Bank of New York Mellon Corp Has $3.97 Million Position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG)

Key Points

• Bank of New York Mellon Corp significantly increased its stake in First Watch Restaurant Group, growing its position by 203.6% in the first quarter, now holding 238,661 shares valued at nearly $4 million.
• Several institutional investors have also adjusted their holdings in First Watch, with 96.11% of the stock now owned by institutions and hedge funds, indicating strong institutional interest.
• The stock recently rose by 1.5% and has a market capitalization of $1.05 billion, but reported a quarterly earnings miss with an EPS of ($0.01) against a consensus estimate of $0.04.

Bank of New York Mellon Corp grew its position in First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report) by 203.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 238,661 shares of the company's stock after buying an additional 160,040 shares during the quarter. Bank of New York Mellon Corp owned 0.39% of First Watch Restaurant Group worth $3,974,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in FWRG. Raymond James Financial Inc. acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at approximately $1,674,000. Swiss National Bank raised its position in shares of First Watch Restaurant Group by 27.4% in the 4th quarter. Swiss National Bank now owns 82,300 shares of the company's stock valued at $1,532,000 after buying an additional 17,700 shares in the last quarter. Natixis Advisors LLC acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at approximately $226,000. American Century Companies Inc. acquired a new position in shares of First Watch Restaurant Group in the 4th quarter valued at approximately $200,000. Finally, Sei Investments Co. raised its position in shares of First Watch Restaurant Group by 107.9% in the 4th quarter. Sei Investments Co. now owns 139,350 shares of the company's stock valued at $2,593,000 after buying an additional 72,328 shares in the last quarter. 96.11% of the stock is currently owned by institutional investors and hedge funds.

First Watch Restaurant Group Stock Up 1.5%

First Watch Restaurant Group stock opened at $17.28 on Friday. The company has a quick ratio of 0.27, a current ratio of 0.31 and a debt-to-equity ratio of 0.32. First Watch Restaurant Group, Inc. has a 12-month low of $12.90 and a 12-month high of $22.71. The firm's fifty day moving average is $16.31 and its 200 day moving average is $17.86. The company has a market capitalization of $1.05 billion, a PE ratio of 101.65, a PEG ratio of 4.80 and a beta of 0.90.

First Watch Restaurant Group (NASDAQ:FWRG - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($0.01) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.05). First Watch Restaurant Group had a net margin of 1.03% and a return on equity of 1.84%. The company had revenue of $282.24 million for the quarter, compared to analyst estimates of $282.98 million. During the same quarter in the previous year, the firm earned $0.12 EPS. The firm's revenue was up 16.4% on a year-over-year basis. As a group, sell-side analysts predict that First Watch Restaurant Group, Inc. will post 0.32 EPS for the current fiscal year.

Insider Activity

In related news, major shareholder International L.P. Advent sold 4,500,000 shares of the business's stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $14.70, for a total transaction of $66,150,000.00. Following the transaction, the insider owned 14,689,784 shares in the company, valued at $215,939,824.80. The trade was a 23.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 6.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FWRG shares. Piper Sandler decreased their price target on shares of First Watch Restaurant Group from $23.00 to $20.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Stifel Nicolaus set a $17.00 price target on shares of First Watch Restaurant Group in a report on Wednesday, May 7th. Barclays lifted their price target on shares of First Watch Restaurant Group from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Guggenheim decreased their price target on shares of First Watch Restaurant Group from $23.00 to $22.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Finally, Bank of America decreased their price target on shares of First Watch Restaurant Group from $23.00 to $21.00 and set a "buy" rating on the stock in a report on Friday, July 18th. Eight equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $20.91.

About First Watch Restaurant Group

First Watch Restaurant Group, Inc, through its subsidiaries, operates and franchises restaurants under the First Watch trade name in the United States. The company was formerly known as AI Fresh Super Holdco, Inc and changed its name to First Watch Restaurant Group, Inc in December 2019. First Watch Restaurant Group, Inc was founded in 1983 and is based in Bradenton, Florida.

Want to see what other hedge funds are holding FWRG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for First Watch Restaurant Group, Inc. (NASDAQ:FWRG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.