Regal Entertainment Group (RGC) Trading Up -0.4%
Regal Entertainment Group (NYSE:RGC) shares were up 0.4% during mid-day trading on Wednesday . The stock traded as high as $17.02 and last traded at $16.92. Approximately 1,827,112 shares changed hands during trading, a decline of 48% from the average daily volume of 3,502,710 shares. The stock had previously closed at $16.99.
Several research analysts recently issued reports on RGC shares. Wedbush reaffirmed a “buy” rating on shares of Regal Entertainment Group in a research report on Thursday, July 27th. B. Riley reaffirmed a “buy” rating and set a $26.00 target price on shares of Regal Entertainment Group in a research report on Thursday, July 27th. 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. Benchmark Co. lowered their target price on Regal Entertainment Group from $24.00 to $19.00 and set a “buy” rating for the company in a research report on Tuesday, September 26th. Finally, Piper Jaffray Companies set a $19.00 target price on Regal Entertainment Group and gave the stock a “hold” rating in a research report on Thursday, July 27th. 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 given a strong buy rating to the company’s stock. Regal Entertainment Group presently has a consensus rating of “Hold” and an average price target of $23.79.
The firm has a 50-day moving average of $15.63 and a 200-day moving average of $19.40. The firm has a market capitalization of $2.65 billion, a PE ratio of 15.71 and a beta of 0.97.
Regal Entertainment Group (NYSE:RGC) last released its quarterly earnings results on Wednesday, July 26th. The company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate 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 company had revenue of $764.20 million during the quarter, compared to the consensus estimate of $764.15 million. During the same period in the previous year, the company earned $0.23 earnings per share. Regal Entertainment Group’s quarterly revenue was down 2.8% on a year-over-year basis. On average, equities research analysts predict that Regal Entertainment Group will post $0.98 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, September 5th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date of this dividend was Thursday, August 31st. Regal Entertainment Group’s payout ratio is currently 82.24%.
Regal Entertainment Group declared that its board has initiated a share buyback program on Thursday, August 31st that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
In related news, Director Stephen A. Kaplan purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The stock was bought at an average cost of $14.87 per share, with a total value of $148,700.00. Following the completion of the purchase, the director now directly owns 155,572 shares in the company, valued at $2,313,355.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas D. Bell, Jr. purchased 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was bought at an average cost of $14.76 per share, with a total value of $369,000.00. Following the completion of the purchase, the director now owns 126,939 shares of the company’s stock, valued at $1,873,619.64. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 242,500 shares of company stock valued at $641,000. 2.00% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company raised its stake in Regal Entertainment Group by 8.3% in the second quarter. The Manufacturers Life Insurance Company now owns 4,871 shares of the company’s stock worth $100,000 after buying an additional 373 shares in the last quarter. IFP Advisors Inc raised its stake in Regal Entertainment Group by 164.3% in the second quarter. IFP Advisors Inc now owns 5,419 shares of the company’s stock worth $111,000 after buying an additional 3,369 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its stake in Regal Entertainment Group by 169.5% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 5,519 shares of the company’s stock worth $113,000 after buying an additional 3,471 shares in the last quarter. Farmers National Bank raised its stake in Regal Entertainment Group by 901.2% in the second quarter. Farmers National Bank now owns 81,096 shares of the company’s stock worth $135,000 after buying an additional 72,996 shares in the last quarter. Finally, Parallel Advisors LLC raised its stake in Regal Entertainment Group by 2.1% in the first quarter. Parallel Advisors LLC now owns 7,045 shares of the company’s stock worth $153,000 after buying an additional 145 shares in the last quarter. 82.41% of the stock is owned by institutional investors.
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Regal Entertainment Group Company 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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