Bank of New York Mellon Corp Sells 9,016 Shares of Wingstop Inc. (NASDAQ:WING)

Bank of New York Mellon Corp cut its holdings in shares of Wingstop Inc. (NASDAQ:WING) by 3.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 277,905 shares of the restaurant operator’s stock after selling 9,016 shares during the quarter. Bank of New York Mellon Corp owned 0.95% of Wingstop worth $117,459,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. Family Firm Inc. bought a new position in shares of Wingstop during the second quarter worth approximately $62,000. West Oak Capital LLC increased its holdings in shares of Wingstop by 60.0% during the second quarter. West Oak Capital LLC now owns 400 shares of the restaurant operator’s stock worth $169,000 after purchasing an additional 150 shares during the period. Fifth Third Wealth Advisors LLC bought a new position in shares of Wingstop during the second quarter worth approximately $474,000. Geneva Partners LLC bought a new position in Wingstop in the second quarter valued at approximately $523,000. Finally, Fifth Third Bancorp increased its stake in Wingstop by 25.2% in the second quarter. Fifth Third Bancorp now owns 990 shares of the restaurant operator’s stock valued at $418,000 after acquiring an additional 199 shares during the last quarter.

Insider Activity at Wingstop

In related news, Director Kilandigalu Madati sold 645 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $395.74, for a total value of $255,252.30. Following the transaction, the director now owns 5,147 shares in the company, valued at $2,036,873.78. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Wingstop news, SVP Donnie Upshaw sold 3,199 shares of Wingstop stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $372.71, for a total value of $1,192,299.29. Following the completion of the sale, the senior vice president now directly owns 97 shares of the company’s stock, valued at $36,152.87. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Kilandigalu Madati sold 645 shares of Wingstop stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $395.74, for a total transaction of $255,252.30. Following the completion of the sale, the director now directly owns 5,147 shares of the company’s stock, valued at $2,036,873.78. The disclosure for this sale can be found here. 0.36% of the stock is owned by company insiders.

Wingstop Stock Up 0.8 %

WING stock opened at $407.47 on Wednesday. The firm has a market cap of $11.94 billion, a price-to-earnings ratio of 145.01, a PEG ratio of 3.86 and a beta of 1.70. Wingstop Inc. has a 12-month low of $150.08 and a 12-month high of $431.03. The company’s fifty day simple moving average is $389.06 and its 200 day simple moving average is $374.29.

Wingstop (NASDAQ:WING) last released its earnings results on Wednesday, July 31st. The restaurant operator reported $0.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.11. The business had revenue of $155.70 million for the quarter, compared to analyst estimates of $146.04 million. Wingstop had a net margin of 17.33% and a negative return on equity of 21.18%. Wingstop’s revenue for the quarter was up 45.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.57 earnings per share. Research analysts expect that Wingstop Inc. will post 3.75 earnings per share for the current year.

Wingstop Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Investors of record on Friday, August 16th will be issued a $0.27 dividend. This is a positive change from Wingstop’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, August 16th. This represents a $1.08 annualized dividend and a yield of 0.27%. Wingstop’s payout ratio is presently 38.43%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on WING shares. Raymond James raised shares of Wingstop from a “market perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research note on Thursday, August 1st. Citigroup lifted their price objective on shares of Wingstop from $375.00 to $398.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Morgan Stanley lifted their price objective on shares of Wingstop from $390.00 to $400.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 16th. Piper Sandler lifted their price objective on shares of Wingstop from $353.00 to $375.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Benchmark reissued a “hold” rating on shares of Wingstop in a research note on Thursday, May 2nd. Eleven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, Wingstop currently has an average rating of “Hold” and an average price target of $378.65.

Wingstop Profile

Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand. Its restaurants offer classic wings, boneless wings, tenders, and hand-sauced-and-tossed in various flavors, as well as chicken sandwiches with fries and hand-cut carrots and celery that are cooked-to-order.