Denny’s (NASDAQ:DENN) Lowered to “Hold” at Zacks Investment Research

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Zacks Investment Research cut shares of Denny’s (NASDAQ:DENN) from a buy rating to a hold rating in a research note released on Thursday, Zacks.com reports.

According to Zacks, “Denny’s Corp., formerly Advantica Restaurant Group, Inc., is one of the largest restaurant companies, operating moderately-priced restaurants: Denny’s, Hardee’s, Quincy’s, El Pollo Loco, Coco’s and Carrows. The company believes its restaurants benefit from the diversity of the restaurant concepts, the generally strong market positions and consumer recognition enjoyed by these chains, the benefits of a centralized support system for purchasing, menu development, human resources, management information systems, site selection, restaurant design and construction. “

A number of other equities research analysts have also weighed in on the company. Oppenheimer initiated coverage on Denny’s in a research report on Thursday, September 19th. They set an outperform rating and a $27.00 target price for the company. ValuEngine lowered Denny’s from a buy rating to a hold rating in a research report on Wednesday, October 2nd. Maxim Group set a $21.00 target price on Denny’s and gave the company a hold rating in a research report on Wednesday, July 31st. CL King initiated coverage on Denny’s in a research report on Tuesday, October 1st. They set a buy rating for the company. Finally, MKM Partners initiated coverage on Denny’s in a research report on Thursday, September 26th. They set a neutral rating and a $25.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $23.17.

Shares of DENN stock opened at $21.88 on Thursday. Denny’s has a 52-week low of $14.02 and a 52-week high of $23.88. The firm has a market capitalization of $1.30 billion, a P/E ratio of 32.18, a P/E/G ratio of 3.69 and a beta of 0.16. The stock has a 50 day moving average price of $22.76 and a 200 day moving average price of $20.98.

Denny’s (NASDAQ:DENN) last issued its earnings results on Tuesday, July 30th. The restaurant operator reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.17 by $0.06. The business had revenue of $151.90 million during 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%. Denny’s’s revenue was down 3.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 EPS. On average, equities research analysts anticipate that Denny’s will post 0.66 earnings per share for the current fiscal year.

In related news, VP Timothy E. Flemming sold 50,873 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $22.82, for a total transaction of $1,160,921.86. Following the transaction, the vice president now directly owns 100,828 shares in the company, valued at approximately $2,300,894.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Jay C. Gilmore sold 13,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $308,750.00. Following the transaction, the chief accounting officer now owns 80,416 shares in the company, valued at $1,909,880. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 194,146 shares of company stock worth $4,521,833. 6.10% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently modified their holdings of the business. US Bancorp DE lifted its position in Denny’s by 2.9% during the 2nd quarter. US Bancorp DE now owns 68,491 shares of the restaurant operator’s stock worth $1,406,000 after acquiring an additional 1,961 shares during the period. First Trust Advisors LP acquired a new stake in Denny’s during the 2nd quarter worth about $4,451,000. Cubist Systematic Strategies LLC lifted its position in Denny’s by 317.1% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 59,098 shares of the restaurant operator’s stock worth $1,213,000 after acquiring an additional 44,929 shares during the period. Susquehanna International Group LLP acquired a new stake in Denny’s during the 2nd quarter worth about $1,292,000. Finally, Advisory Services Network LLC lifted its position in Denny’s by 1,032.3% during the 2nd 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 period. 90.15% of the stock is owned by institutional investors.

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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