New York State Teachers Retirement System Reduces Stake in Wingstop Inc.

On November 3rd, 2024, it was reported that the New York State Teachers Retirement System has lowered its stake in Wingstop Inc. (NASDAQ:WING) by 0.6% during the third quarter. According to data from Holdings Channel, the retirement system now holds 33,859 shares after selling 205 shares throughout the quarter. As of the latest filing with the SEC, these shares are valued at approximately $14,088,000.

Additionally, various other institutional investors have adjusted their positions in Wingstop. For instance, Vanguard Group Inc. increased its holdings by 3.7% in the first quarter, now owning 2,924,326 shares valued at over $1 billion following an acquisition of 104,780 additional shares. Similarly, Price T Rowe Associates Inc. MD raised its position by 4.7%, holding 2,273,542 shares valued at around $833 million after purchasing 101,917 extra shares.

Moreover, Renaissance Technologies LLC made a significant increase in its stake by 36.6% in the second quarter, acquiring an additional 161,600 shares, bringing its total to 602,990 shares valued at approximately $254.86 million. Other noteworthy adjustments include Massachusetts Financial Services Co. MA, which raised its holdings by 2.8%, and Millennium Management LLC, which dramatically boosted its stake by 284.1% during the same period.

Analyst Ratings Changes

Recent changes in analyst ratings for Wingstop Inc. indicate growing interest in the stock. For instance, BMO Capital Markets increased its target price from $345.00 to $360.00, while Barclays cut its target from $470.00 to $380.00, both maintaining their respective ratings on the stock. Morgan Stanley also increased its price target from $390.00 to $400.00.

Further, Northcoast Research upgraded its rating on Wingstop from 'neutral' to 'buy', setting a target of $350.00. On the other hand, The Goldman Sachs Group raised its target price from $407.00 to $458.00, classifying the stock as 'neutral'. Currently, seven analysts have rated the stock with a hold rating, while twelve have issued a buy rating, resulting in an average rating of 'Moderate Buy' with a consensus target price of $379.58 according to MarketBeat.com.

Insider Activity

In recent insider activity, SVP Donnie Upshaw sold 3,199 shares on August 8th at an average price of $372.71, totaling approximately $1.19 million. Post-transaction, Upshaw now holds 97 shares valued at about $36,152.87, reflecting a negligible decrease in his position. Corporate insiders currently own about 0.36% of Wingstop’s stock.

Wingstop Stock Performance

As of the last trading session, Wingstop shares (NASDAQ:WING) opened at $296.94. The restaurant chain boasts a market capitalization of $8.67 billion, a P/E ratio of 86.57, and a beta of 1.76. The stock has experienced a 50-day moving average of $388.10, while its 200-day moving average stands at $387.14. Over the past year, Wingstop's shares have ranged from a low of $196.54 to a high of $433.86.

On October 30th, Wingstop released its quarterly earnings; the company reported an EPS of $0.88, falling short of the expected $0.97. The quarter's revenue was reported at $162.50 million, slightly exceeding the forecast of $160.24 million. This reflects a 38.8% increase compared to the same quarter last year, where it recorded $0.69 in earnings per share. Analysts predict that for the current fiscal year, Wingstop will report an EPS of 3.79.

Dividend Announcement

Wingstop has also announced a quarterly dividend, which will be distributed on December 6th. Stockholders recorded as of November 15th will receive a dividend of $0.27 per share, resulting in an annualized dividend of $1.08 and a dividend yield of 0.36%. Wingstop's dividend payout ratio currently stands at 31.49%.

Company Overview

Wingstop Inc. operates restaurants under its recognizable brand and offers a menu featuring classic wings, boneless wings, chicken tenders, and chicken sandwiches. Each item can be customized with various sauces and flavors, accompanied by sides such as fries and hand-cut vegetables.

NewYork, Teachers, Retirement, System, Wingstop