Point72 Asset Management L.P. Sells 760,438 Shares of Portillo’s Inc. (NASDAQ:PTLO)

Point72 Asset Management L.P. trimmed its position in Portillo’s Inc. (NASDAQ:PTLO) by 88.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 97,342 shares of the company’s stock after selling 760,438 shares during the period. Point72 Asset Management L.P. owned approximately 0.13% of Portillo’s worth $946,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in PTLO. Engaged Capital LLC grew its stake in Portillo’s by 38.7% in the second quarter. Engaged Capital LLC now owns 2,760,443 shares of the company’s stock valued at $26,832,000 after acquiring an additional 770,443 shares during the period. Vanguard Group Inc. grew its position in Portillo’s by 14.9% in the 1st quarter. Vanguard Group Inc. now owns 5,402,242 shares of the company’s stock valued at $76,604,000 after purchasing an additional 700,583 shares during the period. Squarepoint Ops LLC increased its stake in Portillo’s by 307.9% during the 2nd quarter. Squarepoint Ops LLC now owns 522,580 shares of the company’s stock valued at $5,079,000 after purchasing an additional 394,479 shares in the last quarter. Granahan Investment Management LLC raised its holdings in Portillo’s by 33.8% during the fourth quarter. Granahan Investment Management LLC now owns 1,324,465 shares of the company’s stock worth $21,099,000 after buying an additional 334,731 shares during the last quarter. Finally, Millennium Management LLC lifted its stake in shares of Portillo’s by 499.4% in the second quarter. Millennium Management LLC now owns 392,167 shares of the company’s stock valued at $3,812,000 after buying an additional 326,743 shares in the last quarter. 98.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

PTLO has been the subject of several recent research reports. Stifel Nicolaus decreased their target price on shares of Portillo’s from $15.00 to $13.00 and set a “buy” rating for the company in a research report on Friday, July 12th. Bank of America decreased their price objective on Portillo’s from $20.00 to $17.00 and set a “buy” rating for the company in a report on Wednesday, July 17th. Morgan Stanley dropped their target price on Portillo’s from $15.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 16th. Stephens reaffirmed an “overweight” rating and set a $13.00 target price on shares of Portillo’s in a research report on Tuesday, August 6th. Finally, Piper Sandler lowered their price target on Portillo’s from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Portillo’s presently has an average rating of “Moderate Buy” and a consensus price target of $13.86.

Portillo’s Stock Performance

Shares of Portillo’s stock opened at $12.65 on Friday. The business’s fifty day simple moving average is $11.87 and its 200 day simple moving average is $11.33. The company has a current ratio of 0.38, a quick ratio of 0.30 and a debt-to-equity ratio of 0.60. Portillo’s Inc. has a 12 month low of $8.66 and a 12 month high of $16.98. The firm has a market capitalization of $923.13 million, a P/E ratio of 31.63, a price-to-earnings-growth ratio of 16.66 and a beta of 1.78.

Portillo’s (NASDAQ:PTLO) last released its earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). The business had revenue of $181.86 million for the quarter, compared to the consensus estimate of $184.44 million. Portillo’s had a return on equity of 5.08% and a net margin of 3.30%. The company’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.12 earnings per share. As a group, analysts anticipate that Portillo’s Inc. will post 0.28 EPS for the current year.

Portillo’s Profile

Portillo’s Inc owns and operates fast casual restaurants in the United States. The company offers Chicago-style hot dogs and sausages, Italian beef sandwiches, char-grilled burgers, chopped salads, crinkle-cut French fries, homemade chocolate cakes, and chocolate cake shake. It offers its products through its website, application, and certain third-party platforms.