Bank of New York Mellon Corp Buys 1,946,084 Shares of First Watch Restaurant Group, Inc. $FWRG

Bank of New York Mellon Corp grew its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 96.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,957,697 shares of the company’s stock after buying an additional 1,946,084 shares during the quarter. Bank of New York Mellon Corp owned 0.06% of First Watch Restaurant Group worth $41,477,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FWRG. Legal & General Group Plc grew its position in First Watch Restaurant Group by 1.6% in the second quarter. Legal & General Group Plc now owns 45,531 shares of the company’s stock worth $730,000 after acquiring an additional 724 shares in the last quarter. California State Teachers Retirement System boosted its holdings in shares of First Watch Restaurant Group by 1.8% in the 4th quarter. California State Teachers Retirement System now owns 46,092 shares of the company’s stock worth $695,000 after purchasing an additional 832 shares in the last quarter. Diversified Trust Co increased its position in shares of First Watch Restaurant Group by 4.7% during the 1st quarter. Diversified Trust Co now owns 25,654 shares of the company’s stock valued at $269,000 after purchasing an additional 1,154 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its position in shares of First Watch Restaurant Group by 0.5% during the 1st quarter. Kornitzer Capital Management Inc. KS now owns 310,837 shares of the company’s stock valued at $3,258,000 after purchasing an additional 1,450 shares during the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of First Watch Restaurant Group by 11.1% during the 4th quarter. Intech Investment Management LLC now owns 16,041 shares of the company’s stock valued at $242,000 after buying an additional 1,606 shares in the last quarter. 96.11% of the stock is owned by institutional investors.

First Watch Restaurant Group Price Performance

FWRG opened at $12.12 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.25. The stock’s 50 day simple moving average is $11.82 and its 200 day simple moving average is $13.00. The firm has a market cap of $747.20 million, a price-to-earnings ratio of 43.29, a PEG ratio of 7.18 and a beta of 1.03. First Watch Restaurant Group, Inc. has a 1 year low of $9.97 and a 1 year high of $19.53.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings data on Tuesday, May 5th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The company had revenue of $330.96 million during the quarter, compared to the consensus estimate of $329.35 million. First Watch Restaurant Group had a net margin of 1.38% and a return on equity of 2.85%. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.01) EPS. As a group, analysts predict that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Benchmark dropped their target price on First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 20th. DA Davidson reissued a “buy” rating and set a $17.00 price target on shares of First Watch Restaurant Group in a research note on Tuesday, April 28th. Freedom Capital raised shares of First Watch Restaurant Group to a “strong-buy” rating in a research note on Wednesday, July 1st. Stephens reaffirmed an “overweight” rating and issued a $21.00 price objective on shares of First Watch Restaurant Group in a research note on Wednesday, May 6th. Finally, Wall Street Zen lowered shares of First Watch Restaurant Group from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.78.

First Watch Restaurant Group Company Profile

First Watch Restaurant Group, Inc (NASDAQ: FWRG) operates a specialty daytime dining concept focused on breakfast, brunch and lunch. The company’s casual, full-service cafés emphasize fresh ingredients, made-to-order entrées and a seasonally driven menu that ranges from omelets and Benedicts to salads, skillets and afternoon sandwiches. First Watch positions itself as a daytime-only destination, with most locations opening early morning and closing by mid-afternoon.

Founded in 1983 by Ken Pendery and John Sullivan in Pacific Grove, California, First Watch began as a single café and gradually expanded through company-owned and select franchised locations.