Millennium Management LLC Acquires 326,743 Shares of Portillo’s Inc. (NASDAQ:PTLO)

Millennium Management LLC lifted its holdings in shares of Portillo’s Inc. (NASDAQ:PTLO) by 499.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 392,167 shares of the company’s stock after purchasing an additional 326,743 shares during the period. Millennium Management LLC’s holdings in Portillo’s were worth $3,812,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the business. California State Teachers Retirement System boosted its position in shares of Portillo’s by 10.4% during the 1st quarter. California State Teachers Retirement System now owns 54,329 shares of the company’s stock worth $770,000 after purchasing an additional 5,120 shares in the last quarter. Engaged Capital LLC raised its stake in Portillo’s by 38.7% during the 2nd quarter. Engaged Capital LLC now owns 2,760,443 shares of the company’s stock worth $26,832,000 after buying an additional 770,443 shares during the period. Swiss National Bank grew its stake in Portillo’s by 17.4% in the first quarter. Swiss National Bank now owns 108,400 shares of the company’s stock valued at $1,537,000 after acquiring an additional 16,100 shares during the period. Entropy Technologies LP bought a new stake in shares of Portillo’s during the first quarter valued at approximately $188,000. Finally, Victory Capital Management Inc. raised its position in shares of Portillo’s by 218.1% during the second quarter. Victory Capital Management Inc. now owns 63,591 shares of the company’s stock worth $618,000 after purchasing an additional 43,602 shares during the period. Institutional investors and hedge funds own 98.34% of the company’s stock.

Portillo’s Price Performance

PTLO opened at $12.52 on Monday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.30 and a current ratio of 0.38. The firm has a market cap of $913.65 million, a P/E ratio of 31.30, a PEG ratio of 15.49 and a beta of 1.78. Portillo’s Inc. has a fifty-two week low of $8.66 and a fifty-two week high of $16.98. The firm has a 50-day moving average of $12.18 and a 200 day moving average of $11.28.

Portillo’s (NASDAQ:PTLO) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.10 earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.01). The firm had revenue of $181.86 million for the quarter, compared to the consensus estimate of $184.44 million. Portillo’s had a net margin of 3.30% and a return on equity of 5.08%. Portillo’s’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same period last year, the company posted $0.12 earnings per share. On average, research analysts expect that Portillo’s Inc. will post 0.28 EPS for the current year.

Wall Street Analyst Weigh In

PTLO has been the subject of several research reports. Bank of America reduced their price target on shares of Portillo’s from $20.00 to $17.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Stephens cut Portillo’s from an “overweight” rating to an “equal weight” rating and set a $13.00 price objective on the stock. in a research note on Monday, October 7th. Morgan Stanley lowered their target price on shares of Portillo’s from $15.00 to $13.00 and set an “equal weight” rating for the company in a report on Tuesday, July 16th. Finally, Stifel Nicolaus reduced their price objective 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. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $13.86.

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.