Bamco Inc. NY bought a new stake in The Cheesecake Factory Incorporated (NASDAQ:CAKE - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 450,000 shares of the restaurant operator's stock, valued at approximately $35,793,000. Bamco Inc. NY owned approximately 0.90% of Cheesecake Factory at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the business. Woodline Partners LP boosted its position in shares of Cheesecake Factory by 1,059.3% during the third quarter. Woodline Partners LP now owns 618,056 shares of the restaurant operator's stock valued at $33,771,000 after buying an additional 564,744 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Cheesecake Factory during the second quarter valued at about $38,020,000. Invesco Ltd. grew its position in shares of Cheesecake Factory by 24.7% in the third quarter. Invesco Ltd. now owns 2,057,118 shares of the restaurant operator's stock valued at $112,401,000 after purchasing an additional 407,223 shares in the last quarter. Millennium Management LLC lifted its stake in Cheesecake Factory by 214.3% in the 4th quarter. Millennium Management LLC now owns 512,085 shares of the restaurant operator's stock worth $25,850,000 after purchasing an additional 349,168 shares in the last quarter. Finally, Engineers Gate Manager LP grew its holdings in shares of Cheesecake Factory by 1,583.7% during the fourth quarter. Engineers Gate Manager LP now owns 287,219 shares of the restaurant operator's stock worth $14,499,000 after purchasing an additional 270,160 shares in the last quarter. 94.48% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts recently commented on the stock. Northcoast Research cut shares of Cheesecake Factory from a "buy" rating to a "neutral" rating in a research report on Monday, June 15th. Jefferies Financial Group downgraded Cheesecake Factory from a "buy" rating to a "hold" rating and boosted their price target for the company from $75.00 to $88.00 in a research note on Wednesday, July 29th. Mizuho upped their price objective on Cheesecake Factory from $85.00 to $93.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 29th. Morgan Stanley upgraded shares of Cheesecake Factory from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $50.00 to $80.00 in a research report on Wednesday, July 29th. Finally, Argus boosted their price objective on shares of Cheesecake Factory from $72.00 to $110.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $83.47.
Check Out Our Latest Analysis on Cheesecake Factory
Insider Activity at Cheesecake Factory
In related news, President David M. Gordon sold 31,950 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $110.03, for a total transaction of $3,515,458.50. Following the transaction, the president owned 26,875 shares in the company, valued at $2,957,056.25. This trade represents a 54.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman David Overton sold 94,145 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $106.27, for a total transaction of $10,004,789.15. Following the completion of the transaction, the chairman directly owned 89,805 shares in the company, valued at $9,543,577.35. This represents a 51.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 216,239 shares of company stock valued at $22,463,500. Corporate insiders own 8.00% of the company's stock.
Cheesecake Factory Stock Performance
NASDAQ:CAKE opened at $115.35 on Thursday. The company has a fifty day moving average of $92.73 and a two-hundred day moving average of $72.65. The Cheesecake Factory Incorporated has a fifty-two week low of $43.07 and a fifty-two week high of $118.46. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.52 and a current ratio of 0.59. The stock has a market capitalization of $5.74 billion, a PE ratio of 31.26, a P/E/G ratio of 2.03 and a beta of 1.00.
Cheesecake Factory (NASDAQ:CAKE - Get Free Report) last released its earnings results on Tuesday, July 28th. The restaurant operator reported $1.44 earnings per share for the quarter, topping analysts' consensus estimates of $1.18 by $0.26. Cheesecake Factory had a net margin of 4.61% and a return on equity of 43.97%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $999.54 million. During the same period last year, the company posted $1.16 EPS. The business's revenue was up 7.7% on a year-over-year basis. As a group, research analysts forecast that The Cheesecake Factory Incorporated will post 4.47 earnings per share for the current fiscal year.
Cheesecake Factory Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, August 11th. Cheesecake Factory's dividend payout ratio (DPR) is 32.52%.
About Cheesecake Factory
(
Free Report)
The Cheesecake Factory Incorporated NASDAQ: CAKE is an American restaurant company and distributor renowned for its full-service casual-dining concept and specialty cheesecakes. Headquartered in Calabasas Hills, California, the company operates more than 200 restaurants under The Cheesecake Factory® brand across the United States, Puerto Rico and select international markets. In addition to sit-down dining, Cheesecake Factory franchised locations offer catering and take-out services, while a separate manufacturing arm supplies branded cheesecakes and desserts to supermarkets, hotels and other foodservice operators.
The origins of the brand trace back to a small cheesecake bakery founded in Detroit in the 1940s.
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