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

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Denny’s Corp (NASDAQ:DENN) was the target of 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. Based on an average trading volume of 456,900 shares, the days-to-cover ratio is presently 4.2 days. Currently, 3.3% of the company’s stock are short sold.

In related news, CFO F Mark Wolfinger sold 15,000 shares of the company’s stock in a transaction on Monday, September 9th. The stock was sold at an average price of $23.25, for a total transaction of $348,750.00. Following the completion of the sale, the chief financial officer now owns 790,980 shares in the company, valued at $18,390,285. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John William Dillon sold 7,392 shares of the company’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $23.23, for a total value of $171,716.16. Following the sale, the senior vice president now owns 70,620 shares of the company’s stock, valued at approximately $1,640,502.60. The disclosure for this sale can be found here. Insiders sold 179,507 shares of company stock worth $4,086,665 over the last three months. Corporate insiders own 6.10% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. Mesirow Financial Investment Management Equity Management purchased a new position in Denny’s during the second quarter worth about $50,000. NumerixS Investment Technologies Inc purchased a new position in shares of Denny’s during the 2nd quarter worth approximately $51,000. Advisory Services Network LLC boosted its position in Denny’s by 1,032.3% during the second quarter. Advisory Services Network LLC now owns 3,510 shares of the restaurant operator’s stock worth $72,000 after acquiring an additional 3,200 shares during the last quarter. Bank of Montreal Can boosted its position in 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 last quarter. Finally, Quantamental Technologies LLC acquired a new stake in Denny’s during the second quarter worth approximately $129,000. Institutional investors and hedge funds own 90.27% of the company’s stock.

A number of equities research analysts have issued reports on DENN shares. 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 cut Denny’s from a “buy” rating to a “hold” rating in a research report on Monday, August 19th. Maxim Group set a $21.00 target price on Denny’s and gave the stock a “hold” rating in a research note on Wednesday, July 31st. Finally, BidaskClub upgraded Denny’s from a “hold” rating to a “buy” rating in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $21.00.

NASDAQ DENN traded down $0.22 on Thursday, reaching $22.76. The stock had a trading volume of 5,851 shares, compared to its average volume of 419,889. The firm has a market capitalization of $1.39 billion, a price-to-earnings 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. The stock has a fifty day moving average price of $22.82 and a two-hundred day moving average price of $20.14.

Denny’s (NASDAQ:DENN) last posted its quarterly earnings data on Tuesday, July 30th. The restaurant operator reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The business had revenue of $151.90 million for the quarter, compared to analyst estimates of $148.85 million. Denny’s had a negative return on equity of 34.91% and a net margin of 11.60%. The company’s revenue was down 3.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 earnings per share. On average, sell-side analysts expect that Denny’s will post 0.65 earnings per share for the current year.

Denny’s Company Profile

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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