Fiesta Restaurant Group (FRGI) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Fiesta Restaurant Group (NASDAQ:FRGI) from a hold rating to a sell rating in a research report sent to investors on Tuesday.

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. “

Several other research analysts have also recently issued reports on FRGI. BidaskClub cut Fiesta Restaurant Group from a strong-buy rating to a buy rating in a research report on Wednesday, August 8th. ValuEngine cut Fiesta Restaurant Group from a buy rating to a hold rating in a research report on Thursday, August 9th. Piper Jaffray Companies raised Fiesta Restaurant Group from an underweight rating to a neutral rating in a research report on Friday, October 5th. Finally, Wedbush reaffirmed an outperform rating and set a $28.00 target price (down previously from $36.00) on shares of Fiesta Restaurant Group in a research report on Tuesday, November 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $27.00.

Shares of NASDAQ:FRGI opened at $18.42 on Tuesday. The company has a market cap of $522.24 million, a P/E ratio of 36.85 and a beta of 0.31. The company has a debt-to-equity ratio of 0.29, a quick ratio of 0.84 and a current ratio of 0.90. Fiesta Restaurant Group has a 12-month low of $16.40 and a 12-month high of $30.88.

Fiesta Restaurant Group (NASDAQ:FRGI) last announced its earnings results on Monday, November 5th. The restaurant operator reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.08). The company had revenue of $174.65 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.06 EPS. As a group, research analysts predict that Fiesta Restaurant Group will post 0.6 earnings per share for the current fiscal year.

In other Fiesta Restaurant Group news, major shareholder Jefferies Financial Group Inc. acquired 253,333 shares of the business’s stock in a transaction on Tuesday, November 27th. The shares were acquired at an average price of $18.65 per share, with a total value of $4,724,660.45. Following the completion of the transaction, the insider now owns 3,593,621 shares in the company, valued at $67,021,031.65. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.20% of the stock is currently owned by insiders.

A number of hedge funds have recently bought and sold shares of FRGI. Principal Financial Group Inc. boosted its position in Fiesta Restaurant Group by 2.4% in the first quarter. Principal Financial Group Inc. now owns 207,442 shares of the restaurant operator’s stock worth $3,838,000 after purchasing an additional 4,922 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new position in Fiesta Restaurant Group in the second quarter worth $181,000. New York State Teachers Retirement System boosted its position in Fiesta Restaurant Group by 16.6% in the second quarter. New York State Teachers Retirement System now owns 18,277 shares of the restaurant operator’s stock worth $525,000 after purchasing an additional 2,600 shares during the last quarter. Wasatch Advisors Inc. boosted its position in Fiesta Restaurant Group by 1.7% in the second quarter. Wasatch Advisors Inc. now owns 2,487,253 shares of the restaurant operator’s stock worth $71,384,000 after purchasing an additional 41,833 shares during the last quarter. Finally, Sei Investments Co. boosted its position in Fiesta Restaurant Group by 4,291.6% in the second quarter. Sei Investments Co. now owns 25,647 shares of the restaurant operator’s stock worth $736,000 after purchasing an additional 25,063 shares during the last quarter. 96.49% of the stock is currently owned by institutional investors and hedge funds.

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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