Bank of New York Mellon Corp Sells 3,224 Shares of Potbelly Co. (NASDAQ:PBPB)

Bank of New York Mellon Corp reduced its stake in Potbelly Co. (NASDAQ:PBPB) by 4.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,338 shares of the company’s stock after selling 3,224 shares during the quarter. Bank of New York Mellon Corp’s holdings in Potbelly were worth $606,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of PBPB. Cerity Partners LLC bought a new stake in shares of Potbelly during the 3rd quarter worth $2,332,000. Portolan Capital Management LLC raised its position in Potbelly by 21.7% during the third quarter. Portolan Capital Management LLC now owns 902,529 shares of the company’s stock valued at $7,527,000 after purchasing an additional 160,763 shares in the last quarter. Hodges Capital Management Inc. raised its position in Potbelly by 42.1% during the fourth quarter. Hodges Capital Management Inc. now owns 539,915 shares of the company’s stock valued at $5,086,000 after purchasing an additional 159,900 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Potbelly during the fourth quarter worth about $520,000. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Potbelly by 122.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 67,053 shares of the company’s stock worth $559,000 after purchasing an additional 36,930 shares in the last quarter. 72.60% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PBPB has been the topic of a number of research reports. William Blair reissued a “market perform” rating on shares of Potbelly in a report on Thursday, March 20th. StockNews.com downgraded shares of Potbelly from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Benchmark restated a “buy” rating and issued a $16.00 price objective on shares of Potbelly in a report on Friday, March 7th.

Potbelly Trading Down 0.9 %

NASDAQ PBPB opened at $9.41 on Thursday. The firm has a market cap of $281.17 million, a PE ratio of 7.53 and a beta of 1.50. Potbelly Co. has a 1-year low of $6.28 and a 1-year high of $13.48. The stock has a 50-day moving average of $11.42 and a 200-day moving average of $9.82. The company has a current ratio of 0.49, a quick ratio of 0.43 and a debt-to-equity ratio of 0.06.

Insiders Place Their Bets

In other news, major shareholder David Nierenberg bought 7,600 shares of the business’s stock in a transaction dated Tuesday, January 7th. The shares were purchased at an average price of $9.23 per share, for a total transaction of $70,148.00. Following the completion of the acquisition, the insider now owns 101,998 shares of the company’s stock, valued at approximately $941,441.54. This trade represents a 8.05 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 9.10% of the company’s stock.

About Potbelly

Potbelly Corporation, through its subsidiaries, owns, operates, and franchises Potbelly sandwich shops in the United States. The company was formerly known as Potbelly Sandwich Works, Inc and changed its name to Potbelly Corporation in 2002. Potbelly Corporation was founded in 1977 and is headquartered in Chicago, Illinois.