Shake Shack Inc (SHAK) Stake Lowered by New York State Common Retirement Fund
New York State Common Retirement Fund trimmed its position in shares of Shake Shack Inc (NYSE:SHAK) by 9.5% in the 4th quarter, Holdings Channel reports. The fund owned 24,900 shares of the company’s stock after selling 2,600 shares during the quarter. New York State Common Retirement Fund’s holdings in Shake Shack were worth $1,131,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings in shares of Shake Shack by 3.6% during the second quarter. Bank of New York Mellon Corp now owns 227,898 shares of the company’s stock valued at $15,083,000 after purchasing an additional 7,923 shares during the last quarter. Comerica Bank lifted its holdings in shares of Shake Shack by 19.7% during the third quarter. Comerica Bank now owns 25,887 shares of the company’s stock valued at $1,377,000 after purchasing an additional 4,263 shares during the last quarter. Wells Fargo & Company MN lifted its stake in Shake Shack by 576.2% in the 3rd quarter. Wells Fargo & Company MN now owns 235,646 shares of the company’s stock worth $14,848,000 after acquiring an additional 200,799 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. purchased a new stake in Shake Shack in the 3rd quarter worth about $365,000. Finally, JPMorgan Chase & Co. lifted its stake in Shake Shack by 23.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 182,666 shares of the company’s stock worth $11,510,000 after acquiring an additional 34,810 shares in the last quarter. 82.66% of the stock is owned by hedge funds and other institutional investors.
In other news, Director Jonathan D. Sokoloff sold 185,847 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $53.10, for a total transaction of $9,868,475.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Zach Koff sold 10,000 shares of the firm’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $54.25, for a total value of $542,500.00. The disclosure for this sale can be found here. Insiders have sold a total of 480,606 shares of company stock valued at $25,503,536 over the last ninety days. Company insiders own 30.18% of the company’s stock.
Shake Shack (NYSE:SHAK) last announced its quarterly earnings data on Monday, February 25th. The company reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.02. The firm had revenue of $124.30 million during the quarter, compared to the consensus estimate of $119.08 million. Shake Shack had a return on equity of 9.57% and a net margin of 3.30%. The business’s revenue for the quarter was up 29.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 EPS. As a group, analysts predict that Shake Shack Inc will post 0.62 earnings per share for the current year.
SHAK has been the subject of several research analyst reports. Stifel Nicolaus reduced their price objective on Shake Shack from $65.00 to $55.00 and set a “hold” rating for the company in a research note on Wednesday, December 12th. Jefferies Financial Group raised Shake Shack from an “underperform” rating to a “hold” rating and set a $45.08 price objective for the company in a research note on Wednesday, December 19th. They noted that the move was a valuation call. Wedbush reduced their price objective on Shake Shack from $56.00 to $54.00 and set a “neutral” rating for the company in a research note on Tuesday, February 26th. Finally, Zacks Investment Research downgraded Shake Shack from a “hold” rating to a “sell” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $54.21.
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Shake Shack Profile
Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, hot dogs, chicken, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. As of October 9, 2018, it operated 180 locations in 26 U.S.
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