Sales at restaurants open at least 13 months rose 4.3 percent in the quarter, following a 10 percent gain last quarter and trailing analysts’ 5.8 percent average estimate.
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Chipotle fell 4.5 percent $642.94 at 4:23 p.m.in late trading in New York. Momentum had been building in the stock, which has gained about 12% this month. Revenues came in at $US1.2 billion, up 14.1% versus the forecast for $US1.22 billion.
In other Chipotle Mexican Grill news, CEO Montgomery F. Moran sold 2,197 shares of the company’s stock in a transaction that occurred on Wednesday, July 15th.
The Denver, Colorado-based company posted quarterly net income of $140.2 million, or $4.45 per share, versus $110.3 million, or $3.50 per share, in the year-ago quarter. Comparable restaurant sales growth was driven primarily by an increase in average check, which includes the benefit of a nationwide menu price increase that was fully rolled out during the second quarter of 2014. Those results were partially offset by increased beef and packaging costs, as compared with the previous year. Additionally, the stock has been as high as $727.97 and as low as $582.69 in the last 52 weeks.
In looking at the consensus numbers, the sell-side analysts covering the stock have a mean target price of $725.833 for Chipotle Mexican Grill, Inc. The 50-Day Moving Average price is $618.11 and the 200 Day Moving Average price is recorded at $655.49.
On the ratings front, Chipotl has been the subject of a number of recent research reports. The stock has a consensus analyst price target of $731.60.
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As mentioned by TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Nick Setyan and Robert Derrington have a total average return of 17.0% and 15.7% respectively. (NYSE:CMG) which led to swings in the share price. One analyst has rated the stock with a sell rating, six have issued a hold rating and twelve have assigned a buy rating to the company. (NYSE:CMG) develops and operates Chipotle Mexican Grill restaurants, which serve a focused menu of burritos, tacos, burrito bowls (a burrito without the tortilla) and salads.
