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

CMG has been the subject of several recent analyst reports. Goldman Sachs Group Inc. cut Chipotle Mexican Grill from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $550.00 to $500.00 in a research note on Friday, April 1st. JPMorgan Chase & Co. reissued an “overweight” rating and issued a $510.00 price target on shares of Chipotle Mexican Grill in a research note on Saturday, April 23rd. Credit Suisse Group AG reissued an “outperform” rating and issued a $550.00 price target on shares of Chipotle Mexican Grill in a research note on Saturday, April 16th. Royal Bank Of Canada reissued an “outperform” rating and issued a $485.00 price target (down previously from $500.00) on shares of Chipotle Mexican Grill in a research note on Wednesday, April 27th. Finally, Vetr raised Chipotle Mexican Grill from a “hold” rating to a “buy” rating and set a $482.82 price target for the company in a research note on Wednesday, April 6th. Six equities research analysts have rated the stock with a sell rating, twenty have given a hold rating and thirteen have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $519.45.

The firm has a market capitalization of $11.82 billion and a PE ratio of 38.51. The stock’s 50-day moving average is $409.23 and its 200 day moving average is $451.63.

Chipotle Mexican Grill (NYSE:CMG) last announced its quarterly earnings results on Tuesday, April 26th. The company reported ($0.88) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.95) by $0.07. During the same period last year, the firm earned $3.88 EPS. The business had revenue of $834.50 million for the quarter, compared to analyst estimates of $876.83 million. Chipotle Mexican Grill’s quarterly revenue was down 23.4% compared to the same quarter last year. Analysts expect that Chipotle Mexican Grill Inc. will post $4.38 earnings per share for the current year.

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

Several institutional investors have recently bought and sold shares of CMG. Marshall Wace LLP purchased a new position in Chipotle Mexican Grill during the fourth quarter valued at approximately $1,039,000. Suntrust Banks Inc. increased its position in 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 during the last quarter. Sawtooth Asset Management Inc. increased its position in 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 during the last quarter. Horan Capital Advisors LLC. purchased a new position in Chipotle Mexican Grill during the fourth quarter valued at approximately $1,474,000. Finally, BNP Paribas Arbitrage SA increased its position in 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 during 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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