Regal Entertainment Group (RGC) Sees Significant Decrease in Short Interest
Regal Entertainment Group (NYSE:RGC) was the target of a large drop in short interest during the month of September. As of September 15th, there was short interest totalling 17,460,050 shares, a drop of 10.0% from the August 31st total of 19,400,596 shares. Based on an average daily volume of 1,254,788 shares, the short-interest ratio is presently 13.9 days. Currently, 13.4% of the company’s shares are short sold.
Several research firms have recently weighed in on RGC. Zacks Investment Research lowered Regal Entertainment Group from a “hold” rating to a “sell” rating in a research report on Wednesday. Loop Capital reissued a “hold” rating and issued a $22.00 price objective on shares of Regal Entertainment Group in a research report on Monday, September 26th. Wedbush reissued an “outperform” rating and issued a $25.00 price objective on shares of Regal Entertainment Group in a research report on Wednesday, September 21st. B. Riley reissued a “hold” rating and issued a $23.00 price objective on shares of Regal Entertainment Group in a research report on Tuesday, August 16th. Finally, Morgan Stanley reissued a “sell” rating and issued a $19.00 price objective on shares of Regal Entertainment Group in a research report on Thursday, July 28th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $22.53.
In other news, insider Gregory W. Dunn sold 30,765 shares of Regal Entertainment Group stock in a transaction dated Wednesday, September 7th. The stock was sold at an average price of $21.75, for a total value of $669,138.75. Following the completion of the transaction, the insider now directly owns 74,151 shares of the company’s stock, valued at approximately $1,612,784.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Philip F. Anschutz sold 13,000,000 shares of Regal Entertainment Group stock in a transaction dated Monday, August 8th. The stock was sold at an average price of $21.60, for a total value of $280,800,000.00. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. Societe Generale bought a new position in Regal Entertainment Group during the second quarter worth about $103,000. Advisor Group Inc. bought a new position in Regal Entertainment Group during the second quarter worth about $103,000. BlueMountain Capital Management LLC bought a new position in Regal Entertainment Group during the second quarter worth about $125,000. Pacer Advisors Inc. bought a new position in Regal Entertainment Group during the second quarter worth about $140,000. Finally, First Manhattan Co. increased its position in Regal Entertainment Group by 138.3% in the second quarter. First Manhattan Co. now owns 7,150 shares of the company’s stock worth $157,000 after buying an additional 4,150 shares during the last quarter. 63.44% of the stock is owned by institutional investors.
Regal Entertainment Group (NYSE:RGC) opened at 21.83 on Thursday. The stock has a market cap of $3.41 billion, a P/E ratio of 22.69 and a beta of 1.12. Regal Entertainment Group has a 52 week low of $16.50 and a 52 week high of $24.19. The stock has a 50 day moving average price of $21.55 and a 200-day moving average price of $21.39.
Regal Entertainment Group (NYSE:RGC) last posted its earnings results on Tuesday, July 26th. The company reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.24 by $0.01. The firm had revenue of $785.90 million for the quarter, compared to analysts’ expectations of $801.49 million. Regal Entertainment Group had a negative return on equity of 18.52% and a net margin of 4.80%. The business’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 earnings per share. On average, equities analysts anticipate that Regal Entertainment Group will post $0.99 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, September 2nd were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 4.03%. The ex-dividend date of this dividend was Wednesday, August 31st. Regal Entertainment Group’s payout ratio is currently 91.67%.
Regal Entertainment Group Company Profile
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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