The Cheesecake Factory Incorporated $CAKE Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its holdings in The Cheesecake Factory Incorporated (NASDAQ:CAKE) by 9.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 748,417 shares of the restaurant operator’s stock after selling 73,612 shares during the quarter. Bank of New York Mellon Corp’s holdings in Cheesecake Factory were worth $46,896,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cheesecake Factory by 2.0% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,121 shares of the restaurant operator’s stock valued at $638,000 after acquiring an additional 260 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in shares of Cheesecake Factory by 38.5% during the 1st quarter. SBI Securities Co. Ltd. now owns 1,244 shares of the restaurant operator’s stock worth $61,000 after purchasing an additional 346 shares during the last quarter. Atria Investments Inc boosted its holdings in shares of Cheesecake Factory by 3.9% during the 2nd quarter. Atria Investments Inc now owns 9,261 shares of the restaurant operator’s stock worth $580,000 after purchasing an additional 349 shares during the last quarter. Ameritas Advisory Services LLC purchased a new stake in shares of Cheesecake Factory in the second quarter valued at approximately $28,000. Finally, Keybank National Association OH increased its holdings in shares of Cheesecake Factory by 6.5% in the second quarter. Keybank National Association OH now owns 7,789 shares of the restaurant operator’s stock valued at $488,000 after purchasing an additional 478 shares during the last quarter. 94.48% of the stock is owned by hedge funds and other institutional investors.

Cheesecake Factory Stock Down 0.2%

Shares of CAKE opened at $45.87 on Wednesday. The company’s 50-day moving average price is $54.10 and its 200 day moving average price is $57.48. The Cheesecake Factory Incorporated has a 12-month low of $42.69 and a 12-month high of $69.70. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 1.40. The firm has a market cap of $2.29 billion, a P/E ratio of 13.90, a price-to-earnings-growth ratio of 1.21 and a beta of 1.08.

Cheesecake Factory (NASDAQ:CAKE) last announced its earnings results on Monday, November 3rd. The restaurant operator reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.08. The company had revenue of $907.23 million during the quarter, compared to analyst estimates of $912.95 million. Cheesecake Factory had a net margin of 4.33% and a return on equity of 47.25%. Cheesecake Factory’s revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the firm posted $0.58 earnings per share. On average, sell-side analysts forecast that The Cheesecake Factory Incorporated will post 3.71 earnings per share for the current year.

Cheesecake Factory Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 25th. Shareholders of record on Tuesday, November 11th will be given a $0.27 dividend. The ex-dividend date of this dividend is Monday, November 10th. This represents a $1.08 dividend on an annualized basis and a yield of 2.4%. Cheesecake Factory’s payout ratio is presently 32.73%.

Analyst Ratings Changes

A number of research firms have weighed in on CAKE. UBS Group boosted their price objective on Cheesecake Factory from $45.00 to $50.00 and gave the stock a “sell” rating in a research note on Friday, July 18th. JPMorgan Chase & Co. reduced their price target on Cheesecake Factory from $57.00 to $52.00 and set an “underweight” rating on the stock in a report on Thursday, October 30th. Citigroup dropped their price objective on shares of Cheesecake Factory from $68.00 to $65.00 and set a “buy” rating for the company in a report on Wednesday, October 29th. Piper Sandler raised their price objective on shares of Cheesecake Factory from $54.00 to $62.00 and gave the stock a “neutral” rating in a research report on Monday, August 4th. Finally, Jefferies Financial Group set a $70.00 target price on shares of Cheesecake Factory and gave the company a “buy” rating in a report on Wednesday, October 29th. Ten equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $59.18.

Insider Buying and Selling

In other Cheesecake Factory news, President David M. Gordon sold 43,335 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $63.06, for a total transaction of $2,732,705.10. Following the transaction, the president directly owned 24,532 shares in the company, valued at $1,546,987.92. This represents a 63.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 8.40% of the stock is owned by company insiders.

Cheesecake Factory 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.