Maryland State Retirement & Pension System Sells 382 Shares of Shake Shack Inc. (NYSE:SHAK)

Maryland State Retirement & Pension System lessened its holdings in Shake Shack Inc. (NYSE:SHAK) by 2.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,129 shares of the company’s stock after selling 382 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Shake Shack were worth $1,182,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in SHAK. Norges Bank bought a new position in shares of Shake Shack in the 4th quarter valued at about $12,238,000. Jennison Associates LLC acquired a new position in shares of Shake Shack during the 1st quarter worth approximately $16,365,000. Armistice Capital LLC bought a new stake in shares of Shake Shack during the 4th quarter worth approximately $11,213,000. Kettle Hill Capital Management LLC bought a new stake in shares of Shake Shack during the 4th quarter worth approximately $6,745,000. Finally, Principal Financial Group Inc. grew its stake in shares of Shake Shack by 31.4% in the fourth quarter. Principal Financial Group Inc. now owns 263,256 shares of the company’s stock valued at $19,513,000 after buying an additional 62,897 shares in the last quarter. Institutional investors and hedge funds own 86.07% of the company’s stock.

Shake Shack Stock Down 2.0 %

Shares of SHAK opened at $99.41 on Friday. The company has a current ratio of 2.06, a quick ratio of 2.03 and a debt-to-equity ratio of 0.51. Shake Shack Inc. has a 12 month low of $52.79 and a 12 month high of $111.29. The firm’s 50 day moving average is $93.18 and its 200-day moving average is $97.30. The stock has a market capitalization of $4.22 billion, a PE ratio of 180.75, a P/E/G ratio of 3.03 and a beta of 1.75.

Shake Shack (NYSE:SHAK) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.27 EPS for the quarter, hitting analysts’ consensus estimates of $0.27. The firm had revenue of $316.50 million for the quarter, compared to analyst estimates of $314.37 million. Shake Shack had a return on equity of 5.63% and a net margin of 2.23%. The company’s revenue was up 16.4% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. Equities research analysts forecast that Shake Shack Inc. will post 0.73 EPS for the current year.

Insider Activity at Shake Shack

In other Shake Shack news, Director Daniel Harris Meyer sold 10,000 shares of the stock in a transaction dated 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 sale, the director now directly owns 470,437 shares in the company, valued at $51,860,974.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 transaction, the director now owns 470,437 shares of the company’s stock, valued at approximately $51,860,974.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Katherine Irene Fogertey sold 963 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $96.03, for a total transaction of $92,476.89. Following the completion of the transaction, the chief financial officer now directly owns 37,464 shares of the company’s stock, valued at approximately $3,597,667.92. The disclosure for this sale can be found here. Insiders sold a total of 11,892 shares of company stock valued at $1,279,534 over the last quarter. 9.73% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SHAK shares. Capital One Financial began coverage on shares of Shake Shack in a research report on Monday, July 29th. They set an “overweight” rating and a $95.00 price target on the stock. Morgan Stanley cut 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. Truist Financial reaffirmed a “buy” rating and issued a $127.00 price objective on shares of Shake Shack in a research report on Wednesday. JPMorgan Chase & Co. boosted their target price on Shake Shack from $102.00 to $105.00 and gave the stock an “underweight” rating in a report on Monday, June 3rd. Finally, Piper Sandler cut Shake Shack from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $121.00 to $114.00 in a research note on Monday, August 19th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $106.37.

About Shake Shack

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.