Wedbush Securities Inc. Takes Position in Regal Entertainment Group (RGC)
Wedbush Securities Inc. acquired a new position in shares of Regal Entertainment Group (NYSE:RGC) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 15,114 shares of the company’s stock, valued at approximately $242,000.
Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Regal Entertainment Group by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 13,209,774 shares of the company’s stock worth $270,273,000 after acquiring an additional 380,951 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Regal Entertainment Group by 11.6% during the 2nd quarter. Alliancebernstein L.P. now owns 10,092,993 shares of the company’s stock worth $206,503,000 after acquiring an additional 1,048,051 shares during the last quarter. Epoch Investment Partners Inc. grew its holdings in Regal Entertainment Group by 1.4% during the 2nd quarter. Epoch Investment Partners Inc. now owns 7,261,026 shares of the company’s stock worth $148,561,000 after acquiring an additional 103,100 shares during the last quarter. BlackRock Inc. grew its holdings in Regal Entertainment Group by 20.7% during the 2nd quarter. BlackRock Inc. now owns 4,659,346 shares of the company’s stock worth $95,330,000 after acquiring an additional 797,847 shares during the last quarter. Finally, Hamlin Capital Management LLC grew its holdings in Regal Entertainment Group by 1.4% during the 3rd quarter. Hamlin Capital Management LLC now owns 4,335,507 shares of the company’s stock worth $69,368,000 after acquiring an additional 60,489 shares during the last quarter. Institutional investors and hedge funds own 82.71% of the company’s stock.
In related news, CFO David Ownby bought 7,500 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The shares were acquired at an average cost of $14.04 per share, with a total value of $105,300.00. Following the completion of the purchase, the chief financial officer now directly owns 229,573 shares in the company, valued at $3,223,204.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen A. Kaplan bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, August 25th. The shares were bought at an average cost of $14.87 per share, for a total transaction of $148,700.00. Following the completion of the purchase, the director now owns 155,572 shares of the company’s stock, valued at $2,313,355.64. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 242,500 shares of company stock worth $641,000. 2.00% of the stock is owned by insiders.
Regal Entertainment Group (NYSE RGC) opened at $15.36 on Wednesday. The stock has a market cap of $2,457.55, a price-to-earnings ratio of 17.78, a P/E/G ratio of 1.69 and a beta of 1.05. Regal Entertainment Group has a 12 month low of $13.90 and a 12 month high of $24.79. The company has a debt-to-equity ratio of -2.91, a quick ratio of 0.83 and a current ratio of 0.89.
Regal Entertainment Group (NYSE:RGC) last issued its earnings results on Tuesday, October 24th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.03. The business had revenue of $716.00 million for the quarter, compared to analyst estimates of $701.66 million. Regal Entertainment Group had a net margin of 4.41% and a negative return on equity of 16.46%. Regal Entertainment Group’s revenue was down 11.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.29 earnings per share. analysts predict that Regal Entertainment Group will post 0.93 EPS for the current year.
Regal Entertainment Group declared that its board has authorized a stock buyback program on Thursday, August 31st that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 4th will be paid a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 5.73%. The ex-dividend date of this dividend is Friday, December 1st. Regal Entertainment Group’s dividend payout ratio is presently 101.15%.
RGC has been the topic of a number of research reports. Wedbush set a $20.00 target price on shares of Regal Entertainment Group and gave the stock a “buy” rating in a report on Wednesday, October 25th. B. Riley reissued a “buy” rating and set a $26.00 target price on shares of Regal Entertainment Group in a report on Tuesday, July 18th. Piper Jaffray Companies set a $19.00 target price on shares of Regal Entertainment Group and gave the stock a “hold” rating in a report on Thursday, July 27th. Royal Bank Of Canada raised shares of Regal Entertainment Group from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $19.00 to $20.00 in a report on Thursday, October 26th. They noted that the move was a valuation call. Finally, Loop Capital reduced their target price on shares of Regal Entertainment Group from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Monday, October 23rd. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $20.90.
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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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