Regal Entertainment Group (RGC) Announces Quarterly Earnings Results
Regal Entertainment Group (NYSE:RGC) issued its quarterly earnings data on Tuesday. The company reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.03, Bloomberg Earnings reports. Regal Entertainment Group had a net margin of 5.24% and a negative return on equity of 20.42%. The company had revenue of $716.00 million for the quarter, compared to the consensus estimate of $701.66 million. During the same period last year, the firm posted $0.29 EPS. Regal Entertainment Group’s revenue for the quarter was down 11.8% on a year-over-year basis.
Shares of Regal Entertainment Group (NYSE RGC) traded up 0.55% during mid-day trading on Tuesday, hitting $16.35. 2,579,395 shares of the company traded hands. Regal Entertainment Group has a 52-week low of $13.90 and a 52-week high of $24.79. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of 15.18 and a beta of 0.97. The firm has a 50-day moving average price of $16.11 and a 200 day moving average price of $18.80.
In related news, Director Thomas D. Bell, Jr. bought 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 29th. The stock was purchased at an average price of $14.76 per share, for a total transaction of $369,000.00. Following the transaction, the director now directly owns 126,939 shares of the company’s stock, valued at approximately $1,873,619.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO David Ownby bought 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 24th. The stock was bought at an average price of $14.04 per share, with a total value of $105,300.00. Following the transaction, the chief financial officer now directly owns 229,573 shares in the company, valued at $3,223,204.92. The disclosure for this purchase can be found here. Insiders purchased a total of 242,500 shares of company stock valued at $641,000 in the last quarter. 2.00% of the stock is currently owned by insiders.
An institutional investor recently raised its position in Regal Entertainment Group stock. The Manufacturers Life Insurance Company boosted its stake in Regal Entertainment Group (NYSE:RGC) by 8.3% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,871 shares of the company’s stock after buying an additional 373 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Regal Entertainment Group were worth $100,000 at the end of the most recent quarter. 81.94% of the stock is currently owned by institutional investors.
Several research analysts have issued reports on the stock. B. Riley reissued a “buy” rating and set a $26.00 price objective on shares of Regal Entertainment Group in a research report on Tuesday, July 18th. Royal Bank Of Canada reissued a “hold” rating and set a $22.00 price objective on shares of Regal Entertainment Group in a research report on Thursday, July 27th. BidaskClub downgraded shares of Regal Entertainment Group from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 10th. Wedbush set a $19.00 price objective on shares of Regal Entertainment Group and gave the stock a “buy” rating in a research report on Thursday, October 19th. Finally, Piper Jaffray Companies set a $19.00 price objective on shares of Regal Entertainment Group and gave the stock a “hold” rating in a research report on Thursday, July 27th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $22.85.
Regal Entertainment Group announced that its Board of Directors has approved a stock buyback plan on Thursday, August 31st that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 2.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
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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