Engineers Gate Manager LP Purchases 17,219 Shares of Noodles & Co (NDLS)
Engineers Gate Manager LP boosted its position in Noodles & Co (NASDAQ:NDLS) by 60.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,644 shares of the restaurant operator’s stock after purchasing an additional 17,219 shares during the period. Engineers Gate Manager LP’s holdings in Noodles & Co were worth $552,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its holdings in Noodles & Co by 55.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 85,611 shares of the restaurant operator’s stock worth $1,054,000 after purchasing an additional 30,618 shares in the last quarter. Intrinsic Edge Capital Management LLC acquired a new position in Noodles & Co in the 2nd quarter worth about $2,460,000. Eidelman Virant Capital increased its holdings in Noodles & Co by 9.7% in the 3rd quarter. Eidelman Virant Capital now owns 784,696 shares of the restaurant operator’s stock worth $9,494,000 after purchasing an additional 69,405 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Noodles & Co by 15.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 41,914 shares of the restaurant operator’s stock worth $516,000 after purchasing an additional 5,700 shares in the last quarter. Finally, Northpointe Capital LLC acquired a new position in Noodles & Co in the 3rd quarter worth about $2,751,000. 64.72% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have issued reports on NDLS. ValuEngine raised Noodles & Co from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 17th. Zacks Investment Research raised Noodles & Co from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Thursday, October 18th. Citigroup upped their target price on Noodles & Co from $11.50 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 18th. UBS Group upped their target price on Noodles & Co from $4.00 to $10.00 and gave the stock a “$11.80” rating in a report on Thursday, July 19th. Finally, BidaskClub raised Noodles & Co from a “buy” rating to a “strong-buy” rating in a report on Wednesday, September 12th. Five research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Noodles & Co presently has an average rating of “Buy” and a consensus target price of $11.71.
Noodles & Co (NASDAQ:NDLS) last issued its quarterly earnings results on Tuesday, October 23rd. The restaurant operator reported $0.04 earnings per share for the quarter, meeting the consensus estimate of $0.04. The company had revenue of $116.70 million during the quarter, compared to analysts’ expectations of $114.80 million. Noodles & Co had a positive return on equity of 2.23% and a negative net margin of 1.96%. The business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.02 earnings per share. As a group, research analysts predict that Noodles & Co will post 0.04 earnings per share for the current year.
In other news, CEO David James Boennighausen sold 43,096 shares of the stock in a transaction dated Monday, August 27th. The stock was sold at an average price of $11.52, for a total value of $496,465.92. Following the completion of the sale, the chief executive officer now owns 118,261 shares of the company’s stock, valued at $1,362,366.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Melissa Heidman sold 4,315 shares of the stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $12.00, for a total value of $51,780.00. Following the completion of the sale, the executive vice president now directly owns 24,740 shares of the company’s stock, valued at approximately $296,880. The disclosure for this sale can be found here. In the last three months, insiders sold 63,937 shares of company stock valued at $748,702. Insiders own 50.52% of the company’s stock.
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About Noodles & Co
Noodles & Company develops and operates fast casual restaurants in the United States. It offers cooked-to-order dishes, including noodles and pasta, soups, salads, sandwiches, and appetizers. As of January 2, 2018, the company operated 412 company-owned and 66 franchised restaurants in 29 states, the District of Columbia.
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