Regal Entertainment Group (RGC) Position Lessened by JPMorgan Chase & Co.
JPMorgan Chase & Co. trimmed its holdings in shares of Regal Entertainment Group (NYSE:RGC) by 1.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 63,656 shares of the company’s stock after selling 703 shares during the quarter. JPMorgan Chase & Co.’s holdings in Regal Entertainment Group were worth $1,302,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Prudential Financial Inc. acquired a new position in Regal Entertainment Group in the 1st quarter valued at about $1,856,000. Legal & General Group Plc grew its position in Regal Entertainment Group by 41.8% in the 1st quarter. Legal & General Group Plc now owns 96,387 shares of the company’s stock valued at $2,177,000 after acquiring an additional 28,399 shares in the last quarter. Barings LLC grew its position in Regal Entertainment Group by 60.0% in the 1st quarter. Barings LLC now owns 110,858 shares of the company’s stock valued at $2,503,000 after acquiring an additional 41,558 shares in the last quarter. Dynamic Advisors Solutions LLC grew its position in Regal Entertainment Group by 4.5% in the 2nd quarter. Dynamic Advisors Solutions LLC now owns 183,991 shares of the company’s stock valued at $3,764,000 after acquiring an additional 7,926 shares in the last quarter. Finally, BARING ASSET MANAGEMENT Ltd grew its position in Regal Entertainment Group by 39.0% in the 2nd quarter. BARING ASSET MANAGEMENT Ltd now owns 55,875 shares of the company’s stock valued at $1,142,000 after acquiring an additional 15,666 shares in the last quarter. 82.41% of the stock is owned by hedge funds and other institutional investors.
RGC has been the subject of several research reports. Credit Suisse Group dropped their target price on Regal Entertainment Group from $19.00 to $17.00 and set an “underperform” rating for the company in a research report on Friday, June 23rd. MKM Partners raised Regal Entertainment Group from a “neutral” rating to a “buy” rating and lifted their target price 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. Morgan Stanley raised Regal Entertainment Group from an “underweight” rating to an “equal weight” rating and set a $17.00 target price for the company in a research report on Thursday, October 5th. Piper Jaffray Companies set a $19.00 target price on Regal Entertainment Group and gave the company a “hold” rating in a research report on Thursday, July 27th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $23.00 target price on shares of Regal Entertainment Group in a research report on Thursday, July 20th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $23.23.
Shares of Regal Entertainment Group (NYSE RGC) opened at 16.09 on Thursday. The company’s 50-day moving average price is $16.00 and its 200 day moving average price is $18.95. Regal Entertainment Group has a 1-year low of $13.90 and a 1-year high of $24.79. The stock has a market cap of $2.52 billion, a PE ratio of 14.94 and a beta of 0.97.
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 analysts’ consensus estimates of $0.18 by ($0.02). Regal Entertainment Group had a net margin of 5.24% and a negative return on equity of 20.42%. The business had revenue of $764.20 million for the quarter, compared to analyst estimates of $764.15 million. During the same quarter last year, the business earned $0.23 EPS. Regal Entertainment Group’s revenue for the quarter was down 2.8% compared to the same quarter last year. Equities analysts forecast that Regal Entertainment Group will post $0.97 EPS for the current fiscal year.
Regal Entertainment Group announced that its Board of Directors has authorized a share repurchase plan on Thursday, August 31st that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
In other Regal Entertainment Group news, CFO David Ownby acquired 7,500 shares of the stock in a transaction on Thursday, August 24th. The stock was purchased at an average price of $14.04 per share, for a total transaction of $105,300.00. Following the purchase, the chief financial officer now directly owns 229,573 shares in the company, valued at $3,223,204.92. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas D. Bell, Jr. acquired 25,000 shares of the stock in a transaction on Tuesday, August 29th. The shares were acquired at an average price of $14.76 per share, with a total value of $369,000.00. Following the purchase, the director now owns 126,939 shares in the company, valued at $1,873,619.64. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 242,500 shares of company stock valued at $641,000. 2.00% of the stock is owned by insiders.
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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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