FARMERS & MERCHANTS TRUST Co OF LONG BEACH Reduces Position in Wendys Co (NASDAQ:WEN)

FARMERS & MERCHANTS TRUST Co OF LONG BEACH cut its position in shares of Wendys Co (NASDAQ:WEN) by 9.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,981 shares of the restaurant operator’s stock after selling 1,000 shares during the period. FARMERS & MERCHANTS TRUST Co OF LONG BEACH’s holdings in Wendys were worth $217,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Melvin Capital Management LP purchased a new stake in Wendys in the 1st quarter valued at about $81,840,000. Norges Bank purchased a new stake in Wendys in the 4th quarter valued at about $43,163,000. JPMorgan Chase & Co. boosted its position in Wendys by 32.2% in the 1st quarter. JPMorgan Chase & Co. now owns 3,676,518 shares of the restaurant operator’s stock valued at $54,708,000 after buying an additional 895,346 shares during the period. Maverick Capital Ltd. purchased a new stake in Wendys in the 1st quarter valued at about $11,802,000. Finally, MIK Capital LP purchased a new stake in Wendys in the 1st quarter valued at about $10,790,000. 67.58% of the stock is owned by hedge funds and other institutional investors.

In related news, CFO Gunther Plosch sold 167,170 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $21.40, for a total transaction of $3,577,438.00. Following the sale, the chief financial officer now directly owns 282,451 shares of the company’s stock, valued at $6,044,451.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Allan Penegor sold 300,054 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $21.23, for a total transaction of $6,370,146.42. Following the sale, the chief executive officer now directly owns 844,992 shares in the company, valued at $17,939,180.16. The disclosure for this sale can be found here. Insiders sold a total of 558,661 shares of company stock worth $11,816,556 over the last ninety days. Insiders own 20.90% of the company’s stock.

Several equities research analysts have issued reports on WEN shares. Credit Suisse Group boosted their price objective on shares of Wendys from $21.00 to $24.00 and gave the company a “neutral” rating in a research report on Wednesday, June 10th. Morgan Stanley boosted their price objective on shares of Wendys from $19.00 to $20.00 and gave the company an “equal weight” rating in a research report on Monday, July 20th. Stifel Nicolaus restated a “buy” rating and issued a $22.00 price target on shares of Wendys in a report on Tuesday, May 5th. Wells Fargo & Co reduced their price target on shares of Wendys from $23.00 to $21.00 and set an “equal weight” rating for the company in a report on Monday, May 4th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Wendys from $21.00 to $23.00 and gave the company an “overweight” rating in a report on Wednesday, June 24th. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. Wendys currently has an average rating of “Buy” and a consensus price target of $22.58.

Wendys stock traded up $0.03 during mid-day trading on Friday, reaching $23.18. 2,639,097 shares of the company traded hands, compared to its average volume of 2,160,007. The company has a debt-to-equity ratio of 8.01, a current ratio of 1.37 and a quick ratio of 1.36. Wendys Co has a fifty-two week low of $6.82 and a fifty-two week high of $24.04. The company has a market capitalization of $5.16 billion, a price-to-earnings ratio of 45.45, a price-to-earnings-growth ratio of 5.18 and a beta of 1.23. The firm’s fifty day moving average is $22.16 and its two-hundred day moving average is $20.16.

Wendys (NASDAQ:WEN) last issued its quarterly earnings results on Wednesday, May 6th. The restaurant operator reported $0.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.10 by ($0.01). The company had revenue of $404.96 million for the quarter, compared to analyst estimates of $413.02 million. Wendys had a net margin of 7.01% and a return on equity of 22.37%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.14 EPS. As a group, equities research analysts predict that Wendys Co will post 0.53 earnings per share for the current year.

Wendys Profile

The Wendy's Company, together its subsidiaries, operates as a quick-service restaurant company. The company is involved in operating, developing, and franchising a system of quick-service restaurants specializing in hamburger sandwiches. As of December 30, 2018, its restaurant system included 6,711 franchise restaurants, which comprise 353 owned and operated restaurants worldwide.

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Institutional Ownership by Quarter for Wendys (NASDAQ:WEN)

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