Fiesta Restaurant Group, Inc. (FRGI) Downgraded by Piper Jaffray Companies to Underweight
Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) was downgraded by research analysts at Piper Jaffray Companies from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Thursday, MarketBeat reports. They currently have a $14.00 price objective on the restaurant operator’s stock, down from their previous price objective of $17.00. Piper Jaffray Companies’ price target points to a potential downside of 11.95% from the stock’s previous close.
A number of other brokerages have also recently weighed in on FRGI. Zacks Investment Research cut shares of Fiesta Restaurant Group from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 10th. Jefferies Group LLC reiterated a “hold” rating and set a $25.00 price target on shares of Fiesta Restaurant Group in a research note on Monday, May 15th. BidaskClub cut shares of Fiesta Restaurant Group from a “hold” rating to a “sell” rating in a research note on Saturday, July 8th. Finally, Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Fiesta Restaurant Group in a research note on Monday, July 24th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $24.33.
Fiesta Restaurant Group (NASDAQ FRGI) opened at 15.90 on Thursday. The stock’s market cap is $426.68 million. The company’s 50 day moving average is $17.62 and its 200 day moving average is $21.10. Fiesta Restaurant Group has a one year low of $15.50 and a one year high of $30.65.
Fiesta Restaurant Group (NASDAQ:FRGI) last issued its quarterly earnings results on Monday, August 7th. The restaurant operator reported $0.30 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.03. The business had revenue of $172.62 million for the quarter, compared to analyst estimates of $178.19 million. Fiesta Restaurant Group had a positive return on equity of 11.77% and a negative net margin of 2.75%. The firm’s revenue for the quarter was down 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS. On average, equities research analysts expect that Fiesta Restaurant Group will post $1.02 EPS for the current year.
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In other news, CEO Richard C. Stockinger acquired 2,750 shares of the business’s stock in a transaction on Thursday, August 17th. The stock was bought at an average price of $18.30 per share, for a total transaction of $50,325.00. Following the transaction, the chief executive officer now owns 81,985 shares in the company, valued at $1,500,325.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian P. Friedman acquired 160,000 shares of the business’s stock in a transaction on Friday, August 11th. The shares were purchased at an average price of $18.83 per share, with a total value of $3,012,800.00. Following the transaction, the director now owns 36,270 shares in the company, valued at approximately $682,964.10. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 928,665 shares of company stock valued at $16,751,177. 2.20% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in FRGI. Teachers Advisors LLC raised its position in Fiesta Restaurant Group by 17.1% during the 4th quarter. Teachers Advisors LLC now owns 56,436 shares of the restaurant operator’s stock worth $1,685,000 after buying an additional 8,239 shares during the last quarter. Louisiana State Employees Retirement System increased its holdings in shares of Fiesta Restaurant Group by 1.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the restaurant operator’s stock valued at $266,000 after purchasing an additional 200 shares in the last quarter. Great West Life Assurance Co. Can increased its holdings in shares of Fiesta Restaurant Group by 10.5% in the 1st quarter. Great West Life Assurance Co. Can now owns 38,070 shares of the restaurant operator’s stock valued at $919,000 after purchasing an additional 3,612 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Fiesta Restaurant Group by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 322,699 shares of the restaurant operator’s stock valued at $7,809,000 after purchasing an additional 8,258 shares in the last quarter. Finally, Comerica Bank increased its holdings in shares of Fiesta Restaurant Group by 4.2% in the 1st quarter. Comerica Bank now owns 29,735 shares of the restaurant operator’s stock valued at $743,000 after purchasing an additional 1,195 shares in the last quarter. Institutional investors own 94.09% of the company’s stock.
About Fiesta Restaurant Group
Fiesta Restaurant Group, Inc owns, operates and franchises two fast-casual restaurant brands, Pollo Tropical and Taco Cabana through its subsidiaries Pollo Operations, Inc, and its subsidiaries, and Pollo Franchise, Inc, (collectively Pollo Tropical) and Taco Cabana, Inc and its subsidiaries (collectively Taco Cabana).
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