Shake Shack, Inc. (NYSE:SHAK) Stock Holdings Reduced by Bank of New York Mellon Corp

Bank of New York Mellon Corp decreased its position in Shake Shack, Inc. (NYSE:SHAK) by 2.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 251,418 shares of the company’s stock after selling 6,458 shares during the period. Bank of New York Mellon Corp owned about 0.59% of Shake Shack worth $22,168,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Farther Finance Advisors LLC grew its holdings in shares of Shake Shack by 939.3% during the first quarter. Farther Finance Advisors LLC now owns 291 shares of the company’s stock worth $26,000 after buying an additional 263 shares in the last quarter. Nemes Rush Group LLC bought a new position in shares of Shake Shack during the fourth quarter worth about $29,000. Harvest Fund Management Co. Ltd acquired a new stake in Shake Shack during the fourth quarter worth approximately $32,000. Garde Capital Inc. acquired a new stake in Shake Shack in the first quarter valued at approximately $35,000. Finally, Princeton Global Asset Management LLC purchased a new position in shares of Shake Shack during the first quarter valued at approximately $44,000. 86.07% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Shake Shack

In other news, Director Daniel Harris Meyer sold 14,200 shares of the firm’s stock in a transaction dated Wednesday, July 2nd. The stock was sold at an average price of $140.31, for a total value of $1,992,402.00. Following the transaction, the director owned 337,984 shares of the company’s stock, valued at $47,422,535.04. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Katherine Irene Fogertey sold 670 shares of Shake Shack stock in a transaction that occurred on Tuesday, July 8th. The stock was sold at an average price of $140.03, for a total value of $93,820.10. Following the completion of the transaction, the chief financial officer owned 32,495 shares of the company’s stock, valued at approximately $4,550,274.85. This trade represents a 2.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 87,391 shares of company stock worth $11,869,925 over the last 90 days. 9.73% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on SHAK shares. Truist Financial boosted their target price on Shake Shack from $150.00 to $160.00 and gave the company a “buy” rating in a research note on Wednesday, July 9th. Bank of America raised their price objective on Shake Shack from $112.00 to $134.00 and gave the company a “neutral” rating in a research report on Wednesday, June 25th. Wells Fargo & Company lifted their target price on Shake Shack from $115.00 to $125.00 and gave the company an “equal weight” rating in a research report on Thursday. Stifel Nicolaus reduced their target price on Shake Shack from $120.00 to $97.00 and set a “hold” rating on the stock in a report on Tuesday, April 15th. Finally, Jefferies Financial Group lowered Shake Shack from a “hold” rating to an “underperform” rating and boosted their price target for the company from $100.00 to $120.00 in a report on Thursday. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shake Shack presently has an average rating of “Hold” and a consensus target price of $126.23.

Shake Shack Stock Performance

NYSE:SHAK opened at $134.89 on Friday. Shake Shack, Inc. has a 1 year low of $72.93 and a 1 year high of $144.65. The company has a current ratio of 1.91, a quick ratio of 1.88 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $5.76 billion, a PE ratio of 481.76, a PEG ratio of 3.20 and a beta of 1.77. The firm’s fifty day simple moving average is $128.80 and its 200 day simple moving average is $111.64.

Shake Shack (NYSE:SHAK) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.02). The company had revenue of $320.90 million during the quarter, compared to analyst estimates of $330.24 million. Shake Shack had a net margin of 0.97% and a return on equity of 8.45%. Shake Shack’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.13 earnings per share. On average, sell-side analysts anticipate that Shake Shack, Inc. will post 1.26 EPS for the current year.

About Shake Shack

Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. The company was founded in 2001 and is headquartered in New York, New York.