Sapphire Star Partners LP buys new stakes in Wingstop Inc

Sapphire Star Partners LP

SEC-registered boutique asset manager, Sapphire Star Partners LP has acquired new stakes in a Texas-based restaurant brand, Wingstop Inc during the second quarter. Sapphire bought 15,073 shares of Wingstop, owning approximately 0.05% of Wingstop stakes, which valued at nearly $785,000.

In the first quarter, Sapphire Star Partners LP raised its position in Apple Inc. by 11.2%, and it owns 5,975 shares of the tech giant, which were valued at $1,003,000.

According to the Wingstop’s earning released earlier, the US-based leading restaurant operator reported $0.23 earnings per share for the quarter, which was $0.03 dollars greater than Zack’s consensus estimate of $0.20. Wingstop showed a net margin of 22.15% and the business reported the revenue of $37.04 million for the quarter, and it is up 17.3% compared to the same quarter last year. The company also topped in the business revenue as compared with the analysts’ estimates of $36.92 million.

Established in 1994 and headquartered in Dallas, Texas, Wingstop Inc, with its subsidiaries, franchises, operates restaurants under the Wingstop brand name. Its restaurants offer tossed chicken wings, hand-sauced, and cooked-to-order food. Currently, the company is operating in around 1,000 restaurants covering the areas of the United States, Mexico, Singapore, the Philippines, Indonesia, the United Arab Emirates, Malaysia, Saudi Arabia, and Colombia.

On the other hand, Washington-based Sapphire Star Partners LP is an SEC Registered Investment Advisor managing in excess of $100 million on behalf of its partners including institutions and high net worth families and individuals.

Wingstop Chairman, Charles R. Morrison sold 17,000 shares

In his recent trading in August, Wingstop Chairman, Charles R. Morrison sold 17,000 Wingstop’s shares, worth about $1,022,210 at an average price of $60.13 as disclosed in a legal filing with the United States Security and Exchange Commission. The stock sold approximately $7 more as compared to his stock selling in June, which was sold at an average price of $53.02. As of now, the Chairman owns 137,152 shares in the company.