Scotia Capital Inc. Increases Stock Position in Chipotle Mexican Grill, Inc. (NYSE:CMG)

Key Points

• Scotia Capital Inc. significantly increased its stake in Chipotle Mexican Grill by 89.4%, owning 76,089 shares worth $3.82 million after acquiring an additional 35,923 shares in Q1.
• The stock has a market cap of $57.46 billion and reported earnings of $0.33 per share, slightly exceeding analysts' expectations.
• Despite recent adjustments from various firms lowering price targets, the stock maintains a consensus rating of "Moderate Buy" with a target price of $60.71.

Scotia Capital Inc. lifted its stake in Chipotle Mexican Grill, Inc. (NYSE:CMG - Free Report) by 89.4% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 76,089 shares of the restaurant operator's stock after acquiring an additional 35,923 shares during the quarter. Scotia Capital Inc.'s holdings in Chipotle Mexican Grill were worth $3,820,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CMG. Cloud Capital Management LLC purchased a new stake in shares of Chipotle Mexican Grill in the 1st quarter worth $25,000. HighMark Wealth Management LLC lifted its position in Chipotle Mexican Grill by 173.4% during the first quarter. HighMark Wealth Management LLC now owns 585 shares of the restaurant operator's stock valued at $29,000 after purchasing an additional 371 shares in the last quarter. North Capital Inc. bought a new stake in Chipotle Mexican Grill during the first quarter valued at about $30,000. ORG Wealth Partners LLC purchased a new stake in Chipotle Mexican Grill in the first quarter worth about $31,000. Finally, Mechanics Financial Corp purchased a new stake in Chipotle Mexican Grill in the first quarter worth about $38,000. 91.31% of the stock is owned by hedge funds and other institutional investors.

Chipotle Mexican Grill Stock Performance

NYSE CMG opened at $42.85 on Tuesday. The company has a market cap of $57.46 billion, a PE ratio of 38.26, a P/E/G ratio of 2.16 and a beta of 1.05. Chipotle Mexican Grill, Inc. has a 52-week low of $42.25 and a 52-week high of $66.74. The firm's 50 day moving average price is $51.84 and its 200-day moving average price is $51.98.

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

Insider Buying and Selling

In other Chipotle Mexican Grill news, insider Roger E. Theodoredis sold 113,875 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $49.70, for a total transaction of $5,659,587.50. Following the transaction, the insider owned 109,815 shares in the company, valued at approximately $5,457,805.50. This represents a 50.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.02% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on CMG. Truist Financial decreased their target price on shares of Chipotle Mexican Grill from $64.00 to $60.00 and set a "buy" rating on the stock in a research note on Friday, July 25th. Morgan Stanley lowered their target price on shares of Chipotle Mexican Grill from $67.00 to $65.00 and set an "overweight" rating on the stock in a research note on Thursday, April 24th. Guggenheim dropped their target price on shares of Chipotle Mexican Grill from $47.00 to $46.00 and set a "neutral" rating for the company in a report on Friday, July 25th. Robert W. Baird decreased their price target on Chipotle Mexican Grill from $62.00 to $59.00 and set an "outperform" rating on the stock in a report on Thursday, July 24th. Finally, JPMorgan Chase & Co. dropped their price objective on Chipotle Mexican Grill from $58.00 to $54.00 and set a "neutral" rating for the company in a research note on Thursday, May 29th. Nine research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $60.71.

Chipotle Mexican Grill Profile

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.

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