Hodges Capital Management Inc. Makes New Investment in First Watch Restaurant Group, Inc. $FWRG

Hodges Capital Management Inc. purchased a new stake in shares of First Watch Restaurant Group, Inc. (NASDAQ:FWRG) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 142,934 shares of the company’s stock, valued at approximately $2,235,000. Hodges Capital Management Inc. owned 0.23% of First Watch Restaurant Group as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Loomis Sayles & Co. L P acquired a new position in First Watch Restaurant Group during the second quarter worth about $18,350,000. The Manufacturers Life Insurance Company boosted its position 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 purchasing an additional 796,191 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of First Watch Restaurant Group by 18.2% in the 3rd quarter. Vanguard Group Inc. now owns 2,888,295 shares of the company’s stock worth $45,173,000 after purchasing an additional 443,830 shares during the last quarter. Emerald Advisers LLC bought a new stake in shares of First Watch Restaurant Group in the 2nd quarter worth approximately $6,173,000. Finally, Armistice Capital LLC acquired a new stake in First Watch Restaurant Group during the second quarter valued at approximately $5,614,000. Institutional investors and hedge funds own 96.11% of the company’s stock.

First Watch Restaurant Group Trading Up 2.4%

Shares of NASDAQ FWRG opened at $15.74 on Wednesday. The company has a current ratio of 0.25, a quick ratio of 0.21 and a debt-to-equity ratio of 0.41. First Watch Restaurant Group, Inc. has a one year low of $12.90 and a one year high of $22.71. The business has a 50-day moving average price of $16.20 and a two-hundred day moving average price of $16.91. The firm has a market capitalization of $960.61 million, a PE ratio of 196.77, a PEG ratio of 2.80 and a beta of 0.88.

Insider Buying and Selling

In other First Watch Restaurant Group news, Director William A. Kussell sold 6,165 shares of First Watch Restaurant Group stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $17.00, for a total transaction of $104,805.00. Following the completion of the sale, the director owned 26,402 shares of the company’s stock, valued at $448,834. This trade represents a 18.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 6.00% of the company’s stock.

Wall Street Analyst Weigh In

FWRG has been the topic of several recent research reports. Weiss Ratings restated a “hold (c-)” rating on shares of First Watch Restaurant Group in a research report on Monday, December 29th. Barclays reduced their price objective on First Watch Restaurant Group from $21.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, January 7th. Wall Street Zen raised First Watch Restaurant Group from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Zacks Research raised First Watch Restaurant Group from a “strong sell” rating to a “hold” rating in a report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, First Watch Restaurant Group has an average rating of “Moderate Buy” and an average price target of $20.91.

About First Watch Restaurant Group

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.