Shake Shack Inc. (SHAK): Select Equity Group Buys 250,000 Shares

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A newly-amended 13D filing with the Securities and Exchange Commission revealed that Robert Joseph Caruso‘s Select Equity Group holds 1.61 million common shares of Shake Shack Inc. (NYSE:SHAK), which account for 4.4% of the company’s outstanding stock. This represents an increase of 250,000 shares to the fund’s stake, as Select Equity Group previously reported holding 1.36 million common shares in its 13F filing for the reporting period of June 30.

Shake Shack is a fast food restaurant chain that primarily serves burgers, frozen custard, hot dogs, shakes, and crinkle cut fries. Recently, the company celebrated the opening of its 100th location in Boston, serving free burgers to its customers that day to celebrate the occasion. Over the past 12 months, Shake Shack’s shares have lost 34.97%. In its financial report for the second quarter of 2016, the company announced pulling in EPS of $0.14 and revenue of $66.47 million, topping the estimates of EPS of $0.13 and revenue of $63.11 million. There has been a lot of analyst ratings activity on Shake Shack’s stock recently; for starters, Buckingham Research reiterated its ‘Buy’ rating with a price target of $45, JPMorgan Chase & Co. reiterated its ‘Neutral’ rating and raised its price target to $38 from $35, while Jefferies Group reiterated its ‘Hold’ rating and lowered its price target to $36 from $38. Finally, Wedbush reiterated its ‘Underperform’ rating and price target of $30, while SunTrust Banks Inc. upgraded its rating to ‘Buy’ from ‘Neutral’ and raised its price target on the stock to $48 from $40.87.

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Several other hedge funds in our system were bullish on Shake Shack Inc. (NYSE:SHAK) during the second quarter. Joel Ramin‘s 12 West Capital Management upped its stake by 75,865 shares to 778,905 shares, while Edmond M. Safra’s EMS Capital added 360,000 shares to its Shake Shack holding, pushing it up to 420,000 shares. Warren Lammert’s Granite Point Capital also opened a new position in the stock during the quarter, holding 300,001 shares of it on June 30.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Select Equity Group 0 1,614,432 0 1,614,432 1,614,432 4.4%
SEG Partners 0 148,177 0 148,177 148,177 0.4%
SEG Partners Holdings 0 148,177 0 148,177 148,177 0.4%
SEG Partners II 0 569,749 0 569,749 569,749 1.6%
SEG Partners II Holdings 0 569,749 0 569,749 569,749 1.6%
SEG Partners Offshore Master Fund, Ltd. (98-1007715) 0 896,506 0 896,506 896,506 2.5%
George S. Loening 0 1,614,432 0 1,614,432 1,614,432 4.4%
Evan C. Guillemin 8,251 0 8,251 0 8,251 0.02%

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Page 1 of 14 – SEC Filing


(Amendment No. 8)*
Shake Shack Inc.
(Name of Issuer)
Common Stock, $0.001 par value per share
(Title of Class of Securities)
819047 101
(CUSIP Number)
James R. Berman
Select Equity Group, L.P.
380 Lafayette Street, 6th Floor
New York, New York 10003
(212) 475-8335
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
(with copies to)
Michael A. Schwartz
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, New York 10019
(212) 728-8000
August 16, 2016
(Date of Event Which Requires Filing of Statement on Schedule 13D)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.  ☐
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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