Regal Entertainment Group (RGC) PT Lowered to $13.00 at Credit Suisse Group
Regal Entertainment Group (NYSE:RGC) had its price target lowered by Credit Suisse Group from $17.00 to $13.00 in a report published on Thursday. The firm currently has an underperform rating on the stock.
A number of other research firms have also recently commented on RGC. Zacks Investment Research cut Regal Entertainment Group from a hold rating to a sell rating in a research report on Thursday, June 29th. MKM Partners raised Regal Entertainment Group from a neutral rating to a buy rating and raised their target price for the stock from $20.00 to $22.00 in a research report on Tuesday, September 5th. They noted that the move was a valuation call. Moffett Nathanson downgraded Regal Entertainment Group from a neutral rating to a sell rating and cut their price target for the company from $21.00 to $17.00 in a research note on Monday, June 12th. Piper Jaffray Companies set a $19.00 price target on Regal Entertainment Group and gave the company a hold rating in a research note on Thursday, July 27th. Finally, Wedbush reiterated an outperform rating and issued a $23.00 price objective on shares of Regal Entertainment Group in a research note on Thursday, July 20th. Five research analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $23.79.
Shares of Regal Entertainment Group (NYSE RGC) opened at 16.00 on Thursday. The company’s 50-day moving average is $16.15 and its 200-day moving average is $19.83. The stock has a market cap of $2.50 billion, a P/E ratio of 14.86 and a beta of 0.96. Regal Entertainment Group has a 12-month low of $13.90 and a 12-month high of $24.79.
Regal Entertainment Group (NYSE:RGC) last posted its earnings results on Wednesday, July 26th. The company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02). The company had revenue of $764.20 million during the quarter, compared to the consensus estimate of $764.15 million. Regal Entertainment Group had a negative return on equity of 20.42% and a net margin of 5.24%. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period last year, the firm posted $0.23 EPS. On average, equities research analysts anticipate that Regal Entertainment Group will post $0.98 earnings per share for the current year.
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Regal Entertainment Group announced that its Board of Directors has initiated a share buyback program on Thursday, August 31st that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, September 5th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 5.50%. The ex-dividend date was Thursday, August 31st. Regal Entertainment Group’s dividend payout ratio is currently 82.24%.
In other Regal Entertainment Group news, CFO David Ownby acquired 7,500 shares of the stock in a transaction dated Thursday, August 24th. The shares were acquired at an average cost of $14.04 per share, for a total transaction of $105,300.00. Following the completion of the transaction, the chief financial officer now directly owns 229,573 shares of the company’s stock, valued at $3,223,204.92. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Thomas D. Bell, Jr. acquired 25,000 shares of the stock in a transaction dated Tuesday, August 29th. The stock was acquired at an average price of $14.76 per share, for a total transaction of $369,000.00. Following the completion of the transaction, the director now directly owns 126,939 shares of the company’s stock, valued at $1,873,619.64. The disclosure for this purchase can be found here. Insiders acquired a total of 242,500 shares of company stock valued at $641,000 in the last quarter. 2.00% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Prudential Financial Inc. purchased a new stake in shares of Regal Entertainment Group during the first quarter worth about $1,856,000. Legal & General Group Plc lifted its holdings in Regal Entertainment Group by 41.8% in the 1st quarter. Legal & General Group Plc now owns 96,387 shares of the company’s stock worth $2,177,000 after purchasing an additional 28,399 shares in the last quarter. Barings LLC lifted its holdings in Regal Entertainment Group by 60.0% in the 1st quarter. Barings LLC now owns 110,858 shares of the company’s stock worth $2,503,000 after purchasing an additional 41,558 shares in the last quarter. Martingale Asset Management L P lifted its holdings in Regal Entertainment Group by 19.0% in the 2nd quarter. Martingale Asset Management L P now owns 498,694 shares of the company’s stock worth $10,205,000 after purchasing an additional 79,693 shares in the last quarter. Finally, Dynamic Advisors Solutions LLC lifted its holdings in Regal Entertainment Group by 4.5% in the 2nd quarter. Dynamic Advisors Solutions LLC now owns 183,991 shares of the company’s stock worth $3,764,000 after purchasing an additional 7,926 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.
About Regal Entertainment Group
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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