Venture Visionary Partners LLC raised its stake in Chipotle Mexican Grill, Inc. by 979.8 percent during the third quarter, according to the firm’s most recent disclosure with the Securities and Exchange Commission. The fund held 77,063 shares of the restaurant operator’s stock after purchasing an additional 69,926 shares in the period. Those holdings were worth $2,462,000 as of the latest filing.
It was not the only move. Cox Capital Mgt LLC opened a new position in the third quarter, acquiring 39,453 shares valued at roughly $1,261,000. Canandaigua National Bank & Trust Co., meanwhile, lifted its position by 160.9 percent, finishing the quarter with 122,420 shares after buying an additional 75,506. That stake was worth $3,911,000.
Other institutional names have been busy too. EP Wealth Advisors LLC bought a new position in the second quarter valued at $948,000, and Callan Family Office LLC opened a new stake in the same period worth $1,406,000. MassMutual Private Wealth & Trust FSB raised its holding by 7,051.6 percent in the third quarter, ending with 243,726 shares worth $7,787,000 after adding 240,318 shares. Park National Corp OH boosted its position by 442.1 percent, to 309,327 shares worth $9,883,000. PensionDanmark Pensionsforsikringsaktieselskab increased its stake by 40.2 percent in the second quarter, to 268,771 shares valued at $9,138,000. All told, hedge funds and other institutional investors hold 91.30 percent of the company’s stock.
Larger holders have made moves as well. BlackRock Inc. bought a new position in Chipotle during the second quarter worth about $4,417,475,000. Arrowstreet Capital Limited Partnership lifted its stake by 19.8 percent in the first quarter, to 16,478,248 shares valued at $527,469,000, after buying 2,727,762 shares. Amundi raised its holding by 23.3 percent in the first quarter, to 11,980,192 shares worth $383,486,000. Bank of America Corp DE added 5,541,385 shares, an 86.1 percent increase, bringing its total to 11,973,752 shares worth $383,280,000. And UBS AM, a distinct business unit of UBS Asset Management Americas LLC, grew its position by 30.6 percent in the second quarter, to 10,845,627 shares valued at $368,751,000.
Analysts have kept close watch on the stock. Sanford C. Bernstein restated an “outperform” rating on July 31. Citigroup lowered its price objective from $46.00 to $45.00 while keeping a “buy” rating on July 13. Seaport Research Partners assumed coverage on September 16 with a “neutral” rating. Stephens restated a “positive” rating and raised its target to $40.00 from $36.00 on July 30. Evercore reaffirmed an “outperform” rating and set a $47.00 target the same day. Weiss Ratings upgraded the shares from a “sell (d+)” to a “hold (c-)” rating on August 7, while Guggenheim restated “neutral” and nudged its objective to $36.00 from $35.00. JPMorgan Chase & Co. cut its price objective to $37.00 from $40.00 with an “overweight” rating on September 29. Robert W. Baird lowered its objective to $40.00 from $44.00 on August 24, and Piper Sandler trimmed its own to $39.00 from $42.00 on July 30. BTIG Research restated a “buy” rating with a $45.00 target on August 5. Twenty-three research analysts rate the stock Buy; ten carry a Hold. The consensus rating stands at “Moderate Buy” with an average price target of $43.91.
Shares traded down $0.21 at midday Wednesday, reaching $30.69, with 12,812,816 shares changing hands against an average volume of 17,398,629. The stock opened at $30.69 on Thursday. Its market capitalization is $38.84 billion, the price-to-earnings ratio 28.16, the PEG ratio 1.89, and the beta 0.96. The 12-month low sits at $28.03 and the high at $42.81, while the fifty-day moving average is $34.61 and the 200-day average $33.55.
Chipotle last reported quarterly earnings on Wednesday, July 29. The restaurant operator posted $0.33 in earnings per share, beating the consensus estimate of $0.32 by a penny. Revenue came in at $3.35 billion against expectations of $3.33 billion. Return on equity was 54.65 percent and net margin 11.43 percent. In the same quarter a year earlier, the company earned $0.33 per share. Revenue rose 9.3 percent year over year. Analysts expect full-year earnings of $1.14 per share.
Insider activity drew notice as well. Matthew R. Bush sold 2,675 shares on Friday, August 21, at an average price of $35.75, a total of $95,631.25. After the sale, he held 21,415 shares worth roughly $765,586.25 — an 11.10 percent reduction in his position. The transaction was disclosed in a filing with the SEC. Corporate insiders currently own 0.45 percent of the stock.
Chipotle Mexican Grill, Inc. is a fast-casual restaurant company specializing in Mexican-inspired food made with a limited number of core ingredients. Its menu features burritos, burrito bowls, tacos, quesadillas, salads and sides, with proteins including chicken, steak, barbacoa, carnitas, sofritas and vegetables. The chain also sells beverages, including soft drinks, and lets customers customize their meals. Steve Ells founded the company in 1993, and it operates company-owned restaurants under the Chipotle Mexican Grill brand.
