Prudential Financial Inc. Decreases Holdings in Shake Shack, Inc. (SHAK)
Prudential Financial Inc. trimmed its holdings in shares of Shake Shack, Inc. (NYSE:SHAK) by 5.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,670 shares of the company’s stock after selling 1,860 shares during the period. Prudential Financial Inc. owned approximately 0.12% of Shake Shack worth $1,070,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in SHAK. FMR LLC lifted its stake in Shake Shack by 150.7% during the 1st quarter. FMR LLC now owns 2,473,147 shares of the company’s stock valued at $82,603,000 after acquiring an additional 1,486,647 shares during the period. Morgan Stanley lifted its stake in Shake Shack by 30.7% during the 1st quarter. Morgan Stanley now owns 3,179,116 shares of the company’s stock valued at $106,183,000 after acquiring an additional 747,486 shares during the period. Point72 Asset Management L.P. lifted its stake in Shake Shack by 520.9% during the 1st quarter. Point72 Asset Management L.P. now owns 396,100 shares of the company’s stock valued at $13,230,000 after acquiring an additional 332,301 shares during the period. Principal Financial Group Inc. acquired a new stake in Shake Shack during the 1st quarter valued at approximately $4,555,000. Finally, Gilder Gagnon Howe & Co. LLC lifted its stake in Shake Shack by 5.8% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 2,318,882 shares of the company’s stock valued at $80,883,000 after acquiring an additional 128,075 shares during the period. Institutional investors and hedge funds own 82.30% of the company’s stock.
Several analysts have commented on SHAK shares. SunTrust Banks, Inc. set a $48.00 price objective on shares of Shake Shack and gave the company a “buy” rating in a research note on Tuesday, June 27th. Wedbush restated an “outperform” rating and set a $40.00 price objective (down from $43.00) on shares of Shake Shack in a research note on Sunday, July 30th. Zacks Investment Research cut shares of Shake Shack from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Vetr upgraded shares of Shake Shack from a “buy” rating to a “strong-buy” rating and set a $42.33 price objective for the company in a research note on Tuesday, June 20th. Finally, BidaskClub cut shares of Shake Shack from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $37.19.
In other Shake Shack news, SVP Peggy Rubenzer sold 7,000 shares of the firm’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $32.17, for a total value of $225,190.00. Following the completion of the sale, the senior vice president now owns 24,415 shares of the company’s stock, valued at $785,430.55. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Equity Group L.P. Select sold 19,452 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $32.01, for a total value of $622,658.52. The disclosure for this sale can be found here. Over the last quarter, insiders sold 150,452 shares of company stock worth $4,779,481. 34.91% of the stock is currently owned by insiders.
Shake Shack, Inc. (NYSE SHAK) opened at 33.25 on Friday. The firm has a market capitalization of $863.87 million, a PE ratio of 57.93 and a beta of 1.33. Shake Shack, Inc. has a 1-year low of $30.52 and a 1-year high of $39.70. The company has a 50 day moving average of $32.44 and a 200 day moving average of $32.44.
Shake Shack (NYSE:SHAK) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.04. Shake Shack had a net margin of 4.70% and a return on equity of 8.71%. The firm had revenue of $91.30 million for the quarter, compared to analyst estimates of $89.00 million. During the same period last year, the firm posted $0.14 EPS. Shake Shack’s quarterly revenue was up 37.3% on a year-over-year basis. Analysts forecast that Shake Shack, Inc. will post $0.51 EPS for the current year.
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About Shake Shack
Shake Shack Inc operates roadside burger stands. The Company serves an American menu of burgers, hot dogs, crispy chicken, frozen custard, crinkle cut fries, shakes, beer and wine, among others. The Company’s signature items are its all-natural, hormone and antibiotic-free burgers, hot dogs, crispy chicken, crinkle cut fries, shakes and frozen custard.
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