Denny’s Corp (NASDAQ:DENN) was the target of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 2,207,100 shares, an increase of 8.0% from the June 30th total of 2,043,600 shares. Based on an average trading volume of 449,500 shares, the short-interest ratio is presently 4.9 days. Approximately 3.7% of the shares of the company are short sold.
In related news, EVP F Mark Wolfinger sold 47,550 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $20.70, for a total value of $984,285.00. Following the sale, the executive vice president now owns 805,980 shares of the company’s stock, valued at approximately $16,683,786. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 122,550 shares of company stock worth $2,516,235. Corporate insiders own 6.10% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc increased its stake in Denny’s by 13.1% during the 4th quarter. Legal & General Group Plc now owns 11,033 shares of the restaurant operator’s stock valued at $179,000 after buying an additional 1,280 shares during the period. JPMorgan Chase & Co. increased its stake in Denny’s by 5.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 27,213 shares of the restaurant operator’s stock valued at $557,000 after buying an additional 1,387 shares during the period. US Bancorp DE increased its stake in Denny’s by 2.9% during the 2nd quarter. US Bancorp DE now owns 68,491 shares of the restaurant operator’s stock valued at $1,406,000 after buying an additional 1,961 shares during the period. Cadence Capital Management LLC increased its stake in Denny’s by 1.8% during the 1st quarter. Cadence Capital Management LLC now owns 115,627 shares of the restaurant operator’s stock valued at $2,122,000 after buying an additional 2,036 shares during the period. Finally, Mesirow Financial Investment Management Equity Management acquired a new position in Denny’s during the 2nd quarter valued at about $50,000. 95.02% of the stock is currently owned by hedge funds and other institutional investors.
Denny’s stock traded down $0.20 during trading hours on Wednesday, hitting $22.40. 546,300 shares of the company traded hands, compared to its average volume of 426,035. The company has a market cap of $1.34 billion, a price-to-earnings ratio of 32.94 and a beta of 0.16. The firm’s 50-day moving average price is $21.65. Denny’s has a 1-year low of $13.32 and a 1-year high of $23.55.
Denny’s (NASDAQ:DENN) last released its earnings results on Tuesday, July 30th. The restaurant operator reported $0.23 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.06. The firm had revenue of $151.90 million for the quarter, compared to analysts’ expectations of $148.85 million. Denny’s had a net margin of 11.60% and a negative return on equity of 34.91%. Denny’s’s quarterly revenue was down 3.5% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. As a group, analysts anticipate that Denny’s will post 0.66 EPS for the current fiscal year.
A number of analysts recently weighed in on the stock. Wedbush increased their price objective on shares of Denny’s from $23.00 to $24.50 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Zacks Investment Research raised shares of Denny’s from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a report on Friday, May 3rd. Maxim Group set a $21.00 price objective on shares of Denny’s and gave the stock a “hold” rating in a report on Wednesday, July 31st. Finally, BidaskClub raised shares of Denny’s from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Denny’s currently has an average rating of “Buy” and an average target price of $20.88.
Denny's Corporation, through its subsidiary, Denny's, Inc, owns and operates full-service restaurant chains under the Denny's brand. As of December 26, 2018, it operated 1,709 franchised, licensed, and company restaurants, including 1,578 restaurants in the United States; and 131 in Canada, Puerto Rico, Mexico, New Zealand, the Philippines, Honduras, Costa Rica, the United Arab Emirates, Guam, the United Kingdom, El Salvador, and Guatemala.
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