Bridgewater Associates LP reduced its holdings in Cheesecake Factory Inc (NASDAQ:CAKE) by 48.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 25,685 shares of the restaurant operator’s stock after selling 24,549 shares during the period. Bridgewater Associates LP’s holdings in Cheesecake Factory were worth $1,414,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in the stock. BlackRock Inc. lifted its stake in Cheesecake Factory by 8.3% in the 2nd quarter. BlackRock Inc. now owns 5,177,817 shares of the restaurant operator’s stock worth $285,089,000 after acquiring an additional 398,351 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its stake in Cheesecake Factory by 5.5% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,690,151 shares of the restaurant operator’s stock worth $129,719,000 after acquiring an additional 141,443 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Cheesecake Factory by 0.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,769,385 shares of the restaurant operator’s stock worth $97,422,000 after acquiring an additional 7,158 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Cheesecake Factory by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,322,175 shares of the restaurant operator’s stock worth $63,755,000 after acquiring an additional 8,233 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in Cheesecake Factory by 0.6% in the 1st quarter. Wells Fargo & Company MN now owns 887,351 shares of the restaurant operator’s stock worth $42,788,000 after acquiring an additional 5,652 shares in the last quarter.
CAKE opened at $55.08 on Friday. Cheesecake Factory Inc has a fifty-two week low of $38.45 and a fifty-two week high of $60.19. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.48 and a quick ratio of 0.38. The stock has a market cap of $2.52 billion, a PE ratio of 23.89, a PEG ratio of 1.57 and a beta of 0.26.
Cheesecake Factory (NASDAQ:CAKE) last posted its quarterly earnings results on Tuesday, July 31st. The restaurant operator reported $0.65 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.81 by ($0.16). Cheesecake Factory had a return on equity of 17.87% and a net margin of 6.00%. The firm had revenue of $593.20 million for the quarter, compared to analysts’ expectations of $592.40 million. During the same period last year, the business earned $0.78 earnings per share. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. research analysts forecast that Cheesecake Factory Inc will post 2.43 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 28th. Stockholders of record on Wednesday, August 15th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, August 14th. This is an increase from Cheesecake Factory’s previous quarterly dividend of $0.29. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.40%. Cheesecake Factory’s dividend payout ratio (DPR) is 50.77%.
In related news, Director Edie A. Ames acquired 500 shares of the business’s stock in a transaction that occurred on Wednesday, August 22nd. The shares were acquired at an average cost of $52.83 per share, with a total value of $26,415.00. Following the purchase, the director now owns 1,430 shares of the company’s stock, valued at $75,546.90. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Cheryl Slomann sold 1,005 shares of the firm’s stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $52.94, for a total value of $53,204.70. Following the completion of the transaction, the insider now directly owns 12,106 shares in the company, valued at $640,891.64. The disclosure for this sale can be found here. 8.80% of the stock is owned by company insiders.
Several brokerages recently issued reports on CAKE. Robert W. Baird increased their price objective on Cheesecake Factory from $55.00 to $58.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 25th. ValuEngine raised Cheesecake Factory from a “hold” rating to a “buy” rating in a research note on Wednesday, July 11th. Zacks Investment Research downgraded Cheesecake Factory from a “hold” rating to a “strong sell” rating in a research note on Friday, August 3rd. Maxim Group downgraded Cheesecake Factory from a “buy” rating to a “hold” rating and set a $60.00 price objective for the company. in a research note on Friday, June 22nd. Finally, BidaskClub raised Cheesecake Factory from a “hold” rating to a “buy” rating in a research note on Friday, August 17th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $51.73.
About Cheesecake Factory
The Cheesecake Factory Incorporated operates restaurants in the United States. The company produces cheesecakes and other baked products for own restaurants and international licensees, as well as external foodservice operators, retailers, and distributors. As of August 7, 2018, it operated 214 company-owned restaurants, including 198 restaurants under The Cheesecake Factory brand; 14 restaurants under the Grand Lux Cafe brand; and 2 restaurants under the RockSugar Southeast Asian Kitchen brand, as well as 21 The Cheesecake Factory branded restaurants under licensing agreements internationally.
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