Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Wingstop Inc (NASDAQ:WING) during the 2nd quarter, HoldingsChannel.com reports. The firm acquired 31,425 shares of the restaurant operator’s stock, valued at approximately $1,638,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Point72 Asia Hong Kong Ltd increased its holdings in Wingstop by 1,022.6% during the 1st quarter. Point72 Asia Hong Kong Ltd now owns 2,481 shares of the restaurant operator’s stock worth $117,000 after purchasing an additional 2,260 shares during the period. Everence Capital Management Inc. purchased a new position in Wingstop during the 2nd quarter worth $212,000. Hartford Investment Management Co. purchased a new position in Wingstop during the 2nd quarter worth $228,000. Xact Kapitalforvaltning AB purchased a new position in Wingstop during the 1st quarter worth $238,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Wingstop during the 1st quarter worth $245,000.
Shares of NASDAQ:WING opened at $61.97 on Wednesday. Wingstop Inc has a 12-month low of $31.53 and a 12-month high of $62.19. The firm has a market capitalization of $1.76 billion, a PE ratio of 83.74, a P/E/G ratio of 3.66 and a beta of 0.81. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of -1.53.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 18th. Stockholders of record on Tuesday, September 4th will be issued a $0.09 dividend. The ex-dividend date of this dividend is Friday, August 31st. This is an increase from Wingstop’s previous quarterly dividend of $0.07. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.58%. Wingstop’s dividend payout ratio (DPR) is currently 37.84%.
WING has been the topic of several research reports. TheStreet upgraded Wingstop from a “c+” rating to a “b” rating in a report on Friday, July 13th. Wedbush upgraded Wingstop from a “neutral” rating to an “outperform” rating and raised their price objective for the stock from $51.00 to $59.00 in a report on Thursday, June 7th. BTIG Research initiated coverage on Wingstop in a report on Friday, April 20th. They set a “buy” rating and a $59.00 price objective on the stock. Zacks Investment Research upgraded Wingstop from a “hold” rating to a “strong-buy” rating and set a $62.00 price objective on the stock in a report on Thursday, May 10th. Finally, Morgan Stanley lifted their price target on Wingstop from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, May 4th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $53.79.
In other news, Chairman Charles R. Morrison sold 10,000 shares of Wingstop stock in a transaction on Thursday, May 17th. The stock was sold at an average price of $51.83, for a total value of $518,300.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Stacy Peterson sold 5,259 shares of Wingstop stock in a transaction on Tuesday, August 7th. The shares were sold at an average price of $58.87, for a total value of $309,597.33. Following the completion of the transaction, the insider now owns 31,423 shares in the company, valued at $1,849,872.01. The disclosure for this sale can be found here. Insiders sold a total of 50,624 shares of company stock worth $2,824,091 over the last quarter. Company insiders own 1.70% of the company’s stock.
Wingstop Company Profile
Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand name. Its restaurants offer cooked-to-order, hand-sauced, and tossed chicken wings. As of February 22, 2018, the company operated approximately 1,000 restaurants the United States, Mexico, Singapore, the Philippines, Indonesia, the United Arab Emirates, Malaysia, Saudi Arabia, and Colombia.
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