Bank of New York Mellon Corp Buys 1,946,084 Shares of First Watch Restaurant Group, Inc. $FWRG

Bank of New York Mellon Corp lifted its stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) by 96.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,957,697 shares of the company’s stock after purchasing an additional 1,946,084 shares during the period. Bank of New York Mellon Corp owned 6.42% of First Watch Restaurant Group worth $41,477,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Woodline Partners LP purchased a new stake in First Watch Restaurant Group in the 3rd quarter worth about $20,318,000. Riverbridge Partners LLC raised its position in shares of 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 valued at $21,921,000 after purchasing an additional 995,671 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of First Watch Restaurant Group by 51.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,335,883 shares of the company’s stock valued at $37,468,000 after buying an additional 796,191 shares in the last quarter. Hodges Capital Management Inc. lifted its stake in shares of First Watch Restaurant Group by 113.7% during the 1st quarter. Hodges Capital Management Inc. now owns 1,481,777 shares of the company’s stock valued at $15,529,000 after buying an additional 788,436 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in First Watch Restaurant Group by 2,796.3% in the 3rd quarter. Balyasny Asset Management L.P. now owns 813,051 shares of the company’s stock worth $12,716,000 after buying an additional 784,979 shares during the period. Institutional investors own 96.11% of the company’s stock.

First Watch Restaurant Group Stock Performance

NASDAQ FWRG opened at $12.12 on Friday. First Watch Restaurant Group, Inc. has a 1 year low of $9.97 and a 1 year high of $19.53. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.29 and a quick ratio of 0.25. The stock has a market capitalization of $747.20 million, a PE ratio of 43.29, a P/E/G ratio of 7.18 and a beta of 1.03. The company’s 50 day simple moving average is $11.82 and its two-hundred day simple moving average is $13.00.

First Watch Restaurant Group (NASDAQ:FWRG) last announced its quarterly earnings results on Tuesday, May 5th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.02). The firm had revenue of $330.96 million during the quarter, compared to the consensus estimate of $329.35 million. First Watch Restaurant Group had a net margin of 1.38% and a return on equity of 2.85%. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.01) earnings per share. Analysts predict that First Watch Restaurant Group, Inc. will post 0.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on FWRG shares. Stifel Nicolaus set a $14.00 target price on shares of First Watch Restaurant Group in a report on Tuesday, May 5th. DA Davidson reaffirmed a “buy” rating and issued a $17.00 price target on shares of First Watch Restaurant Group in a report on Tuesday, April 28th. Weiss Ratings cut First Watch Restaurant Group from a “sell (d+)” rating to a “sell (d)” rating in a research report on Monday, May 11th. Benchmark decreased their price objective on First Watch Restaurant Group from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Monday, April 20th. Finally, Wall Street Zen cut First Watch Restaurant Group from a “sell” rating to a “strong sell” rating in a report on Saturday, July 18th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.78.

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.