In a recent quarterly disclosure to the SEC, famed investor Bill Miller's firm, Miller Value Partners, revealed an increased stake in Bloomin' Brands (BLMN), the parent company of Outback Steakhouse. The filing, which reflects holdings as of June 30, 2026, showed a 27% increase in their position to 2.59 million shares. This move boosted the value of their holding to $23.64 million, making it a more significant part of their portfolio at 5.59%.
Miller Value Partners has previously outlined its investment thesis for Bloomin' Brands, citing a belief in the company's management-led transformation to restore traffic and brand relevance. The firm highlighted the stock's compelling valuation and management's focus on improving food quality and operational consistency to drive growth. This share increase follows a period where Bloomin' Brands reported better-than-expected quarterly earnings.