Chipotle Mexican Grill, Inc. $CMG Stock: Lockheed Martin Investment Management Co. Cuts Position

Key Points

• Lockheed Martin Investment Management Co. cut its Chipotle stake by 31.5% in the third quarter, selling 67,620 shares and ending with 146,790 shares valued at $4.69 million.
• Analyst sentiment was broadly positive: 27 analysts rated CMG a Buy and nine a Hold, for a Moderate Buy consensus and an average price target of $42.36.
• Chipotle’s latest quarterly EPS of $0.27 fell short of the $0.29 consensus, while revenue of $3.29 billion matched expectations and increased 9.6% year over year.

Lockheed Martin Investment Management Co. trimmed its holdings in shares of Chipotle Mexican Grill, Inc. (NYSE:CMG - Free Report) by 31.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 146,790 shares of the restaurant operator's stock after selling 67,620 shares during the quarter. Lockheed Martin Investment Management Co.'s holdings in Chipotle Mexican Grill were worth $4,690,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CMG. BlackRock Inc. bought a new position in shares of Chipotle Mexican Grill during the 2nd quarter valued at approximately $4,417,475,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Chipotle Mexican Grill by 19.8% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 16,478,248 shares of the restaurant operator's stock worth $527,469,000 after purchasing an additional 2,727,762 shares during the period. Amundi raised its holdings in shares of Chipotle Mexican Grill by 23.3% in the 1st quarter. Amundi now owns 11,980,192 shares of the restaurant operator's stock worth $383,486,000 after purchasing an additional 2,266,087 shares during the period. Bank of America Corp DE raised its holdings in shares of Chipotle Mexican Grill by 86.1% in the 1st quarter. Bank of America Corp DE now owns 11,973,752 shares of the restaurant operator's stock worth $383,280,000 after purchasing an additional 5,541,385 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Chipotle Mexican Grill by 30.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,845,627 shares of the restaurant operator's stock valued at $368,751,000 after purchasing an additional 2,541,795 shares during the last quarter. Hedge funds and other institutional investors own 91.30% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on CMG shares. Argus increased their price objective on Chipotle Mexican Grill from $40.00 to $45.00 and gave the company a "buy" rating in a report on Tuesday, August 4th. DA Davidson reissued a "buy" rating and set a $45.00 target price on shares of Chipotle Mexican Grill in a report on Thursday, October 29th. Bank of America reissued a "buy" rating and issued a $53.00 price target (up from $50.00) on shares of Chipotle Mexican Grill in a report on Tuesday, September 1st. Gordon Haskett reduced their target price on Chipotle Mexican Grill from $42.00 to $36.00 and set a "hold" rating for the company in a research report on Monday, October 19th. Finally, Piper Sandler decreased their price target on shares of Chipotle Mexican Grill from $42.00 to $39.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Twenty-seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $42.36.

Chipotle Mexican Grill Price Performance

Shares of NYSE CMG opened at $35.72 on Tuesday. Chipotle Mexican Grill, Inc. has a 1 year low of $27.31 and a 1 year high of $41.42. The stock has a market capitalization of $45.18 billion, a P/E ratio of 32.29, a P/E/G ratio of 2.32 and a beta of 1.00. The company's 50-day moving average is $32.70 and its 200 day moving average is $33.96.

Chipotle Mexican Grill (NYSE:CMG - Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The restaurant operator reported $0.27 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.02). The company had revenue of $3.29 billion during the quarter, compared to analysts' expectations of $3.29 billion. Chipotle Mexican Grill had a return on equity of 57.05% and a net margin of 10.83%. The business's quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter last year, the business earned $0.29 earnings per share. Research analysts anticipate that Chipotle Mexican Grill, Inc. will post 1.10 earnings per share for the current year.

Insider Activity at Chipotle Mexican Grill

In other news, insider Matthew R. Bush sold 2,675 shares of the company's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $35.75, for a total value of $95,631.25. Following the sale, the insider directly owned 21,415 shares of the company's stock, valued at $765,586.25. This represents a 11.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.45% of the company's stock.

Chipotle Mexican Grill Profile

Chipotle Mexican Grill is a fast-casual restaurant company that serves Mexican-inspired food, including burritos, bowls, tacos and salads. Customers can customize meals with ingredients such as rice, beans, meats, vegetables, salsas and guacamole.

Founded by Steve Ells in Denver, Colorado, in 1993, Chipotle built its business around preparing food in restaurant kitchens and emphasizing ingredients it describes as responsibly sourced. The company primarily operates its own restaurants, rather than relying on a franchise model.

Chipotle serves customers in the United States and select international markets, including Canada and the United Kingdom.

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