Victory Capital Management Inc. Raises Position in The Cheesecake Factory Inc. (CAKE)
Victory Capital Management Inc. raised its stake in shares of The Cheesecake Factory Inc. (NASDAQ:CAKE) by 77.3% during the second quarter, Holdings Channel reports. The institutional investor owned 2,191 shares of the company’s stock after buying an additional 955 shares during the period. Victory Capital Management Inc.’s holdings in The Cheesecake Factory were worth $105,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in the stock. State Street Corp boosted its position in The Cheesecake Factory by 1.3% in the first quarter. State Street Corp now owns 1,511,119 shares of the company’s stock valued at $80,223,000 after buying an additional 19,751 shares during the last quarter. M&T Bank Corp purchased a new position in The Cheesecake Factory during the first quarter valued at $209,000. Landscape Capital Management L.L.C. purchased a new position in The Cheesecake Factory during the first quarter valued at $1,493,000. Bessemer Group Inc. boosted its position in The Cheesecake Factory by 2,510.0% in the first quarter. Bessemer Group Inc. now owns 2,610 shares of the company’s stock valued at $139,000 after buying an additional 2,510 shares during the last quarter. Finally, BlackRock Japan Co. Ltd boosted its position in The Cheesecake Factory by 28.8% in the first quarter. BlackRock Japan Co. Ltd now owns 2,128 shares of the company’s stock valued at $113,000 after buying an additional 476 shares during the last quarter. 89.48% of the stock is owned by institutional investors and hedge funds.
Shares of The Cheesecake Factory Inc. (NASDAQ:CAKE) traded up 1.68% during mid-day trading on Friday, hitting $50.34. The stock had a trading volume of 318,593 shares. The Cheesecake Factory Inc. has a 12 month low of $44.16 and a 12 month high of $55.37. The stock has a market cap of $2.34 billion, a P/E ratio of 20.08 and a beta of 0.35. The firm has a 50 day moving average price of $51.02 and a 200-day moving average price of $50.82.
The Cheesecake Factory (NASDAQ:CAKE) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.07. The Cheesecake Factory had a return on equity of 22.04% and a net margin of 5.81%. The company had revenue of $558.86 million for the quarter, compared to analyst estimates of $562.96 million. During the same period in the previous year, the company posted $0.69 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. On average, equities research analysts forecast that The Cheesecake Factory Inc. will post $2.75 EPS for the current year.
Several research firms have weighed in on CAKE. Stifel Nicolaus cut The Cheesecake Factory from a “buy” rating to a “sell” rating and lowered their price objective for the stock from $65.00 to $43.00 in a research report on Tuesday, July 26th. Zacks Investment Research upgraded The Cheesecake Factory from a “sell” rating to a “hold” rating in a research report on Monday, July 25th. Canaccord Genuity assumed coverage on The Cheesecake Factory in a research report on Monday, August 22nd. They issued a “hold” rating and a $54.00 price target on the stock. Robert W. Baird restated a “neutral” rating on shares of The Cheesecake Factory in a research report on Thursday, September 8th. Finally, Barclays PLC raised their price target on The Cheesecake Factory from $53.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $54.73.
In related news, CFO Doug Benn sold 6,512 shares of the business’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $53.00, for a total transaction of $345,136.00. Following the sale, the chief financial officer now directly owns 51,344 shares in the company, valued at approximately $2,721,232. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 8.50% of the company’s stock.
About The Cheesecake Factory
The Cheesecake Factory Incorporated is engaged in the restaurant and bakery business. The Company operates approximately 200 Company-owned restaurants, including approximately 190 restaurants under The Cheesecake Factory mark and approximately 10 restaurants under the Grand Lux Cafe mark. The Company’s segments include The Cheesecake Factory restaurants, and other, which includes Grand Lux Cafe, RockSugar Pan Asian Kitchen, bakery and international licensing.
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