Activist investor Sardar Biglari has waded back into the market for Cracker Barrel Old Country Store shares, investing more than $3 million this month.
Over the course of six trading days from June 7 to June 13, Biglari scooped up 53,000 shares of Lebanon-based Cracker Barrel, continuing a steady buying spree that began more than a year ago and was accompanied last fall by an unsuccessful bid for a board seat. The latest set of purchases have lifted to almost $195 million the amount Biglari has put to work through various entities. The value of those investments as of late Thursday morning was $238 million.
Of note with the latest investments — they're detailed here and here — is that they were made through a new entity, Steak n Shake Operations. Until now, three other vehicles controlled by Biglari, who is CEO of Steak n Shake, have handled the vast majority of his Cracker Barrel investments.
Shares of Cracker Barrel (Ticker: CBRL) were trading down 1.3 percent late Thursday morning at $59.19. Year to date, they're up about 17 percent.