Activist Investors Eye Slice of BJ's Restaurants (BJRI)

NEW YORK (TheStreet) -- Investment funds PW Partners Atlas Fund and Luxor Capital Partners announced their intention to nominate five representatives to the board of BJ's Restaurants (BJRI). The firms collectively own around 12.4% of BJ's shares.

Separately, Clinton Relational Opportunity Master Fund, which owns 0.48% of outstanding shares, said it also intends to nominate five representatives to stand for election.

The nominations will be presented at the company's 2014 annual meeting, the date of which has not yet been announced.

"BJ's has always been committed to engagement with its shareholders, including regarding corporate governance matters. The Board remains highly focused on creating the optimal conditions to generate long-term value and will continue to take actions that support the interests of all shareholders," BJ's said in a statement.

By early afternoon Thursday, shares had soared 21.1% to $33.50. Trading volume of 2.4 million was more than triple its three-month daily average.

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TheStreet Ratings team rates BJ'S RESTAURANTS INC as a Hold with a ratings score of C. The team has this to say about their recommendation:

"We rate BJ'S RESTAURANTS INC (BJRI) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."

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