Oppenheimer Cuts Denny’s (NASDAQ:DENN) Price Target to $7.00

Denny’s (NASDAQ:DENN) had its price objective cut by Oppenheimer from $10.00 to $7.00 in a report published on Wednesday morning, Benzinga reports. They currently have an outperform rating on the restaurant operator’s stock.

DENN has been the subject of a number of other research reports. Citigroup dropped their price objective on shares of Denny’s from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Benchmark restated a “buy” rating and issued a $15.00 price target on shares of Denny’s in a research note on Wednesday, July 31st. Truist Financial reduced their price objective on Denny’s from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Finally, Wedbush lowered their target price on Denny’s from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Wednesday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Denny’s currently has an average rating of “Moderate Buy” and an average target price of $8.10.

Denny’s Stock Performance

Denny’s stock opened at $6.56 on Wednesday. The firm has a 50 day moving average price of $6.31 and a 200 day moving average price of $6.93. Denny’s has a fifty-two week low of $5.37 and a fifty-two week high of $11.16. The company has a market capitalization of $341.24 million, a PE ratio of 15.26, a price-to-earnings-growth ratio of 1.11 and a beta of 2.02.

Denny’s (NASDAQ:DENN) last posted its quarterly earnings data on Tuesday, October 22nd. The restaurant operator reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by ($0.01). The firm had revenue of $111.76 million during the quarter, compared to analysts’ expectations of $115.46 million. Denny’s had a net margin of 3.90% and a negative return on equity of 48.06%. Denny’s’s quarterly revenue was down 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.17 EPS. As a group, equities research analysts forecast that Denny’s will post 0.55 earnings per share for the current year.

Institutional Investors Weigh In On Denny’s

Several institutional investors have recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in Denny’s by 6.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 8,634,514 shares of the restaurant operator’s stock valued at $55,693,000 after buying an additional 558,964 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Denny’s by 1,487.7% in the 2nd quarter. Millennium Management LLC now owns 531,530 shares of the restaurant operator’s stock valued at $3,774,000 after acquiring an additional 498,051 shares during the last quarter. First Eagle Investment Management LLC raised its position in shares of Denny’s by 14.1% during the 2nd quarter. First Eagle Investment Management LLC now owns 1,258,827 shares of the restaurant operator’s stock worth $8,938,000 after acquiring an additional 155,100 shares in the last quarter. Skylands Capital LLC lifted its stake in Denny’s by 143.7% during the second quarter. Skylands Capital LLC now owns 259,000 shares of the restaurant operator’s stock worth $1,839,000 after purchasing an additional 152,700 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Denny’s by 2.8% during the first quarter. Vanguard Group Inc. now owns 3,335,391 shares of the restaurant operator’s stock worth $29,885,000 after purchasing an additional 89,465 shares during the last quarter. 85.07% of the stock is owned by hedge funds and other institutional investors.

About Denny’s

Denny's Corporation, through its subsidiaries, owns and operates franchised full-service restaurant chains under the Denny's and Keke's Breakfast Cafe brands in the United States and internationally. The company was formerly known as Advantica Restaurant Group, Inc and changed its name to Denny's Corporation in July 2002.