Analysts Set Expectations for Regal Entertainment Group’s Q3 2017 Earnings (RGC)
Regal Entertainment Group (NYSE:RGC) – Equities researchers at Wedbush reduced their Q3 2017 EPS estimates for shares of Regal Entertainment Group in a research report issued on Monday. Wedbush analyst M. Pachter now anticipates that the company will post earnings per share of $0.05 for the quarter, down from their prior forecast of $0.17. Wedbush currently has a “Outperform” rating and a $23.00 price objective on the stock. Wedbush also issued estimates for Regal Entertainment Group’s Q1 2018 earnings at $0.24 EPS, Q2 2018 earnings at $0.27 EPS, Q4 2018 earnings at $0.29 EPS and FY2018 earnings at $0.99 EPS.
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 consensus estimate 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 firm had revenue of $764.20 million during the quarter, compared to analyst estimates of $764.15 million. During the same period in the previous year, the firm posted $0.23 EPS. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. COPYRIGHT VIOLATION WARNING: This news story was originally published by American Banking News and is owned by of American Banking News. If you are accessing this news story on another publication, it was illegally stolen and reposted in violation of United States and international copyright & trademark law. The correct version of this news story can be viewed at https://www.americanbankingnews.com/2017/10/12/analysts-set-expectations-for-regal-entertainment-groups-q3-2017-earnings-rgc.html.
Several other equities research analysts also recently issued reports on the company. Credit Suisse Group reduced their price objective on 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. MKM Partners raised 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 research note on Tuesday, September 5th. They noted that the move was a valuation call. Piper Jaffray Companies set a $19.00 price objective on Regal Entertainment Group and gave the stock a “hold” rating in a research note on Thursday, July 27th. Morgan Stanley reduced their price objective on 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. Finally, BidaskClub downgraded Regal Entertainment Group from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, four have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $23.38.
Regal Entertainment Group (NYSE RGC) opened at 16.01 on Thursday. The firm has a market cap of $2.50 billion, a P/E ratio of 14.87 and a beta of 0.97. Regal Entertainment Group has a 52 week low of $13.90 and a 52 week high of $24.79. The company has a 50-day moving average of $15.76 and a 200 day moving average of $19.18.
The company also recently declared 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 (DPR) is presently 82.24%.
Regal Entertainment Group declared that its Board of Directors has approved a share buyback plan on Thursday, August 31st that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 2.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.
In related news, Director Thomas D. Bell, Jr. acquired 25,000 shares of the stock in a transaction dated 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 acquisition, the director now owns 126,939 shares in the company, valued at approximately $1,873,619.64. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephen A. Kaplan acquired 10,000 shares of the stock in a transaction dated 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 acquisition, the director now owns 155,572 shares in the company, valued at approximately $2,313,355.64. The disclosure for this purchase can be found here. Insiders have bought a total of 242,500 shares of company stock valued at $641,000 over the last ninety days. Company insiders own 2.00% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of RGC. BlackRock Inc. increased its holdings in shares of Regal Entertainment Group by 10,841.3% during the 1st quarter. BlackRock Inc. now owns 3,861,499 shares of the company’s stock valued at $87,192,000 after acquiring an additional 3,826,206 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new position in shares of Regal Entertainment Group during the 2nd quarter valued at about $48,366,000. Vanguard Group Inc. increased its holdings in shares of Regal Entertainment Group by 10.7% during the 1st quarter. Vanguard Group Inc. now owns 12,828,823 shares of the company’s stock valued at $289,675,000 after acquiring an additional 1,241,331 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Regal Entertainment Group by 11.6% during the 2nd quarter. Alliancebernstein L.P. now owns 10,092,993 shares of the company’s stock valued at $206,503,000 after acquiring an additional 1,048,051 shares during the last quarter. Finally, Point72 Asset Management L.P. acquired a new position in shares of Regal Entertainment Group during the 1st quarter valued at about $20,986,000. 82.41% of the stock is currently owned by institutional investors and hedge funds.
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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