Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and set a $97.00 price target on shares of Jack In The Box in a report on Tuesday.
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In July, Jack in the Box rolled out the latest example of a more premium limited-time offer: the Jack’s Brewhouse Bacon Burger, topped with a grilled onions, hickory-smoked bacon and porter ale cheese sauce, and introduced with a virtual reality marketing effort to evoke a gastro pub theme. $7.978 is the standard deviation for the price targets. Earnings per share came in above Wall Street consensus expectations, sending shares higher. On an analyst ratings scale from one to five where a one represents a Strong Buy and a five represents a Strong Sell, Jack In The Box Inc. The company’s adjusted profit is expected to rise 22% to $3.65 a share in the current fiscal year. The guidance reflects the lower comps in the third quarter.
Other hedge funds and institutional investors recently bought and sold shares of the company.
Comma, however, blamed transaction erosion at Jack in the Box on lower grocery prices as the pricing gap between food consumed at home and food away from home widens. JACK market capitalization is 2.85B with 20700 employees. Moreover, Suvretta Capital Management Llc has 1.16% invested in the company for 480,400 shares. Schroder Investment Management Group boosted its position in Jack In The Box by 26.9% in the fourth quarter. The firm has a SMA 50 (Simple Moving Average) of $87.27 and a SMA 200-(Simple Moving Average) of $75.64. Morgan Stanley upgraded Jack In The Box from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $61.78 to $89.00 in a research report on Friday, April 8th.
Operating earnings rose to $1.07 a share from 76 cents a year earlier as falling food costs offset climbing labor expenses.
Revenue increased 2.6%, to $368.9 million, above the average analyst estimate on Thomson Reuters of $367 million.
In a Thursday afternoon conference call with analysts, the chairman and CEO of Jack in the Box, Lenny Comma said the restaurant chain’s guests that were the most frequent, had noticed and embraced the menu improvements. The Company’s divisions are Jack in the Box and Qdoba Restaurant operations.
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Both Jack in the Box and Qdoba are expected to see 1-to-2 percent comparable restaurant sales growth in the current quarter, according to the report, and the company will pay a quarterly cash dividend of 30 cents per share on common stock for all shareholders of record on August 16, to be paid on August 29. It operates and franchises approximately 2,250 Jack in the Box restaurants, primarily in the western and southern United States, including one in Guam, over 660 Qdoba restaurants across the United States, and approximately four in Canada.
