Cullen Frost Bankers Inc. trimmed its position in Chipotle Mexican Grill by 6.3% during the third quarter, selling 35,474 shares. After the sale, the firm held 527,851 shares of the fast-casual restaurant operator, representing a reported value of $20,686,000 as of its most recent SEC filing. This marks the first significant reduction in the stake by Cullen Frost since the start of the year.

Several smaller institutional investors initiated or increased positions in Chipotle during the second quarter. Operose Advisors LLC entered with approximately $25,000, Signature Resources Capital Management LLC added about $28,000, and Lavaca Capital LLC committed roughly $28,000. Activest Wealth Management more than doubled its holdings—up 109.3%—acquiring an additional 270 shares for a total of 517 shares, valued at $29,000. Twin Peaks Wealth Advisors LLC also established a new stake worth approximately $34,000. Collectively, hedge funds and other institutions now control 91.30% of the company’s outstanding shares.

Equity research firms have adjusted their targets and recommendations over recent months. Evercore ISI reaffirmed its outperform rating with a $45.00 objective in mid-December. BTIG Research lowered its target from $57.00 to $45.00 and maintained a buy view at the end of October. Robert W. Baird trimmed its objective from $59.00 to $49.00 while upholding an outperform stance in early October. Conversely, Mizuho raised its target from $36.00 to $38.00 and assigned a neutral rating in early January, and Barclays lifted its objective from $38.00 to $44.00 with an equal-weight assessment. Out of 37 analysts covering the stock, two carry a Strong Buy, twenty-two a Buy and thirteen a Hold, resulting in a consensus Moderate Buy rating and an average price target of $50.23.