BLMN Stock Recent News

Activist investor Starboard Value disclosed a large stake in Bloomin' Brands, the parent of Outback Steakhouse and others. Starboard has a successful track record with restaurant investments in its past.

Starboard Value now owns 9.9% of Bloomin' Brands' shares, according to a regulatory filing.

Bloomin' Brands shares rose almost 10% in pre-market trade on Friday after it was revealed that activist investor Starboard Value has increased its stake in the company to 9.9%. Per a regulatory filing, the firm now holds 8,623,000 shares of the company, which owns and operates the restaurant chains Outback Steakhouse, Bonefish Grill, Carrabba's Italian Grill and Fleming's Prime Steakhouse & Wine Bar.

Bloomin's Brands Inc.'s stock BLMN, -3.47% was up 5% premarket Friday, after activist investor Starboard Value LP confirmed it has built a 9.9% stake in the parent of Outback Steakhouse. The news was reported earlier by the Wall Street Journal.

Bloomin' Brands BLMN, -3.47% shares rallied 8% in premarket trade on Friday after the Wall Street Journal reported that activist investor Starboard Value has built a stake in the owner of Outback Steakhouse. The report, citing people familiar with the matter, said Starboard has built a stake of more than 5% in Bloomin' Brands, but it didn't say what Starboard may request from the company.

Starboard Value owns more than 5% of Bloomin' Brands.

While the top- and bottom-line numbers for Bloomin' Brands (BLMN) give a sense of how the business performed in the quarter ended June 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Bloomin' Brands Inc. BLMN, -1.83% on Tuesday delivered stronger-than-expected second-quarter profit of $68.28 million, or 70 cents a share, after it reported a year-ago loss of $63.64 million, or 72 cents a share. The operator of Outback Steakhouse, Carrabba's Italian Grill and the Bonefish Grill said its adjusted profit for the second quarter totaled 74 cents a share, ahead of the Wall Street analyst forecast of 64 cents a share, according to estimates compiled by FactSet.

Bloomin' Brands (BLMN) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

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