Wells Fargo & Company MN reduced its position in shares of The Cheesecake Factory Incorporated (NASDAQ:CAKE) by 11.5% during the 3rd quarter, HoldingsChannel reports. The firm owned 869,069 shares of the restaurant operator’s stock after selling 112,457 shares during the period. Wells Fargo & Company MN’s holdings in The Cheesecake Factory were worth $24,108,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Captrust Financial Advisors purchased a new position in The Cheesecake Factory during the 2nd quarter worth $25,000. Valeo Financial Advisors LLC purchased a new position in The Cheesecake Factory during the 3rd quarter worth $28,000. Rockefeller Capital Management L.P. increased its holdings in The Cheesecake Factory by 327.3% during the 2nd quarter. Rockefeller Capital Management L.P. now owns 1,393 shares of the restaurant operator’s stock worth $32,000 after purchasing an additional 1,067 shares during the period. Parallel Advisors LLC purchased a new position in The Cheesecake Factory during the 2nd quarter worth $48,000. Finally, Steward Partners Investment Advisory LLC purchased a new position in The Cheesecake Factory during the 2nd quarter worth $48,000. Institutional investors own 90.65% of the company’s stock.
CAKE has been the topic of several research reports. Stephens raised their price objective on The Cheesecake Factory from $18.00 to $25.00 and gave the stock an “underweight” rating in a report on Friday, October 30th. Bank of America cut The Cheesecake Factory from a “neutral” rating to an “underperform” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. increased their target price on The Cheesecake Factory from $24.00 to $33.00 and gave the company an “underweight” rating in a research report on Tuesday, October 20th. Deutsche Bank Aktiengesellschaft raised The Cheesecake Factory from a “hold” rating to a “buy” rating and set a $40.00 target price on the stock in a research report on Monday, November 9th. Finally, BidaskClub cut The Cheesecake Factory from a “buy” rating to a “hold” rating in a research report on Wednesday, October 28th. Five research analysts have rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $31.65.
The Cheesecake Factory (NASDAQ:CAKE) last issued its earnings results on Thursday, October 29th. The restaurant operator reported ($0.33) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.51) by $0.18. The company had revenue of $517.70 million during the quarter, compared to analyst estimates of $489.97 million. The Cheesecake Factory had a negative return on equity of 8.77% and a negative net margin of 1.89%. The firm’s quarterly revenue was down 11.7% on a year-over-year basis. During the same quarter last year, the business posted $0.59 EPS. As a group, equities research analysts expect that The Cheesecake Factory Incorporated will post -1.12 earnings per share for the current year.
The Cheesecake Factory Company Profile
The Cheesecake Factory Incorporated engages in the operation of restaurants. As of February 26, 2020, it owned and operated 294 restaurants in the United States and Canada under the brands of The Cheesecake Factory and North Italia; and a collection of Fox Restaurant Concepts, as well as 26 The Cheesecake Factory restaurants operated under licensing agreements internationally.
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