Regal Entertainment Group (RGC) Lowered to Sell at Zacks Investment Research
Regal Entertainment Group (NYSE:RGC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “Regal Entertainment Group is a leading motion picture exhibitor operating the largest theatre circuit in the United States. The Company’s nationwide theatre circuit is comprised of Regal Cinemas Corporation, United Artists Theatre Company and Edwards Theatres, Inc. “
RGC has been the topic of several other research reports. Wedbush reissued a “buy” rating and set a $25.00 price target on shares of Regal Entertainment Group in a research report on Sunday, July 24th. Loop Capital reissued a “hold” rating and set a $22.00 price target on shares of Regal Entertainment Group in a research report on Monday, September 26th. Royal Bank Of Canada raised shares of Regal Entertainment Group from a “sector perform” rating to an “outperform” rating and set a $23.00 price target on the stock in a research report on Wednesday, June 15th. Morgan Stanley reissued a “sell” rating and set a $19.00 price target on shares of Regal Entertainment Group in a research report on Thursday, July 28th. Finally, B. Riley reissued a “hold” rating and set a $23.00 price target on shares of Regal Entertainment Group in a research report on Tuesday, August 16th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $22.53.
Shares of Regal Entertainment Group (NYSE:RGC) traded up 1.16% during mid-day trading on Wednesday, reaching $21.79. 262,547 shares of the company’s stock traded hands. Regal Entertainment Group has a one year low of $16.50 and a one year high of $24.19. The firm’s 50-day moving average is $21.55 and its 200 day moving average is $21.39. The firm has a market cap of $3.40 billion, a price-to-earnings ratio of 22.65 and a beta of 1.12.
Regal Entertainment Group (NYSE:RGC) last issued its quarterly earnings results on Tuesday, July 26th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.01. The business had revenue of $785.90 million for the quarter, compared to analyst estimates of $801.49 million. Regal Entertainment Group had a negative return on equity of 18.52% and a net margin of 4.80%. The firm’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.38 EPS. Analysts predict that Regal Entertainment Group will post $0.99 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Friday, September 2nd were given a dividend of $0.22 per share. The ex-dividend date was Wednesday, August 31st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.09%. Regal Entertainment Group’s dividend payout ratio (DPR) is presently 91.67%.
In other news, major shareholder Philip F. Anschutz sold 13,000,000 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $21.60, for a total transaction of $280,800,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Gregory W. Dunn sold 30,765 shares of the firm’s stock in a transaction that occurred on Wednesday, September 7th. The stock was sold at an average price of $21.75, for a total transaction of $669,138.75. Following the transaction, the insider now owns 74,151 shares in the company, valued at $1,612,784.25. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new position in shares of Regal Entertainment Group during the first quarter worth about $391,000. M&T Bank Corp increased its stake in shares of Regal Entertainment Group by 27.9% in the first quarter. M&T Bank Corp now owns 19,388 shares of the company’s stock valued at $409,000 after buying an additional 4,225 shares in the last quarter. Hamlin Capital Management LLC increased its stake in shares of Regal Entertainment Group by 2.3% in the second quarter. Hamlin Capital Management LLC now owns 3,379,203 shares of the company’s stock valued at $74,478,000 after buying an additional 75,497 shares in the last quarter. GW&K Investment Management LLC increased its stake in shares of Regal Entertainment Group by 6.4% in the second quarter. GW&K Investment Management LLC now owns 1,389,432 shares of the company’s stock valued at $30,623,000 after buying an additional 84,016 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale bought a new stake in shares of Regal Entertainment Group during the second quarter valued at $573,000. Institutional investors and hedge funds own 63.44% of the company’s stock.
About Regal Entertainment Group
Regal Entertainment Group (Regal) operates a theatre circuit in the United States. The Company operates in the segment of theatre exhibition operations. It develops, acquires and operates multi-screen theatres in mid-sized metropolitan markets and suburban growth areas of metropolitan markets throughout the United States.
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