The Cheesecake Factory Inc. (CAKE) Sees Unusually-High Trading Volume
Shares of The Cheesecake Factory Inc. (NASDAQ:CAKE) saw unusually-high trading volume on Wednesday . Approximately 580,831 shares changed hands during mid-day trading, an increase of 23% from the previous session’s volume of 472,989 shares.The stock last traded at $50.19 and had previously closed at $49.37.
Several equities analysts have recently commented on CAKE shares. Robert W. Baird reaffirmed a “neutral” rating on shares of The Cheesecake Factory in a research note on Thursday, September 8th. Canaccord Genuity started coverage on shares of The Cheesecake Factory in a research note on Monday, August 22nd. They set a “hold” rating and a $54.00 price objective for the company. Zacks Investment Research raised shares of The Cheesecake Factory from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Monday, August 1st. Barclays PLC upped their price objective on shares of The Cheesecake Factory from $53.00 to $54.00 and gave the company an “equal weight” rating in a research note on Thursday, July 28th. Finally, Stifel Nicolaus downgraded shares of The Cheesecake Factory from a “buy” rating to a “sell” rating and lowered their price objective for the company from $65.00 to $43.00 in a research note on Tuesday, July 26th. One equities research analyst has rated the stock with a sell rating, thirteen have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $54.73.
The company’s 50 day moving average price is $51.20 and its 200-day moving average price is $50.99. The stock has a market cap of $2.37 billion, a PE ratio of 20.40 and a beta of 0.45.
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The Cheesecake Factory (NASDAQ:CAKE) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.78 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.07. The company earned $558.86 million during the quarter, compared to analysts’ expectations of $562.96 million. The Cheesecake Factory had a net margin of 5.81% and a return on equity of 22.04%. The firm’s revenue for the quarter was up 5.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.69 earnings per share. On average, equities analysts forecast that The Cheesecake Factory Inc. will post $2.75 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Shareholders of record on Wednesday, August 10th were given a dividend of $0.24 per share. The ex-dividend date was Monday, August 8th. This is a boost from The Cheesecake Factory’s previous quarterly dividend of $0.20. This represents a $0.96 dividend on an annualized basis and a yield of 1.88%. The Cheesecake Factory’s dividend payout ratio is currently 38.10%.
In other The Cheesecake Factory news, CFO Doug Benn sold 6,512 shares of the company’s stock in a transaction on Monday, July 25th. The shares were sold at an average price of $53.00, for a total transaction of $345,136.00. Following the completion of the transaction, the chief financial officer now directly owns 51,344 shares in the company, valued at $2,721,232. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 8.50% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the company. Findlay Park Partners LLP boosted its position in The Cheesecake Factory by 2,875.7% in the first quarter. Findlay Park Partners LLP now owns 1,091,948 shares of the company’s stock worth $57,972,000 after buying an additional 1,055,253 shares in the last quarter. Norges Bank acquired a new stake in shares of The Cheesecake Factory during the fourth quarter worth approximately $19,819,000. UBS Asset Management Americas Inc. boosted its stake in shares of The Cheesecake Factory by 615.9% in the first quarter. UBS Asset Management Americas Inc. now owns 340,639 shares of the company’s stock worth $18,084,000 after buying an additional 293,054 shares during the period. FIL Ltd acquired a new stake in shares of The Cheesecake Factory during the second quarter worth approximately $13,927,000. Finally, Teachers Advisors Inc. boosted its stake in shares of The Cheesecake Factory by 315.5% in the first quarter. Teachers Advisors Inc. now owns 303,937 shares of the company’s stock worth $16,136,000 after buying an additional 230,783 shares during the period. Institutional investors own 89.48% of the company’s stock.
About The Cheesecake Factory
The Cheesecake Factory Incorporated is engaged in the restaurant and bakery business. The Company operates approximately 200 Company-owned restaurants, including approximately 190 restaurants under The Cheesecake Factory mark and approximately 10 restaurants under the Grand Lux Cafe mark. The Company’s segments include The Cheesecake Factory restaurants, and other, which includes Grand Lux Cafe, RockSugar Pan Asian Kitchen, bakery and international licensing.
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