Latest Stocks: Red Robin Gourmet Burgers, Inc. (RRGB) Reaches New 52-Week High After Strong Earnings

Latest Stocks: Red Robin Gourmet Burgers, Inc. (RRGB) Reaches New 52-Week High After Strong Earnings

Shares of Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $68.26 and last traded at $68.57, with a volume of 2,940,944 shares changing hands. The stock had previously closed at $58.00.

The restaurant operator reported $0.89 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.58 by $0.31. The firm had revenue of $418.60 million during the quarter, compared to the consensus estimate of $416.48 million. Red Robin Gourmet Burgers had a net margin of 2.49% and a return on equity of 11.87%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period last year, the firm earned $1.27 EPS.

A number of brokerages recently commented on RRGB. TheStreet upgraded shares of Red Robin Gourmet Burgers from a “c” rating to a “b-” rating in a research report on Thursday, May 18th. Maxim Group restated a “buy” rating and issued a $80.00 price objective (up previously from $75.00) on shares of Red Robin Gourmet Burgers in a research report on Wednesday, May 17th. Bank of America Corp upgraded shares of Red Robin Gourmet Burgers from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $65.00 to $80.00 in a research report on Wednesday, May 17th. Zacks Investment Research raised shares of Red Robin Gourmet Burgers from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a research note on Friday, May 19th. Finally, Canaccord Genuity raised shares of Red Robin Gourmet Burgers from a “hold” rating to a “buy” rating and lifted their target price for the company from $72.00 to $90.00 in a research note on Friday, May 26th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $74.22. In other Red Robin Gourmet Burgers news, Director Robert Blaine Aiken, Jr. sold 2,946 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $71.80, for a total transaction of $211,522.80. Following the completion of the sale, the director now directly owns 6,547 shares of the company’s stock, valued at $470,074.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Glenn B. Kaufman sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, May 26th. The stock was sold at an average price of $72.25, for a total transaction of $289,000.00. The disclosure for this sale can be found here. 2.66% of the stock is owned by insiders.

Several institutional investors have recently bought and sold shares of RRGB. Public Employees Retirement System of Ohio raised its position in Red Robin Gourmet Burgers by 10.3% in the first quarter. Public Employees Retirement System of Ohio now owns 1,759 shares of the restaurant operator’s stock worth $103,000 after buying an additional 164 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its position in shares of Red Robin Gourmet Burgers by 74.4% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 2,431 shares of the restaurant operator’s stock worth $142,000 after buying an additional 1,037 shares in the last quarter. Mason Street Advisors LLC raised its position in shares of Red Robin Gourmet Burgers by 7.0% in the first quarter. Mason Street Advisors LLC now owns 3,007 shares of the restaurant operator’s stock worth $176,000 after buying an additional 197 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Red Robin Gourmet Burgers during the first quarter worth $196,000. Finally, Cim Investment Mangement Inc. bought a new position in shares of Red Robin Gourmet Burgers during the fourth quarter worth $221,000. The firm has a 50-day moving average price of $63.63 and a 200 day moving average price of $55.04. The company has a market capitalization of $890.53 million, a PE ratio of 101.47 and a beta of 0.85.

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