State Board of Administration of Florida Retirement System Reduces Holdings in Denny’s Co. (NASDAQ:DENN)

State Board of Administration of Florida Retirement System lowered its stake in shares of Denny’s Co. (NASDAQ:DENN – Get Rating) by 21.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 29,189 shares of the restaurant operator’s stock after selling 8,150 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.05% of Denny’s worth $269,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. LPL Financial LLC grew its holdings in shares of Denny’s by 11.4% during the fourth quarter. LPL Financial LLC now owns 14,677 shares of the restaurant operator’s stock worth $135,000 after buying an additional 1,500 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Denny’s by 392.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 239,849 shares of the restaurant operator’s stock valued at $2,209,000 after acquiring an additional 191,121 shares during the period. Legacy Wealth Asset Management LLC acquired a new stake in shares of Denny’s during the 4th quarter valued at approximately $93,000. Allspring Global Investments Holdings LLC lifted its position in shares of Denny’s by 10.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 7,470,975 shares of the restaurant operator’s stock valued at $68,808,000 after acquiring an additional 680,315 shares during the period. Finally, Counterpoint Mutual Funds LLC acquired a new stake in shares of Denny’s during the 4th quarter valued at approximately $152,000. Hedge funds and other institutional investors own 90.65% of the company’s stock.

Analyst Ratings Changes

DENN has been the subject of several research reports. Citigroup cut their price objective on Denny’s from $13.00 to $12.00 in a research report on Thursday, April 20th. Wedbush upped their price objective on shares of Denny’s from $12.50 to $13.50 and gave the company a “neutral” rating in a research report on Tuesday, February 14th. CL King increased their price target on shares of Denny’s from $14.00 to $15.00 in a research report on Tuesday, February 14th. Benchmark reaffirmed a “buy” rating and set a $17.00 price target on shares of Denny’s in a research report on Monday, April 10th. Finally, StockNews.com initiated coverage on shares of Denny’s in a research report on Thursday. They set a “hold” rating on the stock. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $13.50.

Insider Buying and Selling

In other news, EVP Gail Sharps Myers sold 7,450 shares of the business’s stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $11.52, for a total transaction of $85,824.00. Following the transaction, the executive vice president now owns 24,868 shares in the company, valued at approximately $286,479.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 5.50% of the company’s stock.

Denny’s Stock Performance

Denny’s stock opened at $11.50 on Monday. The firm has a market cap of $644.46 million, a price-to-earnings ratio of 12.92, a price-to-earnings-growth ratio of 2.10 and a beta of 1.68. Denny’s Co. has a 1 year low of $8.46 and a 1 year high of $13.13. The firm’s 50 day moving average price is $10.97 and its two-hundred day moving average price is $11.31.

Denny’s (NASDAQ:DENN – Get Rating) last issued its earnings results on Tuesday, May 2nd. The restaurant operator reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.01). The company had revenue of $117.47 million for the quarter, compared to analyst estimates of $114.47 million. Denny’s had a net margin of 11.35% and a negative return on equity of 69.18%. The company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period last year, the business earned $0.11 EPS. As a group, equities analysts predict that Denny’s Co. will post 0.61 EPS for the current fiscal year.

About Denny’s

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Denny’s Corp. engages in the operation of restaurants and franchised, and licensed restaurants. It operates through the Denny’s and Keke’s segments. The Denny’s segment includes franchised and licensed Denny’s restaurants. The Keke’s segment refers to the other company and franchise restaurants. The company was founded by Harold Butler and Richard Jezak in 1953 and is headquartered in Spartanburg, SC.