Fogo de Chao, Inc. (NASDAQ:FOGO) Upgraded to “Sell” by BidaskClub
Fogo de Chao, Inc. (NASDAQ:FOGO) was upgraded by research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report released on Monday.
A number of other brokerages have also weighed in on FOGO. Canaccord Genuity upgraded Fogo de Chao from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $16.00 to $20.00 in a research report on Thursday, May 4th. Zacks Investment Research lowered Fogo de Chao from a “buy” rating to a “hold” rating in a research report on Tuesday, May 30th. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $16.00 price objective on shares of Fogo de Chao in a research report on Thursday. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $16.36.
Shares of Fogo de Chao (NASDAQ FOGO) traded up 2.33% during mid-day trading on Monday, reaching $13.20. The company had a trading volume of 364,688 shares. Fogo de Chao has a 12-month low of $10.50 and a 12-month high of $17.05. The firm has a market capitalization of $372.70 million, a PE ratio of 16.71 and a beta of 0.36. The stock has a 50 day moving average price of $13.51 and a 200 day moving average price of $14.37.
Fogo de Chao (NASDAQ:FOGO) last posted its quarterly earnings results on Tuesday, August 8th. The restaurant operator reported $0.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by $0.02. Fogo de Chao had a return on equity of 8.08% and a net margin of 7.40%. The company had revenue of $77.80 million for the quarter, compared to the consensus estimate of $77.46 million. During the same quarter in the previous year, the business earned $0.22 earnings per share. Fogo de Chao’s revenue was up 11.8% compared to the same quarter last year. On average, equities analysts forecast that Fogo de Chao will post $0.91 earnings per share for the current year.
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In other Fogo de Chao news, Director Todd M. Abbrecht sold 4,500,000 shares of Fogo de Chao stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $14.00, for a total transaction of $63,000,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder H. Lee Equity Fund Vi Thomas sold 675,000 shares of Fogo de Chao stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $14.00, for a total value of $9,450,000.00. The disclosure for this sale can be found here. 82.80% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Thomson Horstmann & Bryant Inc. boosted its position in shares of Fogo de Chao by 438.6% in the second quarter. Thomson Horstmann & Bryant Inc. now owns 520,499 shares of the restaurant operator’s stock worth $7,234,000 after buying an additional 423,859 shares during the last quarter. Cooper Creek Partners Management LLC bought a new position in shares of Fogo de Chao during the second quarter worth about $4,711,000. Boston Partners bought a new position in shares of Fogo de Chao during the second quarter worth about $2,258,000. Vanguard Group Inc. boosted its position in shares of Fogo de Chao by 69.3% in the second quarter. Vanguard Group Inc. now owns 371,831 shares of the restaurant operator’s stock worth $5,168,000 after buying an additional 152,169 shares during the last quarter. Finally, Citadel Advisors LLC bought a new position in shares of Fogo de Chao during the second quarter worth about $1,651,000. Institutional investors and hedge funds own 75.39% of the company’s stock.
About Fogo de Chao
Fogo de Chao, Inc is a United States-based holding company. The Company, through its subsidiaries, operates upscale Brazilian churrascaria steakhouses under the brand of Fogo de Chao. The Company owns 100% of Brasa (Purchaser) Inc (Brasa Purchaser), which owns 100% of Brasa (Holdings) Inc (Brasa Holdings).
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