Fred Alger Management LLC Reduces Stake in Wingstop Inc. (NASDAQ:WING)

Fred Alger Management LLC trimmed its holdings in shares of Wingstop Inc. (NASDAQ:WING) by 19.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 256,808 shares of the restaurant operator’s stock after selling 62,737 shares during the quarter. Fred Alger Management LLC’s holdings in Wingstop were worth $106,853,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the business. Hollencrest Capital Management bought a new position in shares of Wingstop during the 2nd quarter valued at approximately $27,000. Ashton Thomas Private Wealth LLC purchased a new position in shares of Wingstop in the second quarter valued at $34,000. Massmutual Trust Co. FSB ADV increased its holdings in shares of Wingstop by 60.3% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 93 shares of the restaurant operator’s stock worth $39,000 after buying an additional 35 shares during the last quarter. V Square Quantitative Management LLC increased its stake in Wingstop by 60.6% during the third quarter. V Square Quantitative Management LLC now owns 106 shares of the restaurant operator’s stock worth $44,000 after acquiring an additional 40 shares during the last quarter. Finally, Blue Trust Inc. raised its position in Wingstop by 384.6% during the third quarter. Blue Trust Inc. now owns 126 shares of the restaurant operator’s stock valued at $53,000 after purchasing an additional 100 shares during the period.

Wingstop Stock Performance

NASDAQ:WING opened at $331.27 on Friday. The firm has a market cap of $9.68 billion, a P/E ratio of 96.58, a P/E/G ratio of 3.09 and a beta of 1.76. The firm has a 50-day simple moving average of $364.87 and a 200-day simple moving average of $380.91. Wingstop Inc. has a one year low of $232.88 and a one year high of $433.86.

Wingstop (NASDAQ:WING) last issued its quarterly earnings data on Wednesday, October 30th. The restaurant operator reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.09). The firm had revenue of $162.50 million during the quarter, compared to analysts’ expectations of $160.24 million. Wingstop had a negative return on equity of 22.69% and a net margin of 17.05%. The firm’s quarterly revenue was up 38.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 EPS. On average, research analysts predict that Wingstop Inc. will post 3.68 EPS for the current fiscal year.

Wingstop Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 6th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, November 15th. This represents a $1.08 annualized dividend and a dividend yield of 0.33%. Wingstop’s dividend payout ratio (DPR) is currently 31.49%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Citigroup lifted their target price on Wingstop from $417.00 to $440.00 and gave the stock a “neutral” rating in a report on Friday, October 4th. TD Cowen dropped their price objective on shares of Wingstop from $450.00 to $365.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. Piper Sandler reduced their target price on shares of Wingstop from $375.00 to $300.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Truist Financial raised their target price on shares of Wingstop from $407.00 to $423.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Finally, BTIG Research upgraded shares of Wingstop from a “neutral” rating to a “buy” rating and set a $370.00 price target on the stock in a report on Thursday, October 31st. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat, Wingstop currently has a consensus rating of “Moderate Buy” and an average target price of $368.74.

Wingstop Profile

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.