past 52 weeks, with a low of $90.38 and a high of $118.16.
The company’s fifty-day moving average price is $102.17, while its two-hundred-day moving average price is $107.62, indicating some volatility in recent months. With a market capitalization of $6.39 billion, Texas Roadhouse has a price-to-earnings ratio of 22.14 and a beta value of 0.97.
Several hedge funds and institutional investors have made changes to their positions in Texas Roadhouse recently. Silverlake Wealth Management LLC acquired a new stake in the company during the third quarter valued at $480,000. WCM Investment Management LLC increased its position by 1.9% during the same period and now owns 153,985 shares worth approximately $14,864,000.
National Bank of Canada FI saw tremendous growth in its ownership with an increase by 19,488% and now possesses 176,292 shares valued at around $17,007,000 as of the last quarter report filing date.
Threadgill Financial LLC experienced substantial growth as well with ownership increases by approximately 293%. They currently hold 48,227 shares valued at $4,629,000. Additionally, Fulton Bank N.A. increased its stake by 16% during the third quarter and currently owns 6,551 shares totaling approximately $630,000.
It is worth noting that hedge funds and institutional investors own 97.24% of Texas Roadhouse’s stock.
In their previous quarterly earnings report released on July 27th, 2023, Texas Roadhouse reported earnings per share of $1.22 for the quarter. This surpassed the consensus estimate of $1.21 by a marginal amount of $0.01. The company also achieved a net margin of 6.69%, showcasing profitability, and a return on equity of 27.77%. Its quarterly revenue stood at $1.17 billion, in line with expectations.
When compared to the same period in the prior year, Texas Roadhouse saw a remarkable increase in revenue by 14.3%. Based on research analysts’ predictions, it is anticipated that Texas Roadhouse will achieve earnings per share of 4.63 for the current year.
Overall, these recent developments indicate some adjustments in target price but suggest optimistic potential for Texas Roadhouse’s performance going forward according to Morgan Stanley’s analysis and projections.
Texas Roadhouse Receives Positive Ratings from Multiple Research Firms, Indicating Potential for Growth
October 11, 2023 – Texas Roadhouse Sees Positive Ratings from Multiple Research Firms
Texas Roadhouse, a popular restaurant chain known for its delicious steaks and vibrant atmosphere, recently received favorable ratings from several research firms. These reports have sparked interest among investors and have shed light on the company’s potential for growth.
Bank of America, one of the leading financial institutions, raised their price target on Texas Roadhouse from $125.00 to $144.00. Additionally, they assigned the stock a “buy” rating in their research report published on Friday, July 21st. This positive outlook reflects the confidence Bank of America has in Texas Roadhouse’s future prospects.
Truist Financial also revised their target price on shares of Texas Roadhouse from $120.00 to $127.00 on Tuesday, July 18th. Loop Capital further increased the price target to $142.00 on Friday, July 28th, up from an initial projection of $131.00. These upward revisions indicate that experts believe Texas Roadhouse is poised for success.
Stephens reaffirmed an “equal weight” rating and set a price target of $115.00 on Thursday, August 31st. Piper Sandler initiated coverage on Texas Roadhouse on Monday, July 17th with an “overweight” rating and a price objective of $126.00 for the company’s stock.
The overall sentiment surrounding Texas Roadhouse remains positive as ten equities research analysts issued a hold rating while another ten assigned a buy rating to the company’s stock. According to data from Bloomberg.com, the average rating stands at “Moderate Buy,” with an average price target of $118.10.
In relating news, Director Gregory N. Moore sold 2,000 shares of Texas Roadhouse’s stock in early August at an average price of $108.88 per share, amounting to a total transaction of $217,760.00. Following this transaction, Moore now holds 49,050 shares of the company’s stock, with an estimated value of $5,340,564.
Such occurrences often draw attention from market observers and can sometimes impact the perception of a company. However, it is worth noting that only 0.50% of Texas Roadhouse’s stock is owned by company insiders.
This series of positive ratings from various research firms and the recent insider trading activity have contributed to the growing interest in Texas Roadhouse among investors. As the company continues to demonstrate solid performance in its sector, it will be intriguing to see how it progresses and meets the expectations set by these ratings.
Investors and industry professionals are advised to conduct further research and analysis before making any investment decisions based on this information. The Securities & Exchange Commission website provides detailed insights into relevant legal filings for interested parties.
Overall, Texas Roadhouse has received encouraging ratings from reputable research firms, reflecting the potential for growth in the near future.