Chipotle Mexican Grill Inc. (NYSE:CMG) shares dropped 2.8% during trading on Friday . The stock traded as low as $405.25 and last traded at $406.22, with a volume of 703,209 shares changing hands. The stock had previously closed at $417.98.

CMG has been the subject of several research reports. Vetr raised shares of Chipotle Mexican Grill from a “buy” rating to a “strong-buy” rating and set a $483.64 price target for the company in a report on Wednesday, April 27th. Deutsche Bank AG reiterated a “sell” rating and issued a $430.00 price objective (up from $424.00) on shares of Chipotle Mexican Grill in a research report on Wednesday, April 27th. Nomura Holdings Inc. reiterated a “hold” rating on shares of Chipotle Mexican Grill in a research report on Wednesday, April 27th. Telsey Advisory Group downgraded shares of Chipotle Mexican Grill from an “outperform” rating to a “market perform” rating and set a $555.00 price objective on the stock. in a research report on Wednesday, June 1st. Finally, BTIG Research reiterated a “neutral” rating on shares of Chipotle Mexican Grill in a research report on Wednesday, June 29th. Six research analysts have rated the stock with a sell rating, twenty have given a hold rating and thirteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $519.45.

The firm has a market cap of $11.82 billion and a PE ratio of 38.51. The stock’s 50 day moving average is $410.61 and its 200 day moving average is $452.27.

Chipotle Mexican Grill (NYSE:CMG) last issued its quarterly earnings results on Tuesday, April 26th. The company reported ($0.88) earnings per share for the quarter, topping the consensus estimate of ($0.95) by $0.07. The business had revenue of $834.50 million for the quarter, compared to the consensus estimate of $876.83 million. During the same period in the prior year, the business earned $3.88 earnings per share. Chipotle Mexican Grill’s revenue was down 23.4% compared to the same quarter last year. On average, equities research analysts forecast that Chipotle Mexican Grill Inc. will post $4.45 earnings per share for the current fiscal year.

In other news, CEO Steve Ells sold 21,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 31st. The shares were sold at an average price of $440.26, for a total transaction of $9,245,460.00. Following the completion of the transaction, the chief executive officer now directly owns 122,043 shares of the company’s stock, valued at approximately $53,730,651.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Several institutional investors have recently added to or reduced their stakes in the stock. Marshall Wace LLP purchased a new position in Chipotle Mexican Grill during the fourth quarter valued at $1,039,000. Suntrust Banks Inc. increased its stake in shares of Chipotle Mexican Grill by 158.1% in the fourth quarter. Suntrust Banks Inc. now owns 2,478 shares of the company’s stock valued at $1,188,000 after buying an additional 1,518 shares in the last quarter. Sawtooth Asset Management Inc. increased its stake in shares of Chipotle Mexican Grill by 9,300.0% in the fourth quarter. Sawtooth Asset Management Inc. now owns 2,538 shares of the company’s stock valued at $1,218,000 after buying an additional 2,511 shares in the last quarter. Horan Capital Advisors LLC. acquired a new stake in shares of Chipotle Mexican Grill during the fourth quarter valued at about $1,474,000. Finally, BNP Paribas Arbitrage SA increased its stake in shares of Chipotle Mexican Grill by 239.4% in the fourth quarter. BNP Paribas Arbitrage SA now owns 3,197 shares of the company’s stock valued at $1,534,000 after buying an additional 2,255 shares in the last quarter.

Chipotle Mexican Grill, Inc, together with its subsidiaries operates Chipotle Mexican Grill restaurants. The Company’s Chipotle Mexican Grill restaurants serve a menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads. The Company operates approximately 1,970 Chipotle restaurants throughout the United States, over 10 in Canada, seven in England, four in France and one in Germany.

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