Hsbc Holdings PLC Lowers Stake in Portillo’s Inc. (NASDAQ:PTLO)

Hsbc Holdings PLC decreased its position in Portillo’s Inc. (NASDAQ:PTLO) by 22.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,567 shares of the company’s stock after selling 5,395 shares during the quarter. Hsbc Holdings PLC’s holdings in Portillo’s were worth $181,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. AdvisorShares Investments LLC acquired a new position in Portillo’s during the 2nd quarter worth about $52,000. Benjamin F. Edwards & Company Inc. lifted its position in shares of Portillo’s by 241.0% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 3,812 shares of the company’s stock worth $54,000 after purchasing an additional 2,694 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Portillo’s by 283.0% in the second quarter. Fifth Third Bancorp now owns 13,100 shares of the company’s stock valued at $127,000 after purchasing an additional 9,680 shares during the period. Arizona State Retirement System grew its holdings in shares of Portillo’s by 24.9% in the second quarter. Arizona State Retirement System now owns 16,354 shares of the company’s stock valued at $159,000 after purchasing an additional 3,261 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Portillo’s by 17.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 12,963 shares of the company’s stock worth $184,000 after buying an additional 1,917 shares during the period. 98.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have commented on PTLO. Morgan Stanley dropped their price target on shares of Portillo’s from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 16th. Bank of America reduced their price target on Portillo’s from $20.00 to $17.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Piper Sandler lowered their price objective on Portillo’s from $14.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, June 14th. Stifel Nicolaus cut their target price on shares of Portillo’s from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Friday, July 12th. Finally, Stephens reiterated an “overweight” rating and issued a $13.00 price target on shares of Portillo’s in a research note on Tuesday, August 6th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.86.

Portillo’s Stock Performance

Shares of Portillo’s stock opened at $13.20 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.38 and a debt-to-equity ratio of 0.60. Portillo’s Inc. has a 52 week low of $8.66 and a 52 week high of $16.98. The firm’s 50 day moving average is $11.94 and its two-hundred day moving average is $11.32. The firm has a market capitalization of $963.27 million, a P/E ratio of 33.00, a P/E/G ratio of 16.66 and a beta of 1.78.

Portillo’s (NASDAQ:PTLO) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.11 by ($0.01). Portillo’s had a return on equity of 5.08% and a net margin of 3.30%. The company had revenue of $181.86 million for the quarter, compared to analyst estimates of $184.44 million. During the same quarter in the prior year, the business earned $0.12 earnings per share. Portillo’s’s revenue was up 7.5% compared to the same quarter last year. Research analysts forecast that Portillo’s Inc. will post 0.28 EPS for the current fiscal year.

About Portillo’s

Portillo’s Inc owns and operates fast casual restaurants in the United States. The company offers Chicago-style hot dogs and sausages, Italian beef sandwiches, char-grilled burgers, chopped salads, crinkle-cut French fries, homemade chocolate cakes, and chocolate cake shake. It offers its products through its website, application, and certain third-party platforms.