Bloomin' Brands (BLMN) Stock Pops After Jana Partners Discloses Stake

By Zacks Investment ResearchStock MarketsNov 20, 2017 06:25AM ET

www.investing.com/analysis/bloomin-brands-blmn-stock-pops-after-jana-partners-discloses-stake-200266964

Bloomin' Brands (BLMN) Stock Pops After Jana Partners Discloses Stake

By Zacks Investment Research | Nov 20, 2017 06:25AM ET

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Shares of restaurant operator Bloomin’ Brands (NASDAQ:BLMN) closed the day up over 12% to $20.54 per share after activist investor Jana Partners disclosed an 8.7% stake in the company.

In a regulatory filing, Jana said that it initially acquired the stake as of November 10, which makes it Bloomin’ Brands’ second-biggest outside stockholder.

The firm also said that the company’s stock was “undervalued and represent[s] an attractive investment opportunity.” Jana continued, saying that they plan on having conversations with the company’s management and board of directors, “including a review of strategic alternatives including exploring a sale.”

This announcement is just Jana’s latest stake in the food and restaurant industry. Last week, the firm disclosed a 4.5% investment in fast food chain Jack in the Box (NASDAQ:JACK) , and earlier this year, Jana bought a portion of Whole Foods before the organic grocer was acquired by Amazon (NASDAQ:AMZN) .

Bloomin’ Brands owns and operates popular restaurant chains Outback Steakhouse, Carrabba’s Italian Grill, Bonefish Grill, and Fleming’s Prime Steakhouse & Wine Bar. BLMN has gained almost 14% year-to-date.

Bloomin' Brands, Inc. Price and Consensus

Bloomin' Brands, Inc. Price and Consensus | Bloomin' Brands, Inc. Quote

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Bloomin' Brands (BLMN) Stock Pops After Jana Partners Discloses Stake

Bloomin' Brands, Inc. Price and Consensus

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