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Shake Shack Inc. (SHAK): Select Equity Group Cuts Stake By 23%

Published on September 8, 2016 at 10:15 am by Insider Monkey Staff in Hedge Funds, News

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Robert Joseph Caruso‘s Select Equity Group recently filed an amended Form 13D with the SEC, in which it reported owning 1.24 million common shares of Shake Shack Inc. (NYSE:SHAK), which amass 3.4% of the company’s outstanding stock. The fund’s stake is about 23% lower than the one which Select Equity Group reported holding as of its most recent 13D filing prior to the current one, in which it reported holding 1.61 million shares or 4.4% of Shake Shack’s outstanding stock.

Shake Shack runs and operates a chain of roadside burger stands, which mainly serve burgers, shakes, crinkle cut fries, and frozen custard. Since the beginning of the year, the company’s shares have lost 7.22%. For the second quarter of 2016, Shake Shack reported earnings per share of $0.14, narrowly above the estimates of $0.13, and revenue of $66.47 million, also beating the estimates of $63.11 million.

burger, chicken, sandwich, fish, french, closeup, meal, lettuce, bun, dinner, tasty, hamburger, cheese, background, bread, food, sauce, juicy, fries, american, white, red,

koss13/Shutterstock.com

Among the 749 hedge funds tracked by Insider Monkey which filed 13F’s for the June 30 period, 14 were long Shake Shack (NYSE:SHAK) at the end of June, which represents no change from the previous quarter. Some of the bullish investors included Joel Ramin’s 12 West Capital Management, which held a position valued at $28.38 million, Philippe Laffont’s Coatue Management with an $8.5 million position, Edmond M. Safra’s EMS Capital, and Warren Lammert’s Granite Point Capital.

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Ownership Summary Table

Name	Sole Voting Power	Shared Voting Power	Sole Dispositive Power	Shared Dispositive Power	Aggregate Amount Owned Power	Percent of Class
Select Equity Group	0	1,238,767	0	1,238,767	1,238,767	3.4%
SEG Partners	0	112,931	0	112,931	112,931	0.3%
SEG Partners Holdings	0	112,931	0	112,931	112,931	0.3%
SEG Partners II	0	436,879	0	436,879	436,879	1.2%
SEG Partners II Holdings	0	436,879	0	436,879	436,879	1.2%
SEG Partners Offshore Master Fund, Ltd. (98-1007715)	0	688,957	0	688,957	688,957	1.9%
George S. Loening	0	1,238,767	0	1,238,767	1,238,767	3.4%
Evan C. Guillemin	8,251	0	8,251	0	8,251	0.02%

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Page 1 of 15 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________

SCHEDULE 13D

UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 9)*
______________

Shake Shack Inc.
(Name of Issuer)

Common Stock, $0.001 par value per share
(Title of Class of Securities)

819047 101
(CUSIP Number)

James R. Berman
Select Equity Group, L.P.

380 Lafayette Street, 6^th Floor

New York, New York 10003

(212) 475-8335

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

(with copies to)

Michael A. Schwartz

Willkie Farr & Gallagher LLP

787 Seventh Avenue

New York, New York 10019

(212) 728-8000

September 6, 2016
(Date of Event Which Requires Filing of Statement on Schedule 13D)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. /__/

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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