BlackRock Inc. Acquires 293,311 Shares of Wingstop Inc (WING)
BlackRock Inc. boosted its holdings in Wingstop Inc (NASDAQ:WING) by 7.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,027,863 shares of the restaurant operator’s stock after purchasing an additional 293,311 shares during the quarter. BlackRock Inc. owned about 13.76% of Wingstop worth $209,932,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Point72 Asia Hong Kong Ltd grew its holdings in Wingstop by 1,022.6% in the first quarter. Point72 Asia Hong Kong Ltd now owns 2,481 shares of the restaurant operator’s stock worth $117,000 after purchasing an additional 2,260 shares during the period. Catalyst Capital Advisors LLC purchased a new stake in Wingstop in the second quarter worth about $118,000. Everence Capital Management Inc. purchased a new stake in Wingstop in the second quarter worth about $212,000. Hartford Investment Management Co. purchased a new stake in Wingstop in the second quarter worth about $228,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in Wingstop in the first quarter worth about $238,000.
In related news, insider Lawrence Kruguer sold 1,112 shares of the firm’s stock in a transaction that occurred on Monday, July 2nd. The shares were sold at an average price of $51.73, for a total value of $57,523.76. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Stacy Peterson sold 5,259 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $58.87, for a total transaction of $309,597.33. Following the completion of the sale, the insider now owns 31,423 shares in the company, valued at approximately $1,849,872.01. The disclosure for this sale can be found here. Insiders sold 32,708 shares of company stock worth $2,024,094 in the last 90 days. 1.76% of the stock is currently owned by corporate insiders.
Wingstop (NASDAQ:WING) last posted its quarterly earnings results on Thursday, August 2nd. The restaurant operator reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.03. Wingstop had a net margin of 22.15% and a negative return on equity of 24.63%. The firm had revenue of $37.04 million for the quarter, compared to analysts’ expectations of $36.92 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. equities analysts predict that Wingstop Inc will post 0.85 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 18th. Stockholders of record on Tuesday, September 4th were issued a dividend of $0.09 per share. This is a boost from Wingstop’s previous quarterly dividend of $0.07. The ex-dividend date was Friday, August 31st. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.54%. Wingstop’s dividend payout ratio is presently 48.65%.
A number of equities research analysts have weighed in on the stock. Goldman Sachs Group cut shares of Wingstop from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $58.00 to $66.00 in a report on Tuesday, September 11th. BTIG Research cut shares of Wingstop from a “buy” rating to a “neutral” rating and set a $59.00 price objective on the stock. in a report on Tuesday, September 4th. They noted that the move was a valuation call. Stifel Nicolaus upped their price objective on shares of Wingstop from $58.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, August 27th. BidaskClub cut shares of Wingstop from a “strong-buy” rating to a “buy” rating in a report on Thursday, September 13th. Finally, Wedbush restated an “outperform” rating and issued a $70.00 price objective (up previously from $59.00) on shares of Wingstop in a report on Wednesday, August 22nd. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $57.93.
Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand name. Its restaurants offer cooked-to-order, hand-sauced, and tossed chicken wings. As of February 22, 2018, the company operated approximately 1,000 restaurants the United States, Mexico, Singapore, the Philippines, Indonesia, the United Arab Emirates, Malaysia, Saudi Arabia, and Colombia.
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