Fiesta Restaurant Group Inc. (FRGI, Financial) director Brian Friedman purchased 660,000 shares of the company between March 1 and March 3, according to an SEC filing.
The purchases came in three transactions at an average price of $20.25 per share. On March 1, Friedman purchased 404,354 shares. The following day, he added 196,646 shares. His final purchase of 60,000 shares occurred on March 3. He now owns a total of 721,349 shares.
Fiesta operates Pollo Tropical and Taco Cabana restaurants. The company was incorporated in Delaware in April 2011. As of Jan. 1, the company owns and operates 177 Pollo Tropical restaurants and 166 Taco Cabana restaurants across five states.
Fiesta has a market cap $533.67 million, a price-earnings (P/E) ratio of 33.79, EPS (TTM) of 62 cents and 26.92 million shares outstanding.
On Feb. 27, Fiesta announced its fourth-quarter and full-year 2016 results.
The company saw its total revenues decrease to $171.3 million from $182.3 million in the previous quarter. Comparable restaurant sales at Pollo Tropical restaurants decreased 4% and comparable restaurant transactions decreased 7.3%, which was partially attributed to Hurricane Matthew, according to The Wall Street Journal.
Guru Steven Cohen (Trades, Portfolio), The Discovery Group I LLC and Caxton Associates (Trades, Portfolio) established positions in the company during the fourth quarter. Since then, Fiesta Restaurant Group's market price has plummeted an estimated 29%.
Disclosure: Author does not own any shares of this company.
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