Wingstop Inc. $WING Stock Sold by Carnegie Investment Counsel

Key Points

• Carnegie Investment Counsel cut its Wingstop stake by 87.1% in the third quarter, selling 12,931 shares and retaining 1,918 shares valued at approximately $202,000.
• Other institutional investors were more bullish, with Copeland Capital Management increasing its position by 44.8% and State Street raising its stake by 2.0%; several firms also initiated new positions.
• Wingstop reported quarterly EPS of $1.18, beating estimates, while revenue rose 6.5% year over year. The company raised its quarterly dividend to $0.33 per share, and analysts maintained a “Moderate Buy” consensus despite lowering price targets.

Carnegie Investment Counsel trimmed its holdings in Wingstop Inc. (NASDAQ:WING - Free Report) by 87.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,918 shares of the restaurant operator's stock after selling 12,931 shares during the period. Carnegie Investment Counsel's holdings in Wingstop were worth $202,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in WING. B.A. Schrock Wealth Management Inc. acquired a new stake in shares of Wingstop during the 3rd quarter worth $4,685,000. Copeland Capital Management LLC raised its stake in Wingstop by 44.8% in the third quarter. Copeland Capital Management LLC now owns 357,775 shares of the restaurant operator's stock valued at $37,699,000 after purchasing an additional 110,667 shares in the last quarter. GAMMA Investing LLC lifted its position in Wingstop by 70.9% during the third quarter. GAMMA Investing LLC now owns 653 shares of the restaurant operator's stock worth $69,000 after purchasing an additional 271 shares during the period. Titleist Asset Management LLC bought a new stake in Wingstop during the third quarter worth about $918,000. Finally, State Street Corp lifted its position in Wingstop by 2.0% during the second quarter. State Street Corp now owns 863,951 shares of the restaurant operator's stock worth $149,751,000 after purchasing an additional 16,907 shares during the period.

Wingstop Stock Performance

Shares of NASDAQ WING opened at $119.54 on Friday. The company has a market capitalization of $3.26 billion, a P/E ratio of 28.39, a price-to-earnings-growth ratio of 1.44 and a beta of 1.81. Wingstop Inc. has a 52-week low of $95.82 and a 52-week high of $302.80. The company's 50 day moving average price is $112.96 and its 200-day moving average price is $138.00.

Wingstop (NASDAQ:WING - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The restaurant operator reported $1.18 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.16. Wingstop had a net margin of 16.15% and a negative return on equity of 16.31%. The company had revenue of $185.56 million for the quarter, compared to analyst estimates of $190.25 million. During the same period in the prior year, the firm posted $1.00 EPS. The company's quarterly revenue was up 6.5% on a year-over-year basis. Analysts forecast that Wingstop Inc. will post 4.45 earnings per share for the current year.

Wingstop Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Saturday, September 5th. Shareholders of record on Saturday, August 15th were given a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a yield of 1.1%. This is an increase from Wingstop's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, August 14th. Wingstop's payout ratio is currently 31.35%.

Analyst Upgrades and Downgrades

WING has been the topic of several recent analyst reports. Benchmark decreased their target price on shares of Wingstop from $285.00 to $245.00 and set a "buy" rating on the stock in a report on Thursday, July 30th. BTIG Research dropped their target price on shares of Wingstop from $305.00 to $265.00 and set a "buy" rating for the company in a research report on Thursday, July 30th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $185.00 price target (down from $240.00) on shares of Wingstop in a report on Friday, September 18th. Wells Fargo & Company reduced their price target on shares of Wingstop from $170.00 to $165.00 and set an "overweight" rating on the stock in a research report on Thursday, July 30th. Finally, Robert W. Baird reduced their price target on shares of Wingstop from $160.00 to $150.00 and set an "outperform" rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Wingstop currently has an average rating of "Moderate Buy" and a consensus price target of $228.96.

About Wingstop

Wingstop Inc is a franchised restaurant company specializing in cooked-to-order chicken wings and related menu items. Its offerings include classic and boneless wings prepared with a range of flavors, along with chicken sandwiches, tenders, fries, seasoned fries, dips, sides and beverages. The company emphasizes made-to-order food, a digital ordering experience and a menu centered on customizable chicken meals.

Founded in 1994 in Garland, Texas, Wingstop has expanded from a single restaurant into a global brand operated primarily through franchised locations.

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