State of New Jersey Common Pension Fund D Has $1.68 Million Holdings in Shake Shack Inc. (NYSE:SHAK)

State of New Jersey Common Pension Fund D trimmed its position in shares of Shake Shack Inc. (NYSE:SHAK) by 32.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,644 shares of the company’s stock after selling 8,926 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Shake Shack were worth $1,678,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp boosted its holdings in Shake Shack by 1.4% in the second quarter. Bank of New York Mellon Corp now owns 300,539 shares of the company’s stock worth $27,048,000 after purchasing an additional 4,201 shares in the last quarter. Norges Bank acquired a new stake in shares of Shake Shack in the fourth quarter worth about $12,238,000. Jennison Associates LLC acquired a new stake in shares of Shake Shack in the first quarter worth about $16,365,000. Armistice Capital LLC bought a new stake in shares of Shake Shack during the 4th quarter worth about $11,213,000. Finally, Panagora Asset Management Inc. increased its holdings in shares of Shake Shack by 35.6% during the 2nd quarter. Panagora Asset Management Inc. now owns 114,054 shares of the company’s stock valued at $10,265,000 after acquiring an additional 29,952 shares during the last quarter. 86.07% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Jeffrey Flug sold 304 shares of the business’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $90.39, for a total value of $27,478.56. Following the sale, the director now owns 3,347 shares in the company, valued at approximately $302,535.33. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Jeffrey Flug sold 304 shares of Shake Shack stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $90.39, for a total value of $27,478.56. Following the completion of the transaction, the director now owns 3,347 shares in the company, valued at $302,535.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Katherine Irene Fogertey sold 963 shares of the stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $96.03, for a total value of $92,476.89. Following the sale, the chief financial officer now owns 37,464 shares in the company, valued at $3,597,667.92. The disclosure for this sale can be found here. Insiders sold 12,213 shares of company stock worth $1,311,175 over the last three months. 9.73% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

SHAK has been the subject of a number of recent analyst reports. Morgan Stanley decreased their target price on Shake Shack from $108.00 to $100.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 16th. Capital One Financial began coverage on shares of Shake Shack in a report on Monday, July 29th. They set an “overweight” rating and a $95.00 price objective for the company. Wedbush reiterated a “neutral” rating and issued a $90.00 target price on shares of Shake Shack in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $115.00 price target on shares of Shake Shack in a report on Wednesday, August 28th. Finally, Barclays lifted their price objective on Shake Shack from $108.00 to $110.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $107.39.

Shake Shack Stock Performance

NYSE SHAK opened at $105.75 on Thursday. The stock has a market cap of $4.49 billion, a P/E ratio of 192.28, a PEG ratio of 3.20 and a beta of 1.83. The company has a quick ratio of 2.03, a current ratio of 2.06 and a debt-to-equity ratio of 0.51. Shake Shack Inc. has a twelve month low of $52.79 and a twelve month high of $111.29. The company’s 50-day simple moving average is $98.41 and its 200 day simple moving average is $97.48.

Shake Shack (NYSE:SHAK) last released its quarterly earnings data on Thursday, August 1st. The company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. The company had revenue of $316.50 million for the quarter, compared to analyst estimates of $314.37 million. Shake Shack had a return on equity of 5.63% and a net margin of 2.23%. The company’s revenue was up 16.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.18 EPS. As a group, research analysts forecast that Shake Shack Inc. will post 0.73 earnings per share for the current fiscal year.

Shake Shack Company Profile

Shake Shack Inc owns, operates, and licenses Shake Shack restaurants (Shacks) in the United States and internationally. Its Shacks offers hamburgers, chicken, hot dogs, crinkle cut fries, shakes, frozen custard, beer, wine, and other products. The company was founded in 2001 and is headquartered in New York, New York.