Fiesta Restaurant Group (FRGI) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Fiesta Restaurant Group (NASDAQ:FRGI) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The brokerage currently has $28.00 price target on the restaurant operator’s stock.
According to Zacks, “Fiesta Restaurant Group, Inc. owns and operates quick-casual restaurants under the Pollo Tropical(R) and Taco Cabana(R) brand names in the United States. The Company’s Pollo Tropical restaurants offer a wide selection of tropical and Caribbean inspired food. The Taco Cabana restaurants offer a wide selection of fresh Tex-Mex and traditional Mexican food. Fiesta Restaurant Group, Inc. is headquartered in Miami, Florida. “
A number of other research firms have also commented on FRGI. BidaskClub raised Fiesta Restaurant Group from a sell rating to a hold rating in a research note on Tuesday, October 9th. ValuEngine lowered Fiesta Restaurant Group from a buy rating to a hold rating in a research note on Thursday, August 9th. Piper Jaffray Companies raised Fiesta Restaurant Group from an underweight rating to a neutral rating in a research note on Friday, October 5th. Finally, Wedbush reaffirmed an outperform rating and set a $28.00 price objective (down previously from $36.00) on shares of Fiesta Restaurant Group in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $27.00.
Fiesta Restaurant Group (NASDAQ:FRGI) last posted its earnings results on Monday, November 5th. The restaurant operator reported $0.11 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.08). The firm had revenue of $174.65 million during the quarter, compared to analyst estimates of $173.40 million. Fiesta Restaurant Group had a net margin of 0.73% and a return on equity of 5.87%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period last year, the company posted $0.06 EPS. As a group, sell-side analysts forecast that Fiesta Restaurant Group will post 0.64 EPS for the current fiscal year.
In related news, major shareholder Jefferies Financial Group Inc. acquired 262,710 shares of the firm’s stock in a transaction that occurred on Thursday, November 8th. The shares were acquired at an average price of $19.33 per share, with a total value of $5,078,184.30. Following the completion of the purchase, the insider now directly owns 3,533,288 shares in the company, valued at $68,298,457.04. The purchase was disclosed in a document filed with the SEC, which is available through this link. 2.20% of the stock is owned by company insiders.
Large investors have recently modified their holdings of the business. Robeco Institutional Asset Management B.V. acquired a new stake in Fiesta Restaurant Group in the 3rd quarter worth about $136,000. Piedmont Investment Advisors LLC acquired a new stake in Fiesta Restaurant Group in the 2nd quarter worth about $181,000. Engineers Gate Manager LP acquired a new stake in Fiesta Restaurant Group in the 2nd quarter worth about $200,000. SG Americas Securities LLC acquired a new stake in Fiesta Restaurant Group in the 2nd quarter worth about $212,000. Finally, Barclays PLC boosted its stake in Fiesta Restaurant Group by 92.7% in the 1st quarter. Barclays PLC now owns 8,063 shares of the restaurant operator’s stock worth $149,000 after buying an additional 3,879 shares during the last quarter.
About Fiesta Restaurant Group
Fiesta Restaurant Group, Inc, through its subsidiaries, owns, operates, and franchises fast-casual restaurants. It operates its fast-casual restaurants under the Pollo Tropical and Taco Cabana brands. The company's Pollo Tropical restaurants offer citrus marinated, fire-grilled chicken, and other freshly prepared tropical inspired menu items; and Taco Cabana restaurants provide Mexican inspired food made fresh by hand.
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