Here’s Why ClearBridge Mid Cap Strategy Sold Bloomin’ Brands (BLMN)

ClearBridge Investments, an investment management firm, published its “Mid Cap Strategy” fourth quarter 2022 investor letter. A copy of which can be downloaded here. During the fourth quarter, the strategy underperformed the Russell Midcap Index. On an absolute basis, the strategy gained in 10 of the 11 sectors it invested in during the quarter. The consumer staples, industrials, and financial sectors were the leading contributors while the healthcare sector trailed the performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Mid Cap Strategy highlighted stocks like Bloomin’ Brands, Inc. (NASDAQ:BLMN) in the fourth quarter 2022 investor letter. Headquartered in Tampa, Florida, Bloomin’ Brands, Inc. (NASDAQ:BLMN) is a restaurant operator. On March 14, 2023, Bloomin’ Brands, Inc. (NASDAQ:BLMN) stock closed at $24.68 per share. One-month return of Bloomin’ Brands, Inc. (NASDAQ:BLMN) was -0.84%, and its shares gained 10.82% of their value over the last 52 weeks. Bloomin’ Brands, Inc. (NASDAQ:BLMN) has a market capitalization of $2.162 billion.

ClearBridge Mid Cap Strategy made the following comment about Bloomin’ Brands, Inc. (NASDAQ:BLMN) in its Q4 2022 investor letter:

“We exited our position in Bloomin’ Brands, Inc. (NASDAQ:BLMN), in the consumer discretionary sector, which owns and operates casual and upscale restaurants including Outback Steakhouse. Although we have been pleased with the stock’s performance, we believe the company faces increased headwinds stemming from inflation in certain commodity prices. This, combined with the prospect of declining consumer spending entering a recession, resulted in our decision to capitalize on the stock’s positive performance and exit the position.”

Photo by S O C I A L . C U T on Unsplash

Bloomin’ Brands, Inc. (NASDAQ:BLMN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 32 hedge fund portfolios held Bloomin’ Brands, Inc. (NASDAQ:BLMN) at the end of the fourth quarter which was 26 in the previous quarter.

We discussed Bloomin’ Brands, Inc. (NASDAQ:BLMN) in another article and shared the list of best small-cap stocks to buy. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 20 Biggest NonProfit Companies in the US
• 16 Countries that Produce the Best Nurses
• 10 Biggest Real Estate Companies in China

Disclosure: None. This article is originally published at Insider Monkey.