Summit Asset Management LLC Purchases Shares of 1,352 Texas Roadhouse, Inc. (NASDAQ:TXRH)

Summit Asset Management LLC purchased a new stake in Texas Roadhouse, Inc. (NASDAQ:TXRH) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,352 shares of the restaurant operator’s stock, valued at approximately $244,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Kingsview Wealth Management LLC increased its stake in Texas Roadhouse by 3.1% in the 3rd quarter. Kingsview Wealth Management LLC now owns 1,771 shares of the restaurant operator’s stock valued at $313,000 after buying an additional 54 shares during the last quarter. Lifestyle Asset Management Inc. grew its position in shares of Texas Roadhouse by 3.9% in the 4th quarter. Lifestyle Asset Management Inc. now owns 1,603 shares of the restaurant operator’s stock valued at $289,000 after acquiring an additional 60 shares during the period. CIBC Asset Management Inc grew its position in shares of Texas Roadhouse by 3.3% in the 3rd quarter. CIBC Asset Management Inc now owns 1,952 shares of the restaurant operator’s stock valued at $345,000 after acquiring an additional 62 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in shares of Texas Roadhouse by 32.2% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 267 shares of the restaurant operator’s stock valued at $48,000 after acquiring an additional 65 shares during the period. Finally, Insight Wealth Partners LLC boosted its holdings in shares of Texas Roadhouse by 3.9% during the 3rd quarter. Insight Wealth Partners LLC now owns 1,818 shares of the restaurant operator’s stock worth $321,000 after buying an additional 68 shares during the period. 94.82% of the stock is currently owned by institutional investors and hedge funds.

Texas Roadhouse Stock Performance

Shares of TXRH stock opened at $169.13 on Friday. The company has a market capitalization of $11.28 billion, a price-to-earnings ratio of 26.14, a price-to-earnings-growth ratio of 1.23 and a beta of 1.02. The company’s 50-day moving average is $179.22 and its 200 day moving average is $180.17. Texas Roadhouse, Inc. has a one year low of $146.51 and a one year high of $206.04.

Texas Roadhouse (NASDAQ:TXRH) last issued its quarterly earnings data on Thursday, February 20th. The restaurant operator reported $1.73 earnings per share for the quarter, topping the consensus estimate of $1.66 by $0.07. Texas Roadhouse had a net margin of 8.07% and a return on equity of 34.02%. The firm had revenue of $1.44 billion for the quarter, compared to analysts’ expectations of $1.41 billion. As a group, research analysts predict that Texas Roadhouse, Inc. will post 7.23 earnings per share for the current fiscal year.

Texas Roadhouse Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 18th will be given a $0.68 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This is an increase from Texas Roadhouse’s previous quarterly dividend of $0.61. This represents a $2.72 dividend on an annualized basis and a yield of 1.61%. Texas Roadhouse’s dividend payout ratio (DPR) is currently 42.04%.

Wall Street Analyst Weigh In

Several brokerages recently commented on TXRH. The Goldman Sachs Group began coverage on shares of Texas Roadhouse in a report on Thursday, December 5th. They set a “neutral” rating and a $213.00 target price for the company. Truist Financial cut their price objective on shares of Texas Roadhouse from $209.00 to $205.00 and set a “buy” rating for the company in a report on Friday. Royal Bank of Canada cut their price objective on shares of Texas Roadhouse from $200.00 to $180.00 and set a “sector perform” rating for the company in a report on Friday. Barclays cut their price objective on shares of Texas Roadhouse from $194.00 to $178.00 and set an “equal weight” rating for the company in a report on Friday. Finally, Stephens cut their price objective on shares of Texas Roadhouse from $186.00 to $180.00 and set an “equal weight” rating for the company in a report on Friday. Eleven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Texas Roadhouse has an average rating of “Moderate Buy” and an average target price of $192.50.

Insider Buying and Selling

In other news, insider Christopher C. Colson sold 1,370 shares of Texas Roadhouse stock in a transaction on Friday, January 10th. The stock was sold at an average price of $179.46, for a total transaction of $245,860.20. Following the completion of the sale, the insider now directly owns 10,000 shares in the company, valued at approximately $1,794,600. This trade represents a 12.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.50% of the stock is owned by corporate insiders.

About Texas Roadhouse

Texas Roadhouse, Inc, together with its subsidiaries, operates casual dining restaurants in the United States and internationally. It also operates and franchises restaurants under the Texas Roadhouse, Bubba's 33, and Jaggers names in 49 states and ten internationally. Texas Roadhouse, Inc was founded in 1993 and is based in Louisville, Kentucky.