Fiesta Restaurant Group, Inc. (FRGI) Downgraded to Underweight at Piper Jaffray Companies

Piper Jaffray Companies downgraded shares of Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) from a neutral rating to an underweight rating in a research note issued to investors on Thursday, MarketBeat.com reports. The brokerage currently has $14.00 price target on the restaurant operator’s stock, down from their previous price target of $17.00.

A number of other equities research analysts have also issued reports on FRGI. Zacks Investment Research lowered Fiesta Restaurant Group from a strong-buy rating to a hold rating in a research report on Wednesday, May 10th. Jefferies Group LLC reaffirmed a hold rating and set a $25.00 target price on shares of Fiesta Restaurant Group in a research report on Monday, May 15th. BidaskClub lowered Fiesta Restaurant Group from a hold rating to a sell rating in a research report on Saturday, July 8th. Finally, Raymond James Financial, Inc. reaffirmed a market perform rating on shares of Fiesta Restaurant Group in a research report on Monday, July 24th. Three 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. The company has a consensus rating of Hold and a consensus target price of $24.33.

Shares of Fiesta Restaurant Group (NASDAQ:FRGI) opened at 15.90 on Thursday. The firm’s market cap is $426.68 million. Fiesta Restaurant Group has a 12-month low of $15.50 and a 12-month high of $30.65. The firm has a 50-day moving average price of $17.62 and a 200 day moving average price of $21.10.

Fiesta Restaurant Group (NASDAQ:FRGI) last posted its quarterly earnings data on Monday, August 7th. The restaurant operator reported $0.30 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.03. The firm had revenue of $172.62 million during the quarter, compared to the consensus estimate 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 quarterly revenue was down 4.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 EPS. On average, equities research analysts anticipate that Fiesta Restaurant Group will post $1.02 earnings per share for the current fiscal year.

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In other Fiesta Restaurant Group news, Director Brian P. Friedman purchased 60,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were acquired at an average price of $18.71 per share, for a total transaction of $1,122,600.00. Following the completion of the acquisition, the director now owns 36,270 shares of the company’s stock, valued at approximately $678,611.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Brian P. Friedman purchased 160,000 shares of the stock in a transaction dated Friday, August 11th. The shares were acquired at an average price of $18.83 per share, for a total transaction of $3,012,800.00. Following the acquisition, the director now directly owns 36,270 shares of the company’s stock, valued at approximately $682,964.10. The disclosure for this purchase can be found here. Insiders have bought 928,665 shares of company stock worth $16,751,177 in the last quarter. 2.20% of the stock is currently owned by corporate insiders.

Several hedge funds have recently modified their holdings of FRGI. Teachers Advisors LLC grew its holdings in shares of Fiesta Restaurant Group by 17.1% during the fourth quarter. Teachers Advisors LLC now owns 56,436 shares of the restaurant operator’s stock valued at $1,685,000 after buying an additional 8,239 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in shares of Fiesta Restaurant Group by 1.9% during the first quarter. Louisiana State Employees Retirement System now owns 11,000 shares of the restaurant operator’s stock valued at $266,000 after buying an additional 200 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Fiesta Restaurant Group by 10.5% during the first quarter. Great West Life Assurance Co. Can now owns 38,070 shares of the restaurant operator’s stock valued at $919,000 after buying an additional 3,612 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Fiesta Restaurant Group by 2.6% during the first quarter. Bank of New York Mellon Corp now owns 322,699 shares of the restaurant operator’s stock valued at $7,809,000 after buying an additional 8,258 shares in the last quarter. Finally, Comerica Bank grew its holdings in shares of Fiesta Restaurant Group by 4.2% during the first quarter. Comerica Bank now owns 29,735 shares of the restaurant operator’s stock valued at $743,000 after buying an additional 1,195 shares in the last quarter. Institutional investors and hedge funds 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).

Analyst Recommendations for Fiesta Restaurant Group (NASDAQ:FRGI)

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