35,902 Shares in Wingstop Inc. $WING Acquired by Legal & General Group Plc

Key Points

• Legal & General Group acquired 35,902 Wingstop shares worth approximately $6.23 million, representing about 0.13% of the company. Several other institutional investors also initiated or increased positions during the second quarter.
• Wingstop reported quarterly EPS of $1.18, exceeding the $1.02 consensus estimate, while revenue rose 6.5% year over year to $185.56 million but fell short of expectations.
• The company raised its quarterly dividend to $0.33 per share. Despite analyst price-target reductions, Wingstop retains a “Moderate Buy” consensus rating with an average target of $241.81, well above its $113.15 share price.

Legal & General Group Plc acquired a new stake in Wingstop Inc. (NASDAQ:WING - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 35,902 shares of the restaurant operator's stock, valued at approximately $6,226,000. Legal & General Group Plc owned about 0.13% of Wingstop as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new stake in shares of Wingstop during the second quarter worth $3,287,000. Algert Global LLC raised its position in shares of Wingstop by 13.6% in the second quarter. Algert Global LLC now owns 19,840 shares of the restaurant operator's stock valued at $3,440,000 after buying an additional 2,380 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Wingstop in the second quarter worth about $339,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Wingstop in the second quarter worth about $3,442,000. Finally, Bank of Nova Scotia acquired a new position in Wingstop during the second quarter worth about $1,613,000.

Wingstop Price Performance

Shares of WING stock opened at $113.15 on Thursday. The company has a market capitalization of $3.08 billion, a PE ratio of 26.88, a price-to-earnings-growth ratio of 1.30 and a beta of 1.79. The firm's 50-day moving average is $135.44 and its two-hundred day moving average is $162.92. Wingstop Inc. has a 12 month low of $105.43 and a 12 month high of $325.00.

Wingstop (NASDAQ:WING - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The restaurant operator reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.16. The business had revenue of $185.56 million during the quarter, compared to analysts' expectations of $190.25 million. Wingstop had a net margin of 16.15% and a negative return on equity of 16.31%. The business's revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.00 EPS. Sell-side analysts forecast that Wingstop Inc. will post 4.5 EPS for the current year.

Wingstop Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, September 5th. Investors of record on Saturday, August 15th will be given a $0.33 dividend. The ex-dividend date is Friday, August 14th. This is a positive change from Wingstop's previous quarterly dividend of $0.30. This represents a $1.32 annualized dividend and a yield of 1.2%. Wingstop's dividend payout ratio (DPR) is currently 31.35%.

Analysts Set New Price Targets

A number of research firms have commented on WING. Mizuho cut their price objective on shares of Wingstop from $280.00 to $240.00 and set an "outperform" rating for the company in a report on Friday, July 24th. Robert W. Baird upgraded Wingstop to a "strong-buy" rating in a report on Monday, August 24th. Royal Bank Of Canada dropped their price target on Wingstop from $225.00 to $200.00 and set an "outperform" rating for the company in a research report on Thursday, July 30th. Benchmark cut their price target on Wingstop from $285.00 to $245.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Finally, TD Cowen reiterated a "hold" rating on shares of Wingstop in a research report on Wednesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $241.81.

Wingstop Profile

Wingstop Inc NASDAQ: WING is a fast-casual restaurant chain specializing in chicken wings and related menu items. Founded in 1994 in Garland, Texas, the company has built its brand around bold, chef-inspired wing flavors and a streamlined service model that caters to dine-in, takeout, delivery and catering orders.

The company's core offerings include both bone-in and boneless chicken wings tossed in a variety of proprietary rubs and sauces, such as Original Hot, Lemon Pepper, and Mango Habanero.

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