Fiesta Restaurant Group (NASDAQ:FRGI) Cut to “Sell” at ValuEngine

Fiesta Restaurant Group (NASDAQ:FRGI) was downgraded by equities researchers at ValuEngine from a “hold” rating to a “sell” rating in a report released on Wednesday, February 28th.

FRGI has been the subject of several other research reports. Wedbush reaffirmed a “buy” rating and issued a $24.00 price objective on shares of Fiesta Restaurant Group in a report on Tuesday, February 27th. Zacks Investment Research upgraded shares of Fiesta Restaurant Group from a “sell” rating to a “hold” rating in a research report on Thursday, November 9th. Finally, BidaskClub upgraded shares of Fiesta Restaurant Group from a “sell” rating to a “hold” rating in a research report on Friday, January 26th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $22.60.

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Fiesta Restaurant Group stock traded down $0.25 during mid-day trading on Wednesday, reaching $17.95. 238,906 shares of the company traded hands, compared to its average volume of 372,523. The firm has a market capitalization of $486.34, a P/E ratio of -13.30, a P/E/G ratio of 2.36 and a beta of 0.71. Fiesta Restaurant Group has a 1-year low of $15.50 and a 1-year high of $25.35. The company has a quick ratio of 0.64, a current ratio of 0.69 and a debt-to-equity ratio of 0.33.

Fiesta Restaurant Group announced that its board has initiated a stock buyback program on Monday, February 26th that authorizes the company to buyback 1,500,000 outstanding shares. This buyback authorization authorizes the restaurant operator to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

In related news, Director Jack A. Smith acquired 3,000 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were purchased at an average price of $17.04 per share, for a total transaction of $51,120.00. Following the acquisition, the director now owns 52,041 shares in the company, valued at $886,778.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder National Corp Leucadia bought 176,814 shares of the company’s stock in a transaction dated Thursday, March 1st. The stock was acquired at an average price of $16.59 per share, for a total transaction of $2,933,344.26. Following the acquisition, the insider now directly owns 3,075,383 shares in the company, valued at $51,020,603.97. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 186,814 shares of company stock worth $3,113,194 and have sold 941 shares worth $17,673. 2.20% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of FRGI. Nationwide Fund Advisors increased its holdings in shares of Fiesta Restaurant Group by 12.3% in the 2nd quarter. Nationwide Fund Advisors now owns 17,278 shares of the restaurant operator’s stock valued at $357,000 after purchasing an additional 1,892 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Fiesta Restaurant Group by 32.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,449,051 shares of the restaurant operator’s stock valued at $29,923,000 after purchasing an additional 354,351 shares during the period. Voya Investment Management LLC increased its holdings in shares of Fiesta Restaurant Group by 12.1% in the 2nd quarter. Voya Investment Management LLC now owns 13,014 shares of the restaurant operator’s stock valued at $269,000 after purchasing an additional 1,402 shares during the period. State Street Corp increased its holdings in shares of Fiesta Restaurant Group by 4.8% in the 2nd quarter. State Street Corp now owns 619,008 shares of the restaurant operator’s stock valued at $12,777,000 after purchasing an additional 28,557 shares during the period. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of Fiesta Restaurant Group in the 2nd quarter valued at about $217,000. Institutional investors own 98.87% of the company’s stock.

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Fiesta Restaurant Group Company Profile

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Fiesta Restaurant Group (NASDAQ:FRGI)

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