Insider Selling: The Cheesecake Factory Inc. (CAKE) CFO Sells $724,973.00 in Stock
The Cheesecake Factory Inc. (NASDAQ:CAKE) CFO Doug Benn sold 13,004 shares of the company’s stock in a transaction dated Thursday, November 10th. The shares were sold at an average price of $55.75, for a total value of $724,973.00. Following the completion of the sale, the chief financial officer now directly owns 52,332 shares of the company’s stock, valued at $2,917,509. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.
The Cheesecake Factory Inc. (NASDAQ:CAKE) opened at 56.87 on Thursday. The stock has a market capitalization of $2.60 billion, a price-to-earnings ratio of 21.08 and a beta of 0.15. The Cheesecake Factory Inc. has a 12 month low of $44.16 and a 12 month high of $60.16. The company has a 50 day moving average price of $52.04 and a 200 day moving average price of $51.01.
The Cheesecake Factory (NASDAQ:CAKE) last posted its quarterly earnings results on Wednesday, October 26th. The company reported $0.70 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.61 by $0.09. The company had revenue of $560 million for the quarter, compared to analysts’ expectations of $356.58 million. The Cheesecake Factory had a return on equity of 22.76% and a net margin of 6.11%. The firm’s revenue was up 6.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share. Equities research analysts predict that The Cheesecake Factory Inc. will post $2.83 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Wednesday, November 9th will be issued a $0.24 dividend. The ex-dividend date is Monday, November 7th. This represents a $0.96 annualized dividend and a dividend yield of 1.69%. The Cheesecake Factory’s dividend payout ratio is currently 35.56%.
CAKE has been the subject of a number of analyst reports. Zacks Investment Research raised The Cheesecake Factory from a “sell” rating to a “hold” rating in a research note on Monday, July 25th. Stifel Nicolaus downgraded The Cheesecake Factory from a “buy” rating to a “sell” rating and cut their target price for the stock from $65.00 to $43.00 in a research note on Tuesday, July 26th. Barclays PLC upped their price target on The Cheesecake Factory from $53.00 to $54.00 and gave the stock an “equal weight” rating in a report on Thursday, July 28th. Canaccord Genuity assumed coverage on The Cheesecake Factory in a report on Monday, August 22nd. They issued a “hold” rating and a $54.00 price target on the stock. Finally, Robert W. Baird restated a “neutral” rating on shares of The Cheesecake Factory in a report on Thursday, September 8th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The Cheesecake Factory has a consensus rating of “Hold” and a consensus target price of $56.26.
Several hedge funds and other institutional investors have recently bought and sold shares of CAKE. FIL Ltd bought a new position in The Cheesecake Factory during the second quarter valued at about $13,927,000. LSV Asset Management bought a new position in The Cheesecake Factory during the third quarter valued at about $13,846,000. Gotham Asset Management LLC boosted its position in The Cheesecake Factory by 229.3% in the third quarter. Gotham Asset Management LLC now owns 283,536 shares of the company’s stock valued at $14,194,000 after buying an additional 197,445 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC boosted its position in The Cheesecake Factory by 16.1% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,390,747 shares of the company’s stock valued at $69,620,000 after buying an additional 193,125 shares in the last quarter. Finally, EverPoint Asset Management LLC boosted its position in The Cheesecake Factory by 1,593.4% in the second quarter. EverPoint Asset Management LLC now owns 170,000 shares of the company’s stock valued at $8,184,000 after buying an additional 159,961 shares in the last quarter. 89.77% of the stock is currently owned by institutional investors.
About The Cheesecake Factory
The Cheesecake Factory Incorporated is engaged in the restaurant and bakery business. The Company operates approximately 200 Company-owned restaurants, including approximately 190 restaurants under The Cheesecake Factory mark and approximately 10 restaurants under the Grand Lux Cafe mark. The Company’s segments include The Cheesecake Factory restaurants, and other, which includes Grand Lux Cafe, RockSugar Pan Asian Kitchen, bakery and international licensing.
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