Nathan’s Famous, Inc. (NASDAQ:NATH) Sees Large Increase in Short Interest

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Nathan’s Famous, Inc. (NASDAQ:NATH) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 52,300 shares, a growth of 10.8% from the September 30th total of 47,200 shares. Currently, 1.8% of the company’s shares are short sold. Based on an average daily trading volume, of 5,900 shares, the days-to-cover ratio is currently 8.9 days.

Separately, BidaskClub lowered Nathan’s Famous from a “hold” rating to a “sell” rating in a research note on Saturday, November 9th.

NASDAQ:NATH traded down $0.88 during mid-day trading on Friday, hitting $76.18. The company had a trading volume of 15,900 shares, compared to its average volume of 7,603. The business’s fifty day moving average is $73.55 and its two-hundred day moving average is $70.67. Nathan’s Famous has a fifty-two week low of $62.20 and a fifty-two week high of $82.18. The firm has a market cap of $325.73 million, a P/E ratio of 24.23 and a beta of 0.29.

The business also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Monday, November 25th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, November 22nd. This represents a $1.40 annualized dividend and a yield of 1.84%.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Northern Trust Corp boosted its position in Nathan’s Famous by 1.7% during the second quarter. Northern Trust Corp now owns 39,746 shares of the restaurant operator’s stock valued at $3,106,000 after purchasing an additional 647 shares during the last quarter. Confluence Investment Management LLC boosted its position in Nathan’s Famous by 3.1% during the second quarter. Confluence Investment Management LLC now owns 25,472 shares of the restaurant operator’s stock valued at $1,990,000 after purchasing an additional 771 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Nathan’s Famous by 4.0% during the second quarter. JPMorgan Chase & Co. now owns 7,066 shares of the restaurant operator’s stock valued at $537,000 after purchasing an additional 272 shares during the last quarter. Panagora Asset Management Inc. acquired a new position in Nathan’s Famous during the second quarter valued at approximately $107,000. Finally, Waratah Capital Advisors Ltd. boosted its position in Nathan’s Famous by 6.5% during the third quarter. Waratah Capital Advisors Ltd. now owns 32,637 shares of the restaurant operator’s stock valued at $2,345,000 after purchasing an additional 1,990 shares during the last quarter. 41.59% of the stock is owned by hedge funds and other institutional investors.

About Nathan’s Famous

Nathan's Famous, Inc, together with its subsidiaries, operates in the foodservice industry. The company owns and franchises restaurants under the Nathan's Famous brand name, as well as sells products bearing the Nathan's Famous trademarks through various channels of distribution. It also has license agreements for the manufacture, distribution, marketing, and sale of Nathan's Famous branded hot dogs, sausages, and corned beef products in refrigerated consumer packages to be resold through retail channels, such as supermarkets, groceries, mass merchandisers, and club stores; and other Nathan's Famous branded refrigerated meat products in consumer packages to be resold through retail channels.

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