Bank of New York Mellon Corp Sells 483,987 Shares of The Cheesecake Factory Incorporated (NASDAQ:CAKE)

Bank of New York Mellon Corp lessened its position in The Cheesecake Factory Incorporated (NASDAQ:CAKE) by 37.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 822,029 shares of the restaurant operator’s stock after selling 483,987 shares during the quarter. Bank of New York Mellon Corp owned 1.66% of Cheesecake Factory worth $40,000,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Wellington Management Group LLP purchased a new stake in shares of Cheesecake Factory in the 4th quarter worth approximately $56,288,000. Junto Capital Management LP bought a new stake in Cheesecake Factory in the 4th quarter worth approximately $21,827,000. JCP Investment Management LLC grew its position in shares of Cheesecake Factory by 181.3% during the 4th quarter. JCP Investment Management LLC now owns 667,210 shares of the restaurant operator’s stock valued at $31,652,000 after acquiring an additional 430,000 shares during the period. Arrowstreet Capital Limited Partnership grew its position in shares of Cheesecake Factory by 322.6% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 382,383 shares of the restaurant operator’s stock valued at $18,140,000 after acquiring an additional 291,905 shares during the period. Finally, D. E. Shaw & Co. Inc. grew its position in shares of Cheesecake Factory by 1,896.7% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 231,078 shares of the restaurant operator’s stock valued at $10,962,000 after acquiring an additional 219,505 shares during the period. Institutional investors own 94.48% of the company’s stock.

Cheesecake Factory Trading Down 0.7%

NASDAQ:CAKE opened at $64.30 on Tuesday. The Cheesecake Factory Incorporated has a 52 week low of $33.50 and a 52 week high of $65.99. The firm has a 50 day moving average of $57.51 and a 200 day moving average of $52.74. The company has a quick ratio of 0.43, a current ratio of 0.53 and a debt-to-equity ratio of 1.85. The stock has a market capitalization of $3.18 billion, a price-to-earnings ratio of 20.16, a PEG ratio of 1.65 and a beta of 1.16.

Cheesecake Factory (NASDAQ:CAKE) last released its quarterly earnings data on Wednesday, April 30th. The restaurant operator reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.12. The firm had revenue of $927.20 million for the quarter, compared to analyst estimates of $927.17 million. Cheesecake Factory had a net margin of 4.33% and a return on equity of 46.06%. The business’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.73 earnings per share. As a group, sell-side analysts anticipate that The Cheesecake Factory Incorporated will post 3.71 earnings per share for the current fiscal year.

Cheesecake Factory Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 27th. Investors of record on Wednesday, May 14th were given a dividend of $0.27 per share. The ex-dividend date was Wednesday, May 14th. This represents a $1.08 annualized dividend and a yield of 1.68%. Cheesecake Factory’s dividend payout ratio is presently 33.86%.

Insider Activity at Cheesecake Factory

In other news, insider Keith Carango sold 50,500 shares of Cheesecake Factory stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $55.12, for a total value of $2,783,560.00. Following the sale, the insider owned 20,774 shares in the company, valued at $1,145,062.88. This trade represents a 70.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Matthew Eliot Clark sold 42,900 shares of Cheesecake Factory stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $56.00, for a total transaction of $2,402,400.00. Following the completion of the sale, the chief financial officer owned 40,878 shares in the company, valued at approximately $2,289,168. This trade represents a 51.21% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 133,000 shares of company stock worth $7,456,992. 8.10% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CAKE shares. Morgan Stanley set a $45.00 target price on shares of Cheesecake Factory and gave the stock an “underweight” rating in a report on Monday. Wells Fargo & Company upped their target price on shares of Cheesecake Factory from $45.00 to $50.00 and gave the stock an “equal weight” rating in a report on Thursday, May 1st. Citigroup decreased their price target on shares of Cheesecake Factory from $67.00 to $62.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Oppenheimer boosted their price target on shares of Cheesecake Factory from $65.00 to $75.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Argus set a $60.00 price target on shares of Cheesecake Factory in a research note on Wednesday, May 14th. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $55.75.

Cheesecake Factory Profile

The Cheesecake Factory Incorporated operates and licenses restaurants in the United States and Canada. The company operates bakeries that produce cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors.