Pinebridge Investments L.P. Purchases 16,027 Shares of Wingstop Inc (NASDAQ:WING)
Pinebridge Investments L.P. raised its position in shares of Wingstop Inc (NASDAQ:WING) by 250.0% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,438 shares of the restaurant operator’s stock after purchasing an additional 16,027 shares during the quarter. Pinebridge Investments L.P. owned 0.08% of Wingstop worth $2,126,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Manchester Capital Management LLC purchased a new stake in shares of Wingstop in the first quarter worth about $40,000. First Mercantile Trust Co. bought a new position in shares of Wingstop during the first quarter valued at approximately $209,000. Miles Capital Inc. bought a new position in Wingstop in the first quarter worth approximately $216,000. Magnus Financial Group LLC bought a new position in Wingstop in the first quarter worth approximately $221,000. Finally, Janus Henderson Group PLC bought a new position in Wingstop in the first quarter worth approximately $224,000.
Shares of NASDAQ WING traded down $0.89 during mid-day trading on Monday, hitting $86.08. The stock had a trading volume of 10,298 shares, compared to its average volume of 423,387. The company has a 50 day moving average of $98.27 and a two-hundred day moving average of $85.26. Wingstop Inc has a twelve month low of $56.95 and a twelve month high of $107.43. The firm has a market cap of $2.60 billion, a PE ratio of 102.48, a PEG ratio of 6.20 and a beta of 0.83.
The company also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 0.51%. This is an increase from Wingstop’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, August 29th. Wingstop’s dividend payout ratio is presently 52.38%.
In other Wingstop news, Director Michael J. Hislop sold 5,000 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $93.74, for a total transaction of $468,700.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Charles R. Morrison sold 1,100 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $101.06, for a total transaction of $111,166.00. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.
Several brokerages recently issued reports on WING. Goldman Sachs Group began coverage on Wingstop in a research note on Monday, July 29th. They issued a “buy” rating and a $135.00 price objective on the stock. Zacks Investment Research cut Wingstop from a “buy” rating to a “hold” rating in a research note on Saturday, August 3rd. Piper Jaffray Companies increased their price objective on Wingstop from $88.00 to $108.00 and gave the stock an “overweight” rating in a research note on Monday, July 15th. Morgan Stanley increased their price objective on Wingstop from $80.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, SunTrust Banks increased their price objective on Wingstop to $102.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $92.14.
Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand name. Its restaurants offer cooked-to-order, hand-sauced, and tossed chicken wings. As of December 29, 2018, the company operated approximately 1,252 restaurants in the United States, Mexico, Panama, Singapore, Indonesia, the United Arab Emirates, the United Kingdom, Malaysia, Saudi Arabia, and Colombia.
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