NorthCrest Asset Manangement LLC Increases Stock Holdings in Wingstop Inc. (NASDAQ:WING)

27 Oct 2024, 10:37 by Sarita Garza · The Markets Daily

NorthCrest Asset Manangement LLC grew its holdings in shares of Wingstop Inc. (NASDAQ:WING – Free Report) by 5.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,941 shares of the restaurant operator’s stock after purchasing an additional 322 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Wingstop were worth $2,472,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in Wingstop by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 2,924,326 shares of the restaurant operator’s stock worth $1,071,473,000 after buying an additional 104,780 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Wingstop by 4.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,273,542 shares of the restaurant operator’s stock worth $833,026,000 after acquiring an additional 101,917 shares during the period. Renaissance Technologies LLC increased its position in shares of Wingstop by 36.6% during the second quarter. Renaissance Technologies LLC now owns 602,990 shares of the restaurant operator’s stock worth $254,860,000 after acquiring an additional 161,600 shares during the period. Massachusetts Financial Services Co. MA raised its stake in shares of Wingstop by 2.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 600,905 shares of the restaurant operator’s stock valued at $253,979,000 after acquiring an additional 16,526 shares in the last quarter. Finally, Millennium Management LLC boosted its holdings in Wingstop by 284.1% in the second quarter. Millennium Management LLC now owns 383,184 shares of the restaurant operator’s stock valued at $161,957,000 after purchasing an additional 283,412 shares during the period.

Analysts Set New Price Targets

Several equities research analysts have weighed in on WING shares. The Goldman Sachs Group upped their price target on Wingstop from $407.00 to $458.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Wedbush raised their target price on shares of Wingstop from $425.00 to $440.00 and gave the company an “outperform” rating in a report on Monday, September 16th. Stephens reiterated an “overweight” rating and issued a $490.00 price target on shares of Wingstop in a research note on Thursday. Raymond James raised shares of Wingstop from a “market perform” rating to an “outperform” rating and set a $42.00 price objective on the stock in a research report on Thursday, August 1st. Finally, Truist Financial lifted their price objective on shares of Wingstop from $407.00 to $423.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Ten research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $382.88.

View Our Latest Report on Wingstop

Insiders Place Their Bets

In related news, SVP Donnie Upshaw sold 3,199 shares of Wingstop stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $372.71, for a total value of $1,192,299.29. Following the sale, the senior vice president now directly owns 97 shares in the company, valued at $36,152.87. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.36% of the stock is currently owned by insiders.

Wingstop Trading Up 0.3 %

Shares of NASDAQ WING opened at $360.38 on Friday. The stock has a market cap of $10.56 billion, a P/E ratio of 128.25, a P/E/G ratio of 3.64 and a beta of 1.71. Wingstop Inc. has a twelve month low of $173.74 and a twelve month high of $433.86. The stock has a 50 day moving average of $394.46 and a two-hundred day moving average of $388.72.

Wingstop (NASDAQ:WING – Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The restaurant operator reported $0.93 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.11. Wingstop had a net margin of 17.33% and a negative return on equity of 21.18%. The firm had revenue of $155.70 million during the quarter, compared to analysts’ expectations of $146.04 million. During the same quarter in the prior year, the business earned $0.57 EPS. Wingstop’s quarterly revenue was up 45.3% compared to the same quarter last year. As a group, research analysts predict that Wingstop Inc. will post 3.8 earnings per share for the current year.

Wingstop Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 6th. Shareholders of record on Friday, August 16th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date was Friday, August 16th. This is a positive change from Wingstop’s previous quarterly dividend of $0.22. Wingstop’s payout ratio is currently 38.43%.

About Wingstop

(Free Report)

Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand. Its restaurants offer classic wings, boneless wings, tenders, and hand-sauced-and-tossed in various flavors, as well as chicken sandwiches with fries and hand-cut carrots and celery that are cooked-to-order.