Bank of New York Mellon Corp Cuts Holdings in The Cheesecake Factory Incorporated (NASDAQ:CAKE)

Bank of New York Mellon Corp lessened its stake in The Cheesecake Factory Incorporated (NASDAQ:CAKE) by 16.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 858,841 shares of the restaurant operator’s stock after selling 168,216 shares during the quarter. Bank of New York Mellon Corp owned 1.69% of Cheesecake Factory worth $33,744,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in CAKE. Norges Bank purchased a new position in Cheesecake Factory in the fourth quarter worth approximately $11,729,000. IPG Investment Advisors LLC grew its stake in shares of Cheesecake Factory by 104.7% during the fourth quarter. IPG Investment Advisors LLC now owns 151,695 shares of the restaurant operator’s stock worth $5,311,000 after purchasing an additional 77,575 shares in the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in Cheesecake Factory in the fourth quarter valued at $2,532,000. First Eagle Investment Management LLC raised its stake in Cheesecake Factory by 20.2% in the fourth quarter. First Eagle Investment Management LLC now owns 381,849 shares of the restaurant operator’s stock valued at $13,369,000 after buying an additional 64,166 shares in the last quarter. Finally, Duality Advisers LP purchased a new stake in Cheesecake Factory during the 1st quarter worth about $1,829,000. 94.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CAKE. Stephens reissued an “overweight” rating and set a $50.00 target price on shares of Cheesecake Factory in a research report on Thursday, August 1st. Robert W. Baird raised their price objective on shares of Cheesecake Factory from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft upped their target price on shares of Cheesecake Factory from $37.00 to $38.00 and gave the company a “hold” rating in a report on Thursday, May 9th. Wedbush reiterated an “outperform” rating and set a $45.00 price target on shares of Cheesecake Factory in a research note on Thursday, August 1st. Finally, Barclays raised their price objective on Cheesecake Factory from $32.00 to $35.00 and gave the stock an “underweight” rating in a report on Thursday, August 1st. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $40.08.

Cheesecake Factory Stock Up 0.1 %

Cheesecake Factory stock opened at $39.31 on Tuesday. The stock’s 50 day moving average price is $38.04 and its 200 day moving average price is $37.03. The company has a market cap of $2.00 billion, a PE ratio of 18.03, a price-to-earnings-growth ratio of 1.13 and a beta of 1.51. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.43 and a quick ratio of 0.32. The Cheesecake Factory Incorporated has a 1-year low of $28.58 and a 1-year high of $41.33.

Cheesecake Factory (NASDAQ:CAKE) last announced its quarterly earnings results on Wednesday, July 31st. The restaurant operator reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09. The business had revenue of $904.04 million during the quarter, compared to the consensus estimate of $909.19 million. Cheesecake Factory had a net margin of 3.32% and a return on equity of 43.62%. The business’s revenue was up 4.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.88 EPS. On average, sell-side analysts predict that The Cheesecake Factory Incorporated will post 3.21 EPS for the current fiscal year.

Cheesecake Factory Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Wednesday, August 14th were issued a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.75%. The ex-dividend date was Wednesday, August 14th. Cheesecake Factory’s dividend payout ratio is currently 49.54%.

Cheesecake Factory Company Profile

The Cheesecake Factory Incorporated operates and licenses restaurants in the United States and Canada. The company operates bakeries that produce cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors.