Arizona State Retirement System cut its position in shares of Shake Shack Inc (NYSE:SHAK) by 6.0% during the 2nd quarter, Holdings Channel reports. The firm owned 28,125 shares of the company’s stock after selling 1,795 shares during the period. Arizona State Retirement System’s holdings in Shake Shack were worth $1,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Commonwealth Equity Services LLC lifted its stake in Shake Shack by 15.6% during the second quarter. Commonwealth Equity Services LLC now owns 7,283 shares of the company’s stock worth $482,000 after purchasing an additional 981 shares during the last quarter. Comerica Bank lifted its stake in Shake Shack by 5.5% during the first quarter. Comerica Bank now owns 21,052 shares of the company’s stock worth $908,000 after purchasing an additional 1,095 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Shake Shack by 13.4% during the first quarter. Thrivent Financial for Lutherans now owns 12,766 shares of the company’s stock worth $531,000 after purchasing an additional 1,504 shares during the last quarter. Legal & General Group Plc lifted its stake in Shake Shack by 4.6% during the first quarter. Legal & General Group Plc now owns 35,930 shares of the company’s stock worth $1,485,000 after purchasing an additional 1,589 shares during the last quarter. Finally, Prudential Financial Inc. lifted its stake in Shake Shack by 5.5% during the first quarter. Prudential Financial Inc. now owns 31,860 shares of the company’s stock worth $1,326,000 after purchasing an additional 1,650 shares during the last quarter. Hedge funds and other institutional investors own 87.48% of the company’s stock.
Several brokerages recently issued reports on SHAK. Barclays raised their price objective on Shake Shack from $52.00 to $59.00 and gave the stock an “equal weight” rating in a research note on Monday, August 6th. Wedbush restated a “hold” rating and set a $62.00 price objective on shares of Shake Shack in a research note on Friday, August 3rd. Cowen restated a “hold” rating and set a $59.00 price objective on shares of Shake Shack in a research note on Wednesday, July 25th. Zacks Investment Research upgraded Shake Shack from a “sell” rating to a “hold” rating in a research note on Tuesday, July 17th. Finally, Morgan Stanley raised their price objective on Shake Shack from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Monday, July 16th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $53.00.
Shares of NYSE SHAK opened at $57.90 on Friday. Shake Shack Inc has a 1-year low of $30.12 and a 1-year high of $70.12. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of 101.58, a P/E/G ratio of 4.28 and a beta of 1.21.
Shake Shack (NYSE:SHAK) last issued its earnings results on Thursday, August 2nd. The company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.11. Shake Shack had a return on equity of 10.39% and a net margin of 0.42%. The firm had revenue of $116.30 million for the quarter, compared to analyst estimates of $110.70 million. During the same period last year, the company earned $0.20 earnings per share. The firm’s revenue for the quarter was up 27.4% on a year-over-year basis. equities analysts anticipate that Shake Shack Inc will post 0.61 EPS for the current fiscal year.
In other news, CEO Randall J. Garutti sold 30,000 shares of the firm’s stock in a transaction on Tuesday, June 26th. The stock was sold at an average price of $67.51, for a total transaction of $2,025,300.00. Following the transaction, the chief executive officer now directly owns 48,041 shares of the company’s stock, valued at $3,243,247.91. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Equity Group L.P. Select sold 130,606 shares of the firm’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $62.88, for a total value of $8,212,505.28. The disclosure for this sale can be found here. Insiders sold 1,137,233 shares of company stock worth $70,354,700 over the last ninety days. 30.18% of the stock is owned by corporate insiders.
Shake Shack Profile
Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, hot dogs, chicken, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. As of December 27, 2017, it had 159 Shacks, including 90 domestic company-operated Shacks, 10 domestic licensed Shacks, and 59 international licensed Shacks.
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