Wedbush Reiterates “Outperform” Rating for Regal Entertainment Group (RGC)
Regal Entertainment Group (NYSE:RGC)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a note issued to investors on Monday. They currently have a $23.00 price target on the stock, up from their prior price target of $19.00. Wedbush’s target price suggests a potential upside of 37.07% from the stock’s previous close.
RGC has been the subject of a number of other reports. Morgan Stanley dropped their target price on shares of Regal Entertainment Group from $22.00 to $21.00 and set an “underweight” rating for the company in a research note on Thursday, July 6th. Moffett Nathanson downgraded shares of Regal Entertainment Group from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $21.00 to $17.00 in a research note on Monday, June 12th. Credit Suisse Group dropped their price target on shares of Regal Entertainment Group from $19.00 to $17.00 and set an “underperform” rating for the company in a research note on Friday, June 23rd. Royal Bank Of Canada dropped their price target on shares of Regal Entertainment Group from $25.00 to $22.00 and set a “sector perform” rating for the company in a research note on Thursday, June 22nd. Finally, MKM Partners reissued a “buy” rating and set a $20.00 price target on shares of Regal Entertainment Group in a research note on Monday, September 18th. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $23.38.
Regal Entertainment Group (RGC) traded down 4.47% on Monday, hitting $16.03. 1,424,467 shares of the stock traded hands. Regal Entertainment Group has a 12-month low of $13.90 and a 12-month high of $24.79. The stock has a 50-day moving average price of $15.66 and a 200 day moving average price of $19.33. The stock has a market cap of $2.51 billion, a P/E ratio of 14.88 and a beta of 0.97.
Regal Entertainment Group (NYSE:RGC) last announced its earnings results on Wednesday, July 26th. The company reported $0.16 earnings per share 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 prior year, the firm posted $0.23 earnings per share. The company’s revenue was down 2.8% on a year-over-year basis. On average, equities analysts expect that Regal Entertainment Group will post $0.98 EPS for the current fiscal year.
Regal Entertainment Group declared that its Board of Directors has initiated a share buyback plan on Thursday, August 31st that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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In other news, Director Thomas D. Bell, Jr. acquired 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was purchased at an average price of $14.76 per share, for a total transaction of $369,000.00. Following the completion of the acquisition, the director now owns 126,939 shares in the company, valued at $1,873,619.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO David Ownby acquired 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The shares were purchased at an average price of $14.04 per share, with a total value of $105,300.00. Following the acquisition, the chief financial officer now 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. In the last 90 days, insiders have purchased 242,500 shares of company stock valued at $641,000. Corporate insiders own 2.00% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company grew its holdings in Regal Entertainment Group by 8.3% during the second quarter. The Manufacturers Life Insurance Company now owns 4,871 shares of the company’s stock valued at $100,000 after purchasing an additional 373 shares during the period. IFP Advisors Inc boosted its holdings in shares of Regal Entertainment Group by 164.3% in the second quarter. IFP Advisors Inc now owns 5,419 shares of the company’s stock valued at $111,000 after buying an additional 3,369 shares during the period. Bronfman E.L. Rothschild L.P. boosted its holdings in shares of 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 valued at $113,000 after buying an additional 3,471 shares during the period. Farmers National Bank boosted its holdings in shares of Regal Entertainment Group by 901.2% in the second quarter. Farmers National Bank now owns 81,096 shares of the company’s stock valued at $135,000 after buying an additional 72,996 shares during the period. Finally, Parallel Advisors LLC boosted its holdings in shares of Regal Entertainment Group by 2.1% in the first quarter. Parallel Advisors LLC now owns 7,045 shares of the company’s stock valued at $153,000 after buying an additional 145 shares during the period. Hedge funds and other institutional investors own 82.41% of the company’s stock.
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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