Highbridge Capital Management LLC reduced its position in shares of BJ’s Restaurants, Inc. (NASDAQ:BJRI) by 70.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 6,299 shares of the restaurant operator’s stock after selling 15,273 shares during the period. Highbridge Capital Management LLC’s holdings in BJ’s Restaurants were worth $255,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of BJ’s Restaurants by 132,808.6% in the first quarter. BlackRock Inc. now owns 2,518,618 shares of the restaurant operator’s stock worth $101,752,000 after buying an additional 2,516,723 shares during the period. Norges Bank purchased a new position in shares of BJ’s Restaurants during the fourth quarter worth about $7,030,000. Segall Bryant & Hamill LLC bought a new stake in BJ’s Restaurants during the first quarter worth $3,183,000. Wellington Management Group LLP boosted its stake in BJ’s Restaurants by 400.2% in the first quarter. Wellington Management Group LLP now owns 85,561 shares of the restaurant operator’s stock worth $3,456,000 after buying an additional 68,455 shares during the last quarter. Finally, Morgan Stanley boosted its stake in BJ’s Restaurants by 13.3% in the first quarter. Morgan Stanley now owns 526,480 shares of the restaurant operator’s stock worth $21,271,000 after buying an additional 61,785 shares during the last quarter. 94.80% of the stock is currently owned by institutional investors and hedge funds.
BJ’s Restaurants, Inc. (NASDAQ BJRI) traded up 1.68% during trading on Friday, reaching $33.35. 837,461 shares of the company traded hands. The firm’s 50 day moving average price is $36.48 and its 200 day moving average price is $39.27. The firm has a market capitalization of $718.96 million, a price-to-earnings ratio of 19.65 and a beta of 1.08. BJ’s Restaurants, Inc. has a 12-month low of $30.40 and a 12-month high of $47.55.
BJ’s Restaurants (NASDAQ:BJRI) last posted its quarterly earnings results on Thursday, July 27th. The restaurant operator reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.02. The company had revenue of $265.80 million during the quarter, compared to the consensus estimate of $269.48 million. BJ’s Restaurants had a return on equity of 14.51% and a net margin of 3.82%. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.56 earnings per share. Equities research analysts expect that BJ’s Restaurants, Inc. will post $1.63 earnings per share for the current year.
BJ’s Restaurants declared that its Board of Directors has initiated a stock buyback program on Thursday, April 27th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the restaurant operator to repurchase up to 5.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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BJRI has been the topic of a number of research reports. Wedbush reaffirmed a “neutral” rating and set a $45.00 target price (up previously from $41.00) on shares of BJ’s Restaurants in a research note on Friday, April 28th. Canaccord Genuity raised shares of BJ’s Restaurants from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a research note on Friday, July 14th. TheStreet cut shares of BJ’s Restaurants from a “b” rating to a “c+” rating in a research note on Friday, July 7th. BidaskClub cut shares of BJ’s Restaurants from a “sell” rating to a “strong sell” rating in a research note on Wednesday, July 12th. Finally, Barclays PLC decreased their target price on shares of BJ’s Restaurants from $38.00 to $36.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 19th. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $39.33.
In other news, insider Alex Puchner sold 4,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $44.75, for a total value of $179,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Kevin E. Mayer sold 4,468 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $45.46, for a total transaction of $203,115.28. Following the completion of the transaction, the vice president now owns 5,817 shares in the company, valued at $264,440.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,793 shares of company stock worth $1,035,319. Company insiders own 6.80% of the company’s stock.
About BJ’s Restaurants
BJ’s Restaurants, Inc owns and operates restaurants. The Company segment includes casual dining company-owned restaurants. Each of its restaurants is operated either as a BJ’s Restaurant & Brewhouse, a BJ’s Restaurant & Brewery, a BJ’s Pizza & Grill or a BJ’s Grill restaurant. The Company’s restaurants offer craft beers and other beers, as well as a selection of appetizers, entrees, pastas, burgers and sandwiches, specialty salads, and desserts, including its warm pizza cookie dessert, the Pizookie.
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