Short Interest in Regal Entertainment Group (RGC) Rises By 14.1%
Regal Entertainment Group (NYSE:RGC) was the target of a large increase in short interest in September. As of September 15th, there was short interest totalling 32,359,134 shares, an increase of 14.1% from the August 31st total of 28,366,092 shares. Approximately 24.8% of the company’s stock are sold short. Based on an average trading volume of 5,949,706 shares, the short-interest ratio is currently 5.4 days.
In other news, Director Thomas D. Bell, Jr. acquired 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 29th. The stock was acquired at an average cost 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Ownby acquired 7,500 shares of the business’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 completion of 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. Over the last 90 days, insiders have bought 242,500 shares of company stock worth $641,000. 2.00% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company increased 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 worth $100,000 after buying an additional 373 shares during the last quarter. IFP Advisors Inc raised its position in Regal Entertainment Group by 164.3% during the second quarter. IFP Advisors Inc now owns 5,419 shares of the company’s stock worth $111,000 after acquiring an additional 3,369 shares in the last quarter. Bronfman E.L. Rothschild L.P. raised its position in Regal Entertainment Group by 169.5% during the second quarter. Bronfman E.L. Rothschild L.P. now owns 5,519 shares of the company’s stock worth $113,000 after acquiring an additional 3,471 shares in the last quarter. Farmers National Bank raised its position in Regal Entertainment Group by 901.2% during the second quarter. Farmers National Bank now owns 81,096 shares of the company’s stock worth $135,000 after acquiring an additional 72,996 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in 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 acquiring an additional 145 shares during the last quarter. 82.41% of the stock is owned by institutional investors and hedge funds.
Shares of Regal Entertainment Group (NYSE RGC) opened at 16.00 on Monday. The company’s 50 day moving average is $16.15 and its 200 day moving average is $19.83. The company has a market capitalization of $2.50 billion, a P/E ratio of 14.86 and a beta of 0.96. Regal Entertainment Group has a 12-month low of $13.90 and a 12-month high of $24.79.
Regal Entertainment Group (NYSE:RGC) last posted its quarterly 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). The company had revenue of $764.20 million during the quarter, compared to the consensus estimate of $764.15 million. Regal Entertainment Group had a net margin of 5.24% and a negative return on equity of 20.42%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.23 earnings per share. Analysts expect that Regal Entertainment Group will post $0.98 earnings per share for the current fiscal year.
Regal Entertainment Group declared that its board has authorized a stock repurchase plan on Thursday, August 31st that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, September 5th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 5.50%. The ex-dividend date was Thursday, August 31st. Regal Entertainment Group’s dividend payout ratio is currently 82.24%.
A number of equities research analysts have recently weighed in on RGC shares. Royal Bank Of Canada cut their price target on 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. B. Riley reiterated a “buy” rating and set a $26.00 price target on shares of Regal Entertainment Group in a report on Tuesday, July 18th. Piper Jaffray Companies set a $19.00 price target on Regal Entertainment Group and gave the company a “hold” rating in a research note on Thursday, July 27th. BidaskClub cut Regal Entertainment Group from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 10th. Finally, MKM Partners upgraded Regal Entertainment Group from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $20.00 to $22.00 in a report on Tuesday, September 5th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $23.79.
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About Regal Entertainment Group
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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