Cim Investment Management Inc. Sells 817 Shares of Shake Shack Inc. (NYSE:SHAK)

Cim Investment Management Inc. lessened its position in Shake Shack Inc. (NYSE:SHAK) by 19.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 3,438 shares of the company’s stock after selling 817 shares during the period. Cim Investment Management Inc.’s holdings in Shake Shack were worth $309,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its holdings in shares of Shake Shack by 9.0% during the second quarter. Dimensional Fund Advisors LP now owns 801,003 shares of the company’s stock worth $72,088,000 after buying an additional 66,090 shares during the last quarter. Armistice Capital LLC raised its stake in Shake Shack by 69.1% during the 2nd quarter. Armistice Capital LLC now owns 579,904 shares of the company’s stock valued at $52,191,000 after purchasing an additional 236,950 shares during the last quarter. Marshall Wace LLP boosted its holdings in Shake Shack by 101.2% in the 2nd quarter. Marshall Wace LLP now owns 544,336 shares of the company’s stock valued at $48,990,000 after purchasing an additional 273,822 shares during the period. Renaissance Technologies LLC boosted its holdings in Shake Shack by 41.9% in the 2nd quarter. Renaissance Technologies LLC now owns 437,600 shares of the company’s stock valued at $39,384,000 after purchasing an additional 129,200 shares during the period. Finally, Bank of New York Mellon Corp grew its position in Shake Shack by 1.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 300,539 shares of the company’s stock worth $27,048,000 after purchasing an additional 4,201 shares during the last quarter. Institutional investors and hedge funds own 86.07% of the company’s stock.

Insider Buying and Selling at Shake Shack

In other news, Director Daniel Harris Meyer sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $110.24, for a total transaction of $1,102,400.00. Following the transaction, the director now directly owns 470,437 shares in the company, valued at $51,860,974.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Daniel Harris Meyer sold 10,000 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $110.24, for a total transaction of $1,102,400.00. Following the completion of the sale, the director now owns 470,437 shares in the company, valued at $51,860,974.88. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Katherine Irene Fogertey sold 321 shares of the firm’s stock in a transaction dated Monday, August 5th. The shares were sold at an average price of $95.10, for a total value of $30,527.10. Following the completion of the transaction, the chief financial officer now owns 37,143 shares in the company, valued at approximately $3,532,299.30. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,213 shares of company stock worth $1,311,175. 9.73% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SHAK. Morgan Stanley reduced their target price on shares of Shake Shack from $108.00 to $100.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Capital One Financial assumed coverage on Shake Shack in a research note on Monday, July 29th. They issued an “overweight” rating and a $95.00 target price for the company. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $102.00 price target (down previously from $105.00) on shares of Shake Shack in a research note on Tuesday. Barclays increased their price objective on shares of Shake Shack from $108.00 to $110.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird lifted their target price on shares of Shake Shack from $93.00 to $105.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Shake Shack has an average rating of “Hold” and a consensus target price of $107.39.

Shake Shack Stock Down 1.3 %

Shares of SHAK opened at $104.71 on Friday. The business’s 50 day simple moving average is $99.26 and its 200-day simple moving average is $97.57. Shake Shack Inc. has a one year low of $52.79 and a one year high of $111.29. The company has a market capitalization of $4.45 billion, a P/E ratio of 190.39, a PEG ratio of 3.13 and a beta of 1.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.06 and a quick ratio of 2.03.

Shake Shack (NYSE:SHAK) last announced its earnings results on Thursday, August 1st. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. Shake Shack had a return on equity of 5.63% and a net margin of 2.23%. The company had revenue of $316.50 million for the quarter, compared to analysts’ expectations of $314.37 million. During the same quarter in the prior year, the business earned $0.18 earnings per share. The business’s revenue for the quarter was up 16.4% on a year-over-year basis. As a group, sell-side analysts predict that Shake Shack Inc. will post 0.73 EPS for the current fiscal year.

Shake Shack Company Profile

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.