Fogo De Chao Inc (FOGO) was Downgraded by JP Morgan to ” Neutral” while Lowering the Price Target of the company shares to $ 16 from a previous price target of $20 . Earlier the firm had a rating of “Overweight ” on the company shares. JP Morgan advised their investors in a research report released on May 17, 2016.
On the company’s financial health, Fogo De Chao Inc reported $0.21 EPS for the quarter, missing the analyst consensus estimate by $ -0.02 based on the information available during the earnings call on May 10, 2016. Analyst had a consensus of $0.23. The company had revenue of $68.90 million for the quarter, compared to analysts expectations of $71.87 million. The company’s revenue was up 6.0% compared to the same quarter last year.
Fogo De Chao Inc opened for trading at $15.6 and hit $15.76 on the upside on Monday, eventually ending the session at $15.65, with a gain of 0.58% or 0.09 points. The heightened volatility saw the trading volume jump to 61,657 shares. Company has a market cap of $440 M.
In a different news, on Jun 24, 2015, Eulila Selma Oliveira (COO) purchased 2,640 shares at $20.00 per share price. According to the SEC, on Jun 24, 2015, Neil Moses (director) purchased 5,300 shares at $20.00 per share price. On Jun 24, 2015, George Barry Mcgowan (President) purchased 10,956 shares at $20.00 per share price, according to the Form-4 filing with the securities and exchange commission.
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). The Company operates through two segments: United States and Brazil. It specializes in fire-roasting meats utilizing the centuries-old Southern Brazilian cooking technique of churrasco. The Company offers its guests a tasting menu of meats featuring up to 20 cuts simply seasoned and fire-roasted to expose their natural flavors. The Company operates approximately 26 restaurants in the United States 10 in Brazil and one in Mexico. The Company operates a range of restaurant formats including in-line and free-standing locations. Its restaurants range in size from approximately 7000 to 16000 square feet with seating from 200 to 500 guests.