Allspring Global Investments Holdings LLC Cuts Holdings in Wingstop Inc. (NASDAQ:WING)

Allspring Global Investments Holdings LLC lowered its stake in Wingstop Inc. (NASDAQ:WING) by 11.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,094 shares of the restaurant operator’s stock after selling 23,802 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Wingstop were worth $76,964,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in WING. Family Firm Inc. purchased a new position in Wingstop in the second quarter worth approximately $62,000. West Oak Capital LLC raised its holdings in shares of Wingstop by 60.0% in the 2nd quarter. West Oak Capital LLC now owns 400 shares of the restaurant operator’s stock valued at $169,000 after purchasing an additional 150 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Wingstop during the 2nd quarter worth $474,000. Geneva Partners LLC purchased a new stake in shares of Wingstop during the 2nd quarter worth $523,000. Finally, Fifth Third Bancorp lifted its position in shares of Wingstop by 25.2% during the 2nd quarter. Fifth Third Bancorp now owns 990 shares of the restaurant operator’s stock worth $418,000 after purchasing an additional 199 shares during the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on WING shares. Citigroup lifted their price objective on shares of Wingstop from $375.00 to $398.00 and gave the stock a “neutral” rating in a research report on Thursday, May 2nd. Robert W. Baird lifted their price objective on shares of Wingstop from $390.00 to $405.00 and gave the stock an “outperform” rating in a research report on Thursday, May 2nd. Barclays lifted their price objective on shares of Wingstop from $418.00 to $425.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Morgan Stanley lifted their price objective on shares of Wingstop from $390.00 to $400.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 16th. Finally, Stifel Nicolaus lifted their price objective on shares of Wingstop from $420.00 to $460.00 and gave the stock a “buy” rating in a research report on Tuesday, June 18th. Eleven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $378.65.

Insider Transactions at Wingstop

In other news, SVP Donnie Upshaw sold 3,199 shares of the business’s stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $372.71, for a total transaction of $1,192,299.29. Following the completion of the sale, the senior vice president now owns 97 shares in the company, valued at approximately $36,152.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Donnie Upshaw sold 3,199 shares of the firm’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $372.71, for a total value of $1,192,299.29. Following the transaction, the senior vice president now owns 97 shares of the company’s stock, valued at approximately $36,152.87. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Kilandigalu Madati sold 645 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $395.74, for a total transaction of $255,252.30. Following the sale, the director now directly owns 5,147 shares of the company’s stock, valued at $2,036,873.78. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.

Wingstop Price Performance

WING traded down $6.07 during trading on Tuesday, hitting $398.20. The company’s stock had a trading volume of 17,347 shares, compared to its average volume of 453,480. The stock has a market cap of $11.67 billion, a PE ratio of 143.87, a PEG ratio of 3.86 and a beta of 1.70. Wingstop Inc. has a twelve month low of $150.08 and a twelve month high of $431.03. The firm’s 50 day moving average price is $389.49 and its 200-day moving average price is $373.50.

Wingstop (NASDAQ:WING) last issued its quarterly earnings results on Wednesday, July 31st. The restaurant operator reported $0.93 EPS for the quarter, topping the consensus estimate of $0.82 by $0.11. The firm had revenue of $155.70 million during the quarter, compared to analyst estimates of $146.04 million. Wingstop had a net margin of 17.33% and a negative return on equity of 21.18%. Wingstop’s revenue for the quarter was up 45.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.57 earnings per share. Equities analysts anticipate that Wingstop Inc. will post 3.75 earnings per share for the current year.

Wingstop Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 6th. Shareholders of record on Friday, August 16th will be paid a dividend of $0.27 per share. The ex-dividend date of this dividend is Friday, August 16th. This is a positive change from Wingstop’s previous quarterly dividend of $0.22. This represents a $1.08 annualized dividend and a yield of 0.27%. Wingstop’s dividend payout ratio is currently 38.43%.

Wingstop Company 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.