Man Group plc Purchases New Position in Wingstop Inc. $WING

Key Points

• Man Group bought 117,466 Wingstop shares worth approximately $20.37 million in the second quarter, giving it a roughly 0.43% stake. Other major investors, including BlackRock and Bank of New York Mellon, also established or increased positions.
• Wingstop beat quarterly earnings expectations, reporting $1.18 EPS versus a $1.02 consensus, while revenue rose 6.5% year over year to $185.56 million but fell short of estimates.
• The stock opened at $112.24, far below its 52-week high of $342.10. Analysts maintain a “Moderate Buy” consensus with an average price target of $241.81, and Wingstop raised its quarterly dividend to $0.33 per share.

Man Group plc purchased a new stake in Wingstop Inc. (NASDAQ:WING - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 117,466 shares of the restaurant operator's stock, valued at approximately $20,370,000. Man Group plc owned approximately 0.43% of Wingstop as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in WING. BlackRock Inc. acquired a new stake in Wingstop during the 2nd quarter valued at $481,314,000. TimesSquare Capital Management LLC acquired a new position in Wingstop in the second quarter worth $15,874,000. Carnegie Investment Counsel boosted its stake in Wingstop by 32.4% in the first quarter. Carnegie Investment Counsel now owns 68,489 shares of the restaurant operator's stock worth $10,614,000 after purchasing an additional 16,764 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Wingstop during the second quarter worth $80,456,000. Finally, William Blair Investment Management LLC bought a new stake in shares of Wingstop during the second quarter worth $19,130,000.

Wingstop Stock Performance

Shares of WING opened at $112.24 on Thursday. The business's fifty day moving average price is $140.06 and its two-hundred day moving average price is $167.97. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 1.35 and a beta of 1.81. Wingstop Inc. has a 52 week low of $110.44 and a 52 week high of $342.10.

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

Wingstop Increases Dividend

The company 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 dividend on an annualized basis and a yield of 1.2%. Wingstop's dividend payout ratio is 31.35%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Mizuho lowered their target price on Wingstop from $280.00 to $240.00 and set an "outperform" rating for the company in a research note on Friday, July 24th. BTIG Research reduced their price target on shares of Wingstop from $305.00 to $265.00 and set a "buy" rating on the stock in a research report on Thursday, July 30th. Morgan Stanley decreased their price objective on shares of Wingstop from $255.00 to $238.00 and set an "overweight" rating on the stock in a report on Thursday, July 30th. Weiss Ratings cut shares of Wingstop from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday, August 17th. Finally, DA Davidson dropped their target price on shares of Wingstop from $200.00 to $190.00 and set a "buy" rating for the company in a research note on Thursday, July 30th. Two 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 given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $241.81.

Wingstop Company 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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