Denny’s Corp (NASDAQ:DENN) Sees Large Decline in Short Interest

Denny’s Corp (NASDAQ:DENN) saw a significant decline in short interest in August. As of August 31st, there was short interest totalling 1,908,300 shares, a decline of 13.5% from the July 31st total of 2,207,100 shares. Currently, 3.3% of the company’s stock are sold short. Based on an average daily volume of 456,900 shares, the days-to-cover ratio is currently 4.2 days.

In related news, CFO F Mark Wolfinger sold 6,989 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $23.61, for a total transaction of $165,010.29. Following the completion of the sale, the chief financial officer now owns 782,969 shares in the company, valued at $18,485,898.09. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Robert P. Verostek sold 4,500 shares of the company’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $23.57, for a total value of $106,065.00. Following the sale, the senior vice president now owns 3,500 shares of the company’s stock, valued at approximately $82,495. The disclosure for this sale can be found here. Insiders have sold 179,507 shares of company stock worth $4,086,665 over the last 90 days. 6.10% of the stock is currently owned by corporate insiders.

Several institutional investors have recently modified their holdings of DENN. Mesirow Financial Investment Management Equity Management acquired a new position in Denny’s in the second quarter valued at approximately $50,000. NumerixS Investment Technologies Inc purchased a new stake in Denny’s in the second quarter valued at approximately $51,000. Advisory Services Network LLC raised its position in Denny’s by 1,032.3% in the second quarter. Advisory Services Network LLC now owns 3,510 shares of the restaurant operator’s stock valued at $72,000 after purchasing an additional 3,200 shares during the period. Bank of Montreal Can increased its position in shares of Denny’s by 2,529.0% during the second quarter. Bank of Montreal Can now owns 5,074 shares of the restaurant operator’s stock worth $104,000 after acquiring an additional 4,881 shares during the period. Finally, Quantamental Technologies LLC purchased a new stake in shares of Denny’s during the second quarter worth $129,000. Institutional investors and hedge funds own 90.27% of the company’s stock.

Shares of NASDAQ DENN traded down $0.22 during trading on Thursday, reaching $22.76. 5,851 shares of the company traded hands, compared to its average volume of 419,889. The firm’s fifty day simple moving average is $22.82 and its 200 day simple moving average is $20.14. The stock has a market cap of $1.39 billion, a P/E ratio of 33.43 and a beta of 0.17. Denny’s has a 12-month low of $13.32 and a 12-month high of $23.88.

Denny’s (NASDAQ:DENN) last announced its quarterly earnings results on Tuesday, July 30th. The restaurant operator reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.06. Denny’s had a negative return on equity of 34.91% and a net margin of 11.60%. The firm had revenue of $151.90 million during the quarter, compared to analyst estimates of $148.85 million. During the same quarter in the previous year, the business earned $0.18 EPS. Denny’s’s revenue for the quarter was down 3.5% compared to the same quarter last year. As a group, equities analysts expect that Denny’s will post 0.65 earnings per share for the current fiscal year.

A number of brokerages recently commented on DENN. Maxim Group set a $21.00 price target on Denny’s and gave the company a “hold” rating in a research note on Wednesday, July 31st. Wedbush set a $25.00 price objective on Denny’s and gave the company a “buy” rating in a research report on Friday, August 16th. Zacks Investment Research downgraded Denny’s from a “buy” rating to a “hold” rating in a report on Monday, August 19th. Finally, BidaskClub upgraded Denny’s from a “hold” rating to a “buy” rating in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $21.00.

About Denny’s

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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