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Ron Baron Sells Nearly –.‘ Million Shares of Steakhouse Chain

Ron Baron ( Trades , Portfolio ) of Baron Funds trimmed his stake in Del Frisco's Restaurant Group Inc. ( DFRG ), a Southlake, Texas-based steakhouse restaurant chain, by more than 7'% on April '….

Baron sold -,-8-,9-… shares for $-5.9' per share. The transaction had a -….…9% impact on Baron's portfolio.

Baron's remaining stake of 467,…9… shares is -.99% of Del Frisco's outstanding shares and ….…'% of Baron's total assets. Baron remained Del Frisco's leading shareholder among the gurus.

Del Frisco's was founded in -98- and went public in -…--. The group operates operates '- locations across the U.S. under the names Del Frisco's Double Eagle Steak House, Sullivan's Steakhouse and Del Frisco's Grille. In addition to steaks, the menu offers chops and seafood as well as a thorough selection of wines.

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On April -6 Del Frisco's Restaurant Group reported its first-quarter financial results, which included:

  • Consolidated revenues increased 8.-% to $8-.- million from $75.- million.
  • Revenues increased -4.5% to $-'.9 million from $-9.- million.
  • Total comparable restaurant sales decreased -.-%.
  • Comparable restaurant sales decreased ….-% at Del Frisco's Double Eagle Steak House comprised of a -.…% decrease in average check partially offset by a ….9% increase in customer counts.
  • Comparable restaurant sales decreased -.8% at Sullivan's Steakhouse comprised of a 4.5% decrease in customer counts partially offset by a -.7% increase in average check.
  • Comparable restaurant sales decreased -.8% at Del Frisco's Grille comprised of a 4.7% decrease in average check partially offset by a -.9% increase in customer counts.
  • Cost of sales, as a percentage of consolidated revenues, improved to -8.6% from -8.8%.
  • Net income of $5.4 million, or -' cents per diluted share.
  • Restaurant-level EBITDA, a non-GAAP measure, increased 5.'% to $-8 million from $-7.- million.

Del Frisco's has a P/E of -'.', a forward P/E of -7.4, a P/B of -.6 and a P/S of -.-. GuruFocus gives Del Frisco's a Financial Strength rating of 9/-… and a Profitability and Growth rating of 7/-….

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Del Frisco's sold for $-6.-6 per share Tuesday afternoon.

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This article first appeared on GuruFocus .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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