Raymond James Financial Services Advisors Inc. Has $1.79 Million Holdings in Regal Entertainment Group (RGC)
Raymond James Financial Services Advisors Inc. decreased its stake in Regal Entertainment Group (NYSE:RGC) by 3.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 87,515 shares of the company’s stock after selling 3,041 shares during the quarter. Raymond James Financial Services Advisors Inc. owned 0.06% of Regal Entertainment Group worth $1,791,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Martingale Asset Management L P lifted its stake in Regal Entertainment Group by 19.0% in the second quarter. Martingale Asset Management L P now owns 498,694 shares of the company’s stock valued at $10,205,000 after buying an additional 79,693 shares during the period. Prudential Financial Inc. acquired a new position in Regal Entertainment Group in the first quarter valued at about $1,856,000. Legal & General Group Plc lifted its stake in Regal Entertainment Group by 41.8% in the first quarter. Legal & General Group Plc now owns 96,387 shares of the company’s stock valued at $2,177,000 after buying an additional 28,399 shares during the period. Barings LLC lifted its stake in Regal Entertainment Group by 60.0% in the first quarter. Barings LLC now owns 110,858 shares of the company’s stock valued at $2,503,000 after buying an additional 41,558 shares during the period. Finally, Dynamic Advisors Solutions LLC lifted its stake in Regal Entertainment Group by 4.5% in the second quarter. Dynamic Advisors Solutions LLC now owns 183,991 shares of the company’s stock valued at $3,764,000 after buying an additional 7,926 shares during the period. 82.41% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Regal Entertainment Group (NYSE RGC) opened at 16.29 on Friday. Regal Entertainment Group has a 12 month low of $13.90 and a 12 month high of $24.79. The company has a 50-day moving average price of $16.09 and a 200-day moving average price of $18.89. The firm has a market cap of $2.55 billion, a price-to-earnings ratio of 15.13 and a beta of 0.97.
Regal Entertainment Group (NYSE:RGC) last posted its quarterly earnings results on Wednesday, July 26th. The company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). Regal Entertainment Group had a negative return on equity of 20.42% and a net margin of 5.24%. The firm had revenue of $764.20 million for the quarter, compared to analyst estimates of $764.15 million. During the same period last year, the company posted $0.23 earnings per share. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. Analysts forecast that Regal Entertainment Group will post $0.96 earnings per share for the current fiscal year.
Regal Entertainment Group declared that its board has authorized a share repurchase program on Thursday, August 31st that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 2.2% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.
Several research firms have weighed in on RGC. Credit Suisse Group cut their target price on Regal Entertainment Group from $19.00 to $17.00 and set an “underperform” rating on the stock in a research note on Friday, June 23rd. B. Riley reissued a “buy” rating and issued a $26.00 target price on shares of Regal Entertainment Group in a research note on Thursday, July 27th. Wedbush reaffirmed a “buy” rating on shares of Regal Entertainment Group in a research report on Thursday, July 27th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $22.00 price target on shares of Regal Entertainment Group in a research report on Thursday, July 27th. Finally, Morgan Stanley dropped their price target on Regal Entertainment Group from $22.00 to $21.00 and set an “underweight” rating on the stock in a research report on Thursday, July 6th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Regal Entertainment Group currently has a consensus rating of “Hold” and an average price target of $22.92.
In other news, Director Thomas D. Bell, Jr. purchased 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were acquired at an average cost of $14.76 per share, with a total value of $369,000.00. Following the purchase, the director now owns 126,939 shares in the company, valued at $1,873,619.64. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen A. Kaplan purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The shares were purchased at an average cost of $14.87 per share, for a total transaction of $148,700.00. Following the completion of the purchase, the director now owns 155,572 shares in the company, valued at approximately $2,313,355.64. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 242,500 shares of company stock worth $641,000. 2.00% of the stock is owned by company insiders.
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Regal Entertainment Group Profile
Regal Entertainment Group is an operator of theatre circuits in the United States. As of March 31, 2017, the Company operated 7,262 screens in 559 theatres in 43 states along with Guam, Saipan, American Samoa and the District of Columbia. The Company manages its business under theatre exhibition operations segment.
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