Bank of New York Mellon Corp Acquires Shares of 463,965 Wingstop Inc. $WING

Key Points

• Bank of New York Mellon acquired 463,965 Wingstop shares valued at approximately $80.5 million, giving it a 1.70% stake. Several smaller institutional investors also increased or initiated positions.
• Wingstop shares opened at $113.85, near their 12-month low of $110.44 and well below the 12-month high of $342.10. The company beat quarterly EPS estimates ($1.18 versus $1.02), while revenue rose 6.5% year over year but fell short of forecasts.
• Wingstop raised its quarterly dividend to $0.33 per share, implying a 1.2% annualized yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $241.81, despite several recent target reductions.

Bank of New York Mellon Corp purchased 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 firm purchased 463,965 shares of the restaurant operator's stock, valued at approximately $80,456,000. Bank of New York Mellon Corp owned 1.70% of Wingstop at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. SBI Securities Co. Ltd. boosted its stake in shares of Wingstop by 76.9% during the 4th quarter. SBI Securities Co. Ltd. now owns 138 shares of the restaurant operator's stock worth $33,000 after acquiring an additional 60 shares in the last quarter. GW&K Investment Management LLC increased its stake in Wingstop by 75.7% in the 4th quarter. GW&K Investment Management LLC now owns 188 shares of the restaurant operator's stock valued at $45,000 after purchasing an additional 81 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in Wingstop in the 2nd quarter valued at approximately $46,000. Geneos Wealth Management Inc. raised its holdings in Wingstop by 121.4% during the first quarter. Geneos Wealth Management Inc. now owns 217 shares of the restaurant operator's stock worth $49,000 after purchasing an additional 119 shares during the last quarter. Finally, Mcguire Capital Advisors Inc. purchased a new stake in Wingstop during the fourth quarter worth $63,000.

Wingstop Price Performance

Shares of NASDAQ:WING opened at $113.85 on Wednesday. The business has a 50-day moving average of $140.81 and a two-hundred day moving average of $169.05. The firm has a market capitalization of $3.10 billion, a PE ratio of 27.04, a P/E/G ratio of 1.39 and a beta of 1.81. Wingstop Inc. has a 12 month low of $110.44 and a 12 month high of $342.10.

Wingstop (NASDAQ:WING - Get Free Report) last posted its 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. Wingstop had a net margin of 16.15% and a negative return on equity of 16.31%. The business had revenue of $185.56 million for the quarter, compared to analyst estimates of $190.25 million. During the same quarter in the previous year, the business posted $1.00 EPS. The business's quarterly revenue was up 6.5% on a year-over-year basis. As a group, research analysts anticipate that Wingstop Inc. will post 4.5 earnings per share for the current year.

Wingstop Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, September 5th. Investors of record on Saturday, August 15th will be given a dividend of $0.33 per share. This is a boost from Wingstop's previous quarterly dividend of $0.30. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.32 annualized dividend and a yield of 1.2%. Wingstop's dividend payout ratio is presently 31.35%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on WING. TD Cowen reaffirmed a "hold" rating on shares of Wingstop in a research note on Wednesday, July 29th. BTIG Research cut their price target on Wingstop from $305.00 to $265.00 and set a "buy" rating for the company in a report on Thursday, July 30th. Benchmark reduced their price objective on Wingstop from $285.00 to $245.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Weiss Ratings lowered Wingstop from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, August 17th. Finally, DA Davidson dropped their price objective on Wingstop from $200.00 to $190.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, Wingstop 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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