Fiesta Restaurant Group (FRGI) Shares Up 8.4% on Insider Buying Activity
Fiesta Restaurant Group Inc (NASDAQ:FRGI) shares shot up 8.4% on Friday following insider buying activity. The stock traded as high as $18.05 and last traded at $18.00. 777,597 shares traded hands during trading, an increase of 201% from the average session volume of 258,548 shares. The stock had previously closed at $16.60.
Specifically, major shareholder National Corp Leucadia bought 176,814 shares of the stock in a transaction that occurred on Thursday, March 1st. The shares were bought at an average cost of $16.59 per share, for a total transaction of $2,933,344.26. Following the completion of the transaction, the insider now owns 3,075,383 shares of the company’s stock, valued at $51,020,603.97. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jack A. Smith bought 3,000 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were bought at an average price of $17.04 per share, for a total transaction of $51,120.00. Following the completion of the transaction, the director now directly owns 52,041 shares of the company’s stock, valued at approximately $886,778.64. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by insiders.
Several research firms recently weighed in on FRGI. Wedbush reiterated a “buy” rating and set a $24.00 target price on shares of Fiesta Restaurant Group in a research report on Tuesday, February 27th. BidaskClub raised Fiesta Restaurant Group from a “sell” rating to a “hold” rating in a report on Friday, January 26th. ValuEngine cut Fiesta Restaurant Group from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Zacks Investment Research raised Fiesta Restaurant Group from a “sell” rating to a “hold” rating in a report on Thursday, November 9th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $22.60.
Fiesta Restaurant Group announced that its board has approved a share buyback plan on Monday, February 26th that allows the company to buyback 1,500,000 outstanding shares. This buyback authorization allows the restaurant operator to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of large investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in Fiesta Restaurant Group by 4.7% during the fourth quarter. BlackRock Inc. now owns 3,475,407 shares of the restaurant operator’s stock valued at $66,032,000 after acquiring an additional 155,965 shares during the period. Dimensional Fund Advisors LP raised its holdings in Fiesta Restaurant Group by 4.9% during the third quarter. Dimensional Fund Advisors LP now owns 1,520,565 shares of the restaurant operator’s stock valued at $28,891,000 after acquiring an additional 71,514 shares during the period. Newtyn Management LLC bought a new stake in Fiesta Restaurant Group during the third quarter valued at about $19,000,000. Oaktree Capital Management LP raised its holdings in Fiesta Restaurant Group by 243.3% during the fourth quarter. Oaktree Capital Management LP now owns 950,000 shares of the restaurant operator’s stock valued at $18,050,000 after acquiring an additional 673,286 shares during the period. Finally, State Street Corp increased its holdings in shares of Fiesta Restaurant Group by 4.8% in the second quarter. State Street Corp now owns 619,008 shares of the restaurant operator’s stock worth $12,777,000 after purchasing an additional 28,557 shares during the last quarter. 98.11% of the stock is currently owned by institutional investors and hedge funds.
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Fiesta Restaurant Group Company Profile
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).
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