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.
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.
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 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%|
Page 1 of 14 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Amendment No. 8)*
(Name of Issuer)
(Title of Class of Securities)
Select Equity Group, L.P.
Authorized to Receive Notices and Communications)
(Date of Event Which Requires Filing of Statement on Schedule 13D)