Curtis E. Garner, chief customer and technology officer at Chipotle Mexican Grill . (NYSE:), sold 44,549 shares of common stock, generating approximately $2.9 million. The shares were sold at a weighted average price of $65.2493 per share, with actual sales prices ranging from $65.125 to $65.44 per share. Following this transaction, Garner now directly owns 442,014 shares. The sale comes as Chipotle maintains strong momentum, with the stock up nearly 43% year to date and achieving a perfect Piotroski Score of 9, according to InvestPro data.
In addition to the stock sale, Garner exercised 50,000 stock options at a price of $7,108 each, for a total of $355,400, and retained 5,451 shares to cover his tax obligations, valued at $355,432. These transactions reflect Garner's continued management of his stake in the company, which currently has a market capitalization of $89 billion and trades at a price-to-earnings ratio of 61. InvestPro The analysis indicates that the stock is currently overvalued, with 14 additional key insights available to subscribers.
Elsewhere, Chipotle Mexican Grill has seen a series of positive developments. Analyst firms Evercore ISI and Truist Securities raised their price targets for the company, reflecting their confidence in its strong performance and strategic pricing. The restaurant chain also reported a 13% increase in sales to approximately $2.8 billion in the third quarter, with comparable sales up 6%. Additionally, Chipotle opened 86 new restaurants, 73 of which featured the “Chipotlane” drive-thru.
Scott Boatwright has been confirmed as permanent CEO, a move seen as supportive of operational excellence. Chipotle's future plans include expanding to 7,000 locations in North America and increasing annual unit volumes to more than $4 million. The company aims to open between 315 and 345 new restaurants by 2025, at least 80% of which will feature Chipotlane.
Despite a slight decline in restaurant margins to 25.5%, Chipotle continues to show strong performance across all revenue levels and regions. These are recent developments in the company's ongoing strategy to support growth and operational efficiency.
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