Morgan Stanley upgraded shares of Regal Entertainment Group (NYSE:RGC) from an underweight rating to an equal weight rating in a research report report published on Thursday morning, MarketBeat reports. The brokerage currently has $17.00 price objective on the stock.
RGC has been the topic of several other research reports. Moffett Nathanson lowered Regal Entertainment Group from a neutral rating to a sell rating and decreased their price target for the stock from $21.00 to $17.00 in a research note on Monday, June 12th. Credit Suisse Group decreased their price target on Regal Entertainment Group from $19.00 to $17.00 and set an underperform rating on the stock in a research note on Friday, June 23rd. Royal Bank Of Canada decreased their price target on Regal Entertainment Group from $25.00 to $22.00 and set a sector perform rating on the stock in a research note on Thursday, June 22nd. 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. Finally, Piper Jaffray Companies set a $19.00 price target on Regal Entertainment Group and gave the stock a hold rating in a research note on Thursday, July 27th. Three analysts have rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Hold and an average target price of $23.38.
Regal Entertainment Group (NYSE RGC) opened at 16.78 on Thursday. The firm’s 50 day moving average price is $15.66 and its 200-day moving average price is $19.33. Regal Entertainment Group has a one year low of $13.90 and a one year high of $24.79. The firm has a market cap of $2.62 billion, a PE ratio of 15.58 and a beta of 0.97.
Regal Entertainment Group (NYSE:RGC) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.16 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.02). The firm had revenue of $764.20 million for the quarter, compared to analysts’ expectations of $764.15 million. Regal Entertainment Group had a negative return on equity of 20.42% and a net margin of 5.24%. Regal Entertainment Group’s revenue was down 2.8% compared to the same quarter last year. During the same period last year, the firm earned $0.23 EPS. Equities analysts predict that Regal Entertainment Group will post $0.98 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Tuesday, September 5th were issued a $0.22 dividend. The ex-dividend date of this dividend was Thursday, August 31st. This represents a $0.88 annualized dividend and a yield of 5.24%. Regal Entertainment Group’s dividend payout ratio (DPR) is presently 82.24%.
Regal Entertainment Group declared that its Board of Directors has authorized a stock buyback plan on Thursday, August 31st that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.2% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.
In other Regal Entertainment Group news, Director Thomas D. Bell, Jr. purchased 25,000 shares of the business’s stock in a transaction on Tuesday, August 29th. The stock was bought at an average cost of $14.76 per share, for a total transaction of $369,000.00. Following the acquisition, the director now owns 126,939 shares of the company’s stock, valued at approximately $1,873,619.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO David Ownby purchased 7,500 shares of the business’s stock in a transaction on Thursday, August 24th. The stock was acquired at an average price of $14.04 per share, with a total value of $105,300.00. Following the completion of the acquisition, the chief financial officer now directly owns 229,573 shares in the company, valued at approximately $3,223,204.92. The disclosure for this purchase can be found here. Insiders acquired a total of 242,500 shares of company stock valued at $641,000 over the last quarter. 2.00% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company raised its holdings in Regal Entertainment Group by 8.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,871 shares of the company’s stock valued at $100,000 after acquiring an additional 373 shares during the last quarter. IFP Advisors Inc raised its holdings in Regal Entertainment Group by 164.3% in the 2nd quarter. IFP Advisors Inc now owns 5,419 shares of the company’s stock valued at $111,000 after acquiring an additional 3,369 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its holdings in Regal Entertainment Group by 169.5% in the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 5,519 shares of the company’s stock valued at $113,000 after acquiring an additional 3,471 shares during the last quarter. Parallel Advisors LLC raised its holdings in Regal Entertainment Group by 2.1% in the 1st quarter. Parallel Advisors LLC now owns 7,045 shares of the company’s stock valued at $153,000 after acquiring an additional 145 shares during the last quarter. Finally, Farmers National Bank raised its holdings in Regal Entertainment Group by 6.6% in the 1st quarter. Farmers National Bank now owns 8,100 shares of the company’s stock valued at $176,000 after acquiring an additional 500 shares during the last quarter. 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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