Regal Entertainment Group (RGC) Lowered to Sector Perform at Royal Bank Of Canada
Regal Entertainment Group (NYSE:RGC) was downgraded by Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a report released on Wednesday, The Fly reports.
Several other research firms also recently weighed in on RGC. Loop Capital downgraded Regal Entertainment Group from a “buy” rating to a “hold” rating in a research note on Wednesday. Macquarie downgraded Regal Entertainment Group from an “outperform” rating to a “neutral” rating in a research note on Wednesday. Wedbush downgraded Regal Entertainment Group from an “outperform” rating to a “neutral” rating and set a $23.00 price target on the stock. in a research note on Tuesday. Barrington Research downgraded Regal Entertainment Group from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Finally, Benchmark upped their target price on Regal Entertainment Group from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Wednesday, November 29th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $21.73.
Shares of Regal Entertainment Group (NYSE:RGC) opened at $22.68 on Wednesday. The company has a debt-to-equity ratio of -2.84, a quick ratio of 0.78 and a current ratio of 0.84. The firm has a market capitalization of $3,254.92, a PE ratio of 23.56, a price-to-earnings-growth ratio of 2.18 and a beta of 1.14. Regal Entertainment Group has a one year low of $13.90 and a one year high of $23.56.
Regal Entertainment Group announced that its Board of Directors has approved a share repurchase program on Thursday, August 31st that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 2.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.
Several institutional investors and hedge funds have recently modified their holdings of the company. Eagle Asset Management boosted its position in Regal Entertainment Group by 148.8% during the third quarter. Eagle Asset Management now owns 10,296,636 shares of the company’s stock worth $192,444,000 after purchasing an additional 6,157,301 shares in the last quarter. BlackRock Inc. boosted its position in Regal Entertainment Group by 10,841.3% during the first quarter. BlackRock Inc. now owns 3,861,499 shares of the company’s stock worth $87,192,000 after purchasing an additional 3,826,206 shares in the last quarter. Brandywine Global Investment Management LLC purchased a new position in Regal Entertainment Group during the second quarter worth approximately $48,366,000. Vanguard Group Inc. boosted its position in Regal Entertainment Group by 42.2% during the second quarter. Vanguard Group Inc. now owns 7,665,646 shares of the company’s stock worth $168,951,000 after purchasing an additional 2,276,318 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its position in Regal Entertainment Group by 24.4% during the first quarter. Alliancebernstein L.P. now owns 9,044,942 shares of the company’s stock worth $204,235,000 after purchasing an additional 1,774,446 shares in the last quarter. Hedge funds and other institutional investors own 85.33% 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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