Maple Capital Management Inc. Raises Position in Chipotle Mexican Grill, Inc. $CMG

Key Points

• Maple Capital Management Inc. increased its position in Chipotle Mexican Grill by 5.3%, now owning 330,664 shares, which constitutes approximately 1.3% of its investment portfolio.
• Several analysts have recently adjusted their ratings and price targets for Chipotle, with BMO Capital Markets upgrading it to "outperform" and raising the price target from $56 to $65.
• Chipotle Mexican Grill reported an EPS of $0.33 for the latest quarter, surpassing estimates, but revenue reached $3.06 billion, slightly below analyst predictions of $3.11 billion.

Maple Capital Management Inc. raised its stake in shares of Chipotle Mexican Grill, Inc. (NYSE:CMG - Free Report) by 5.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 330,664 shares of the restaurant operator's stock after purchasing an additional 16,537 shares during the period. Chipotle Mexican Grill accounts for about 1.3% of Maple Capital Management Inc.'s portfolio, making the stock its 27th biggest position. Maple Capital Management Inc.'s holdings in Chipotle Mexican Grill were worth $16,603,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMG. Nuveen LLC purchased a new stake in Chipotle Mexican Grill during the first quarter valued at approximately $535,023,000. Goldman Sachs Group Inc. raised its holdings in shares of Chipotle Mexican Grill by 98.1% in the first quarter. Goldman Sachs Group Inc. now owns 9,900,521 shares of the restaurant operator's stock worth $497,105,000 after buying an additional 4,903,969 shares during the period. Montrusco Bolton Investments Inc. raised its holdings in shares of Chipotle Mexican Grill by 5,319.7% in the first quarter. Montrusco Bolton Investments Inc. now owns 4,848,990 shares of the restaurant operator's stock worth $235,580,000 after buying an additional 4,759,520 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Chipotle Mexican Grill by 7.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 56,827,332 shares of the restaurant operator's stock worth $2,853,302,000 after buying an additional 4,027,016 shares during the period. Finally, Manning & Napier Advisors LLC purchased a new stake in shares of Chipotle Mexican Grill in the first quarter worth approximately $127,892,000. 91.30% of the stock is currently owned by hedge funds and other institutional investors.

Chipotle Mexican Grill Price Performance

NYSE CMG traded down $0.31 during midday trading on Friday, hitting $38.65. 22,287,567 shares of the company traded hands, compared to its average volume of 17,157,708. The company has a market cap of $51.83 billion, a PE ratio of 34.51, a price-to-earnings-growth ratio of 1.97 and a beta of 1.02. The company's 50-day simple moving average is $45.54 and its 200-day simple moving average is $49.08. Chipotle Mexican Grill, Inc. has a 52 week low of $38.30 and a 52 week high of $66.74.

Chipotle Mexican Grill (NYSE:CMG - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The restaurant operator reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. The business had revenue of $3.06 billion for the quarter, compared to analysts' expectations of $3.11 billion. Chipotle Mexican Grill had a return on equity of 43.50% and a net margin of 13.32%.The business's revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 EPS. On average, research analysts predict that Chipotle Mexican Grill, Inc. will post 1.29 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on CMG. Stephens reissued an "equal weight" rating and issued a $60.00 price objective on shares of Chipotle Mexican Grill in a research note on Thursday. Piper Sandler raised Chipotle Mexican Grill from a "neutral" rating to an "overweight" rating and dropped their price objective for the stock from $53.00 to $50.00 in a research note on Tuesday, August 12th. Wells Fargo & Company dropped their price objective on Chipotle Mexican Grill from $65.00 to $60.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. BTIG Research reissued a "buy" rating and issued a $57.00 price objective on shares of Chipotle Mexican Grill in a research note on Friday, September 5th. Finally, KeyCorp dropped their price objective on Chipotle Mexican Grill from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, July 24th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, Chipotle Mexican Grill presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.76.

About Chipotle Mexican Grill

Chipotle Mexican Grill, Inc, together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. It sells food and beverages through offering burritos, burrito bowls, quesadillas, tacos, and salads. The company also provides delivery and related services its app and website. It has operations in the United States, Canada, France, Germany, and the United Kingdom.