Back to top

Image: Bigstock

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

Read MoreHide Full Article

Shares of restaurant operator Bloomin’ Brands (BLMN - Free Report) 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 (JACK - Free Report) , and earlier this year, Jana bought a portion of Whole Foods before the organic grocer was acquired by Amazon (AMZN - Free Report) .

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.

Wall Street’s Next Amazon

Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius. Click for details >>