Empowered Funds LLC Makes New $1.75 Million Investment in First Watch Restaurant Group, Inc. $FWRG

Empowered Funds LLC purchased a new stake in First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 166,559 shares of the company’s stock, valued at approximately $1,746,000. Empowered Funds LLC owned 0.27% of First Watch Restaurant Group as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its position in shares of First Watch Restaurant Group by 96.7% during the 1st quarter. Bank of New York Mellon Corp now owns 3,957,697 shares of the company’s stock valued at $41,477,000 after acquiring an additional 1,946,084 shares during the period. The Manufacturers Life Insurance Company grew its holdings in First Watch Restaurant Group by 81.4% in the first quarter. The Manufacturers Life Insurance Company now owns 3,357,950 shares of the company’s stock worth $35,191,000 after purchasing an additional 1,507,074 shares during the period. Woodline Partners LP acquired a new stake in First Watch Restaurant Group in the third quarter worth $20,318,000. Riverbridge Partners LLC grew its holdings in First Watch Restaurant Group by 90.8% in the first quarter. Riverbridge Partners LLC now owns 2,091,700 shares of the company’s stock worth $21,921,000 after purchasing an additional 995,671 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in First Watch Restaurant Group by 51.7% in the second quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock valued at $37,468,000 after purchasing an additional 796,191 shares in the last quarter. 96.11% of the stock is owned by institutional investors and hedge funds.

First Watch Restaurant Group Trading Down 3.2%

Shares of First Watch Restaurant Group stock opened at $12.45 on Friday. The company has a market capitalization of $768.29 million, a P/E ratio of 42.93, a price-to-earnings-growth ratio of 8.02 and a beta of 1.03. The stock has a fifty day simple moving average of $12.10 and a 200 day simple moving average of $12.77. First Watch Restaurant Group, Inc. has a 12-month low of $9.97 and a 12-month high of $19.53. The company has a current ratio of 0.27, a quick ratio of 0.25 and a debt-to-equity ratio of 0.44.

First Watch Restaurant Group (NASDAQ:FWRG) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.05 by ($0.01). First Watch Restaurant Group had a net margin of 1.35% and a return on equity of 2.85%. The company had revenue of $354.67 million for the quarter, compared to the consensus estimate of $351.57 million. During the same quarter last year, the business posted $0.03 earnings per share. First Watch Restaurant Group’s revenue was up 15.2% on a year-over-year basis. On average, sell-side analysts anticipate that First Watch Restaurant Group, Inc. will post 0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FWRG shares. Citigroup dropped their price objective on shares of First Watch Restaurant Group from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday. Stifel Nicolaus set a $14.00 price target on First Watch Restaurant Group in a research note on Tuesday, May 5th. Freedom Capital upgraded First Watch Restaurant Group to a “strong-buy” rating in a report on Wednesday, July 1st. Weiss Ratings upgraded First Watch Restaurant Group from a “sell (d)” rating to a “sell (d+)” rating in a report on Tuesday. Finally, DA Davidson reissued a “buy” rating and issued a $17.00 price objective on shares of First Watch Restaurant Group in a research note on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.67.

First Watch Restaurant Group 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.