The Manufacturers Life Insurance Company Purchases 4,566 Shares of Shake Shack, Inc. (SHAK)
The Manufacturers Life Insurance Company raised its position in Shake Shack, Inc. (NYSE:SHAK) by 35.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,467 shares of the company’s stock after purchasing an additional 4,566 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Shake Shack worth $610,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ameriprise Financial Inc. grew its stake in Shake Shack by 4.6% in the second quarter. Ameriprise Financial Inc. now owns 108,715 shares of the company’s stock valued at $3,792,000 after purchasing an additional 4,764 shares in the last quarter. Brighton Jones LLC purchased a new position in Shake Shack in the second quarter valued at about $425,000. Thrivent Financial For Lutherans purchased a new position in Shake Shack in the first quarter valued at about $333,000. FMR LLC grew its stake in Shake Shack by 5.7% in the second quarter. FMR LLC now owns 2,615,287 shares of the company’s stock valued at $91,221,000 after purchasing an additional 142,140 shares in the last quarter. Finally, Macquarie Group Ltd. grew its stake in Shake Shack by 18.9% in the second quarter. Macquarie Group Ltd. now owns 844,390 shares of the company’s stock valued at $29,452,000 after purchasing an additional 134,386 shares in the last quarter. Hedge funds and other institutional investors own 85.06% of the company’s stock.
A number of research analysts have commented on SHAK shares. SunTrust Banks, Inc. restated a “buy” rating and issued a $48.00 target price on shares of Shake Shack in a research note on Thursday, October 12th. BidaskClub upgraded Shake Shack from a “hold” rating to a “buy” rating in a research note on Thursday, October 26th. Wedbush restated an “outperform” rating and issued a $40.00 target price (down previously from $43.00) on shares of Shake Shack in a research note on Sunday, July 30th. Barclays PLC lowered their target price on Shake Shack from $35.00 to $34.00 and set an “equal weight” rating on the stock in a research note on Friday, August 4th. Finally, Cowen and Company boosted their target price on Shake Shack from $35.00 to $36.00 and gave the company a “market perform” rating in a research note on Thursday, November 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating, three have issued a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $37.33.
In related news, COO Zach Koff sold 5,000 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $37.00, for a total transaction of $185,000.00. Following the completion of the transaction, the chief operating officer now owns 8,978 shares of the company’s stock, valued at approximately $332,186. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel Harris Meyer sold 45,000 shares of the business’s stock in a transaction dated Monday, November 6th. The stock was sold at an average price of $36.27, for a total value of $1,632,150.00. Following the transaction, the director now directly owns 642 shares of the company’s stock, valued at approximately $23,285.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 272,030 shares of company stock valued at $9,354,722. 34.91% of the stock is currently owned by corporate insiders.
Shares of Shake Shack, Inc. (NYSE:SHAK) opened at $37.21 on Tuesday. The stock has a market capitalization of $1,350.00 and a PE ratio of 66.66. Shake Shack, Inc. has a 52 week low of $30.12 and a 52 week high of $39.70.
Shake Shack (NYSE:SHAK) last released its quarterly earnings results on Wednesday, November 1st. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. The company had revenue of $94.60 million during the quarter, compared to the consensus estimate of $94.17 million. Shake Shack had a return on equity of 9.42% and a net margin of 4.78%. The firm’s revenue was up 26.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 EPS. equities analysts expect that Shake Shack, Inc. will post 0.52 earnings per share for the current year.
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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