Eastover Investment Advisors LLC acquired 72,764 shares of Chipotle Mexican Grill, estimated at $3.5 million. This transaction represents 1.4% of their $229.98 million in 13F assets under management as of September 30. Post-trade, they hold 107,786 shares valued at $4.22 million, making up 1.8% of their fund.

Chipotle’s recent purchase brings their stake in the company to 1.8% of their assets under management as of September 30. Other top holdings include NASDAQ:AVGO at $15.16 million and NASDAQ:AAPL at $12.92 million. Chipotle’s shares were priced at $40.93 as of October 7, down 28% over the past year.

Eastover’s belief in Chipotle’s potential is evident through their recent purchase. With Chipotle’s shares down nearly 30% in the past year, institutions are making calculated bets on the restaurant brand’s turnaround. Chipotle will need to reverse declining same store sales to see brighter days ahead.

Read more at Nasdaq: Eastover Loads Up On Chipotle With 73K Shares in Q3 Filing