Regal Entertainment Group (RGC) Sees Large Volume Increase
Shares of Regal Entertainment Group (NYSE:RGC) saw unusually-high trading volume on Friday . Approximately 3,809,652 shares traded hands during mid-day trading, an increase of 20% from the previous session’s volume of 3,163,200 shares.The stock last traded at $16.27 and had previously closed at $16.00.
RGC has been the topic of a number of recent research reports. Credit Suisse Group decreased their price objective on Regal Entertainment Group from $19.00 to $17.00 and set an “underperform” rating on the stock in a research report on Friday, June 23rd. Zacks Investment Research lowered Regal Entertainment Group from a “hold” rating to a “sell” rating in a research report on Thursday, June 29th. MKM Partners upgraded Regal Entertainment Group from a “neutral” rating to a “buy” rating and increased their price objective for the company 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 lowered Regal Entertainment Group from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $21.00 to $17.00 in a research report on Monday, June 12th. Finally, Piper Jaffray Companies set a $19.00 price objective on Regal Entertainment Group and gave the company a “hold” rating in a research report on Thursday, July 27th. Five analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Regal Entertainment Group has an average rating of “Hold” and an average target price of $24.43.
The company has a market cap of $2.51 billion, a price-to-earnings ratio of 14.88 and a beta of 0.96. The stock has a 50-day moving average of $16.32 and a 200-day moving average of $19.93.
Regal Entertainment Group (NYSE:RGC) last issued its quarterly earnings data on Wednesday, July 26th. The company reported $0.16 earnings per share for the quarter, missing the 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 business had revenue of $764.20 million during the quarter, compared to the consensus estimate of $764.15 million. During the same period in the prior year, the firm earned $0.23 EPS. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. Equities research analysts anticipate that Regal Entertainment Group will post $1.01 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Tuesday, September 5th were paid a $0.22 dividend. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $0.88 annualized dividend and a dividend yield of 5.49%. Regal Entertainment Group’s dividend payout ratio is 82.24%.
Regal Entertainment Group announced that its Board of Directors has approved a share buyback plan on Thursday, August 31st that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy up to 2.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, Director Stephen A. Kaplan purchased 10,000 shares of the business’s stock in a transaction on Friday, August 25th. The shares were acquired at an average price of $14.87 per share, with a total value of $148,700.00. Following the completion of the transaction, the director now owns 155,572 shares of the company’s stock, valued at approximately $2,313,355.64. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO David Ownby purchased 7,500 shares of the business’s stock in a transaction on Thursday, August 24th. The shares were purchased at an average cost of $14.04 per share, for a total transaction of $105,300.00. Following the transaction, the chief financial officer now directly owns 229,573 shares of the company’s stock, valued at approximately $3,223,204.92. The disclosure for this purchase can be found here. Insiders have acquired 242,500 shares of company stock worth $641,000 in the last ninety days. Insiders own 2.00% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Regal Entertainment Group by 3.0% during the second quarter. Vanguard Group Inc. now owns 13,209,774 shares of the company’s stock valued at $270,273,000 after acquiring an additional 380,951 shares during the last quarter. Alliancebernstein L.P. boosted its position in Regal Entertainment Group by 11.6% during the second quarter. Alliancebernstein L.P. now owns 10,092,993 shares of the company’s stock valued at $206,503,000 after acquiring an additional 1,048,051 shares during the last quarter. Epoch Investment Partners Inc. boosted its position in Regal Entertainment Group by 1.4% during the second quarter. Epoch Investment Partners Inc. now owns 7,261,026 shares of the company’s stock valued at $148,561,000 after acquiring an additional 103,100 shares during the last quarter. BlackRock Inc. boosted its position in Regal Entertainment Group by 20.7% during the second quarter. BlackRock Inc. now owns 4,659,346 shares of the company’s stock valued at $95,330,000 after acquiring an additional 797,847 shares during the last quarter. Finally, Voya Investment Management LLC boosted its position in Regal Entertainment Group by 25.2% during the second quarter. Voya Investment Management LLC now owns 4,322,636 shares of the company’s stock valued at $88,441,000 after acquiring an additional 870,550 shares during the last quarter. 82.41% of the stock is currently owned by institutional investors and hedge funds.
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.
Receive News & Stock Ratings for Regal Entertainment Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Regal Entertainment Group and related stocks with our FREE daily email newsletter.