Bank of New York Mellon Corp Sells 9,016 Shares of Wingstop Inc. (NASDAQ:WING)

Bank of New York Mellon Corp decreased its stake in Wingstop Inc. (NASDAQ:WING) by 3.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 277,905 shares of the restaurant operator’s stock after selling 9,016 shares during the period. Bank of New York Mellon Corp’s holdings in Wingstop were worth $117,459,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in WING. International Assets Investment Management LLC increased its holdings in shares of Wingstop by 4,651.9% in the 4th quarter. International Assets Investment Management LLC now owns 1,283 shares of the restaurant operator’s stock worth $329,000 after buying an additional 1,256 shares during the last quarter. California Public Employees Retirement System increased its holdings in shares of Wingstop by 0.6% in the 4th quarter. California Public Employees Retirement System now owns 56,991 shares of the restaurant operator’s stock worth $14,623,000 after buying an additional 361 shares during the last quarter. Headlands Technologies LLC increased its holdings in shares of Wingstop by 136.8% in the 4th quarter. Headlands Technologies LLC now owns 495 shares of the restaurant operator’s stock worth $127,000 after buying an additional 286 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Wingstop by 3.7% in the 4th quarter. Russell Investments Group Ltd. now owns 53,929 shares of the restaurant operator’s stock worth $13,837,000 after buying an additional 1,930 shares during the last quarter. Finally, Mach 1 Financial Group LLC bought a new position in shares of Wingstop in the 4th quarter worth $467,000.

Insider Transactions at Wingstop

In other news, SVP Donnie Upshaw sold 3,199 shares of the firm’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $372.71, for a total value of $1,192,299.29. Following the completion of the sale, the senior vice president now directly owns 97 shares of the company’s stock, valued at approximately $36,152.87. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, SVP Donnie Upshaw sold 3,199 shares of Wingstop stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $372.71, for a total transaction of $1,192,299.29. Following the completion of the transaction, the senior vice president now directly owns 97 shares of the company’s stock, valued at approximately $36,152.87. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kilandigalu Madati sold 645 shares of Wingstop stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $395.74, for a total transaction of $255,252.30. Following the transaction, the director now directly owns 5,147 shares of the company’s stock, valued at $2,036,873.78. The disclosure for this sale can be found here. Corporate insiders own 0.36% of the company’s stock.

Analysts Set New Price Targets

WING has been the topic of several recent research reports. Robert W. Baird increased their target price on shares of Wingstop from $390.00 to $405.00 and gave the company an “outperform” rating in a report on Thursday, May 2nd. Morgan Stanley increased their target price on shares of Wingstop from $390.00 to $400.00 and gave the company an “equal weight” rating in a report on Tuesday, July 16th. TD Cowen reaffirmed a “buy” rating and set a $450.00 target price on shares of Wingstop in a report on Wednesday, July 31st. Barclays increased their target price on shares of Wingstop from $418.00 to $425.00 and gave the company an “overweight” rating in a report on Thursday, August 1st. Finally, Truist Financial increased their target price on shares of Wingstop from $407.00 to $423.00 and gave the company a “hold” rating in a report on Thursday, August 1st. Eleven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $378.65.

Wingstop Trading Up 0.8 %

NASDAQ:WING opened at $407.47 on Wednesday. The company has a 50-day moving average price of $389.06 and a 200-day moving average price of $374.29. Wingstop Inc. has a 12 month low of $150.08 and a 12 month high of $431.03. The stock has a market cap of $11.94 billion, a price-to-earnings ratio of 145.01, a P/E/G ratio of 3.86 and a beta of 1.70.

Wingstop (NASDAQ:WING) last posted its earnings results on Wednesday, July 31st. The restaurant operator reported $0.93 EPS for the quarter, topping the consensus estimate of $0.82 by $0.11. Wingstop had a net margin of 17.33% and a negative return on equity of 21.18%. The firm had revenue of $155.70 million during the quarter, compared to analysts’ expectations of $146.04 million. During the same period last year, the company posted $0.57 EPS. The company’s quarterly revenue was up 45.3% compared to the same quarter last year. Equities analysts forecast that Wingstop Inc. will post 3.75 EPS for the current fiscal year.

Wingstop Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 6th. Stockholders of record on Friday, August 16th will be given a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 0.27%. This is a boost from Wingstop’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, August 16th. Wingstop’s dividend payout ratio (DPR) is currently 38.43%.

About Wingstop

Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand. Its restaurants offer classic wings, boneless wings, tenders, and hand-sauced-and-tossed in various flavors, as well as chicken sandwiches with fries and hand-cut carrots and celery that are cooked-to-order.