Bank of America Corp DE Acquires 56,867 Shares of Portillo's Inc. (NASDAQ:PTLO)

Bank of America Corp DE raised its position in Portillo's Inc. (NASDAQ:PTLO - Free Report) by 58.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 154,872 shares of the company's stock after acquiring an additional 56,867 shares during the quarter. Bank of America Corp DE owned approximately 0.21% of Portillo's worth $1,456,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in PTLO. Dimensional Fund Advisors LP lifted its stake in Portillo's by 139.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,102,103 shares of the company's stock valued at $10,360,000 after acquiring an additional 641,273 shares during the last quarter. Landscape Capital Management L.L.C. acquired a new stake in shares of Portillo's during the 4th quarter worth about $2,623,000. First Eagle Investment Management LLC acquired a new stake in shares of Portillo's during the 4th quarter worth about $2,577,000. Raymond James Financial Inc. acquired a new stake in shares of Portillo's during the 4th quarter worth about $1,331,000. Finally, Marshall Wace LLP lifted its stake in shares of Portillo's by 8.2% during the 4th quarter. Marshall Wace LLP now owns 1,751,856 shares of the company's stock worth $16,467,000 after buying an additional 132,112 shares during the last quarter. Institutional investors and hedge funds own 98.34% of the company's stock.

Portillo's Price Performance

PTLO stock traded up $0.35 during mid-day trading on Friday, hitting $11.59. The stock had a trading volume of 1,700,602 shares, compared to its average volume of 1,457,347. The company has a current ratio of 0.38, a quick ratio of 0.31 and a debt-to-equity ratio of 0.58. Portillo's Inc. has a 52 week low of $8.38 and a 52 week high of $15.78. The firm has a market capitalization of $867.11 million, a P/E ratio of 27.60, a P/E/G ratio of 14.77 and a beta of 1.87. The firm has a fifty day simple moving average of $11.49 and a 200 day simple moving average of $11.83.

Portillo's (NASDAQ:PTLO - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.05 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.01. Portillo's had a net margin of 3.65% and a return on equity of 5.62%. The company had revenue of $176.44 million for the quarter, compared to the consensus estimate of $180.76 million. During the same period last year, the company posted $0.08 EPS. The firm's quarterly revenue was up 6.4% compared to the same quarter last year. As a group, research analysts forecast that Portillo's Inc. will post 0.35 EPS for the current year.

Insider Activity

In related news, Director Berkshire Partners Llc sold 10,000,000 shares of Portillo's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $12.23, for a total transaction of $122,300,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 6.14% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PTLO shares. Stephens restated an "equal weight" rating and set a $13.00 target price on shares of Portillo's in a research note on Wednesday, May 7th. William Blair restated an "outperform" rating on shares of Portillo's in a research note on Friday, May 30th. Piper Sandler cut their target price on shares of Portillo's from $17.00 to $13.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. Stifel Nicolaus raised their target price on shares of Portillo's from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, Morgan Stanley set a $12.00 target price on shares of Portillo's in a research note on Monday, April 14th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Portillo's currently has an average rating of "Hold" and an average price target of $13.71.

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.