Shake Shack, Inc. (SHAK) Shares Bought by Formidable Asset Management LLC
Formidable Asset Management LLC lifted its stake in shares of Shake Shack, Inc. (NYSE:SHAK) by 8.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,710 shares of the company’s stock after purchasing an additional 750 shares during the period. Formidable Asset Management LLC’s holdings in Shake Shack were worth $339,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. FNY Partners Fund LP purchased a new stake in shares of Shake Shack during the 1st quarter worth approximately $100,000. BNP Paribas Arbitrage SA increased its stake in shares of Shake Shack by 206.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,666 shares of the company’s stock worth $122,000 after purchasing an additional 2,469 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Shake Shack by 109.7% during the 1st quarter. Victory Capital Management Inc. now owns 3,715 shares of the company’s stock worth $124,000 after purchasing an additional 1,943 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of Shake Shack by 85.2% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,630 shares of the company’s stock worth $126,000 after purchasing an additional 1,670 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan purchased a new stake in shares of Shake Shack during the 1st quarter worth approximately $137,000. Institutional investors own 97.46% of the company’s stock.
SHAK has been the subject of several research analyst reports. SunTrust Banks, Inc. set a $48.00 price target on shares of Shake Shack and gave the stock a “buy” rating in a research note on Tuesday, June 27th. Wedbush restated an “outperform” rating and set a $40.00 price target (down previously from $43.00) on shares of Shake Shack in a research note on Sunday, July 30th. Zacks Investment Research lowered shares of Shake Shack from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Vetr upgraded shares of Shake Shack from a “buy” rating to a “strong-buy” rating and set a $42.33 price target for the company in a research note on Tuesday, June 20th. Finally, Piper Jaffray Companies initiated coverage on shares of Shake Shack in a research note on Wednesday, May 24th. They set an “overweight” rating and a $44.00 price target for the company. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Shake Shack currently has a consensus rating of “Hold” and a consensus target price of $37.60.
In related news, Director Jeffrey Flug sold 4,800 shares of the company’s stock in a transaction on Tuesday, August 29th. The shares were sold at an average price of $30.96, for a total transaction of $148,608.00. Following the completion of the transaction, the director now owns 4,415 shares in the company, valued at $136,688.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Randall J. Garutti sold 16,000 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $34.82, for a total transaction of $557,120.00. Following the transaction, the chief executive officer now owns 26,961 shares of the company’s stock, valued at approximately $938,782.02. The disclosure for this sale can be found here. Over the last three months, insiders sold 166,452 shares of company stock valued at $5,353,241. Corporate insiders own 34.91% of the company’s stock.
Shake Shack, Inc. (SHAK) traded up 2.59% on Friday, reaching $32.06. 717,870 shares of the company traded hands. Shake Shack, Inc. has a 1-year low of $30.52 and a 1-year high of $39.70. The stock’s 50-day moving average is $31.39 and its 200-day moving average is $33.01. The stock has a market capitalization of $832.95 million, a price-to-earnings ratio of 55.85 and a beta of 1.30.
Shake Shack (NYSE:SHAK) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.16 by $0.04. The firm had revenue of $91.30 million during the quarter, compared to analysts’ expectations of $89.00 million. Shake Shack had a net margin of 4.70% and a return on equity of 8.71%. The company’s revenue for the quarter was up 37.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.14 earnings per share. Equities research analysts expect that Shake Shack, Inc. will post $0.52 EPS for the current year.
About Shake Shack
Shake Shack Inc operates roadside burger stands. The Company serves an American menu of burgers, hot dogs, crispy chicken, frozen custard, crinkle cut fries, shakes, beer and wine, among others. The Company’s signature items are its all-natural, hormone and antibiotic-free burgers, hot dogs, crispy chicken, crinkle cut fries, shakes and frozen custard.
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