Portillo’s Inc. $PTLO Stock Position Lowered by Engaged Capital LLC

Engaged Capital LLC cut its stake in shares of Portillo’s Inc. (NASDAQ:PTLO) by 11.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 4,831,911 shares of the company’s stock after selling 647,860 shares during the quarter. Portillo’s accounts for 15.8% of Engaged Capital LLC’s portfolio, making the stock its 4th biggest position. Engaged Capital LLC owned 0.06% of Portillo’s worth $56,388,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Orbis Allan Gray Ltd lifted its position in Portillo’s by 4.1% in the first quarter. Orbis Allan Gray Ltd now owns 5,973,638 shares of the company’s stock valued at $71,027,000 after purchasing an additional 234,475 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Portillo’s by 16.8% in the second quarter. Alliancebernstein L.P. now owns 5,777,921 shares of the company’s stock worth $67,428,000 after buying an additional 830,460 shares during the period. Ameriprise Financial Inc. raised its holdings in Portillo’s by 4.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,563,600 shares of the company’s stock valued at $41,587,000 after buying an additional 149,931 shares during the last quarter. Blair William & Co. IL boosted its position in Portillo’s by 0.9% during the 2nd quarter. Blair William & Co. IL now owns 1,627,315 shares of the company’s stock valued at $18,991,000 after buying an additional 14,303 shares during the period. Finally, Fred Alger Management LLC purchased a new stake in Portillo’s during the 1st quarter valued at $17,489,000. 98.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on PTLO. Robert W. Baird lowered their price objective on shares of Portillo’s from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, September 11th. UBS Group lowered their price target on Portillo’s from $7.50 to $6.00 and set a “neutral” rating for the company in a research report on Wednesday, November 5th. Stephens dropped their price objective on Portillo’s from $8.00 to $6.00 and set an “equal weight” rating for the company in a report on Wednesday, November 5th. Jefferies Financial Group reissued a “hold” rating and set a $6.00 target price (down from $10.00) on shares of Portillo’s in a research note on Monday, October 13th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $7.00 price target (down previously from $14.00) on shares of Portillo’s in a research note on Monday, October 6th. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $9.78.

Portillo’s Stock Performance

Portillo’s stock opened at $4.69 on Friday. Portillo’s Inc. has a fifty-two week low of $4.58 and a fifty-two week high of $15.78. The stock’s 50 day simple moving average is $5.27 and its two-hundred day simple moving average is $7.88. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.22 and a current ratio of 0.27. The stock has a market cap of $353.53 million, a price-to-earnings ratio of 13.03, a PEG ratio of 5.13 and a beta of 1.73.

Portillo’s (NASDAQ:PTLO) last released its earnings results on Tuesday, November 4th. The company reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $181.43 million during the quarter, compared to analysts’ expectations of $179.77 million. Portillo’s had a net margin of 3.35% and a return on equity of 4.99%. As a group, analysts expect that Portillo’s Inc. will post 0.35 earnings per share for the current fiscal year.

About Portillo’s

Portillo’s Inc owns and operates fast casual restaurants in the United States. The company offers Chicago-style hot dogs and sausages, Italian beef sandwiches, char-grilled burgers, chopped salads, crinkle-cut French fries, homemade chocolate cakes, and chocolate cake shake. It offers its products through its website, application, and certain third-party platforms.