Short Interest in Regal Entertainment Group (RGC) Decreases By 33.4%
Regal Entertainment Group (NYSE:RGC) saw a significant decline in short interest in the month of December. As of December 29th, there was short interest totalling 14,592,646 shares, a decline of 33.4% from the December 15th total of 21,919,512 shares. Currently, 11.2% of the company’s shares are short sold. Based on an average daily trading volume, of 4,742,923 shares, the days-to-cover ratio is currently 3.1 days.
A number of research analysts have issued reports on the stock. Royal Bank of Canada raised shares of Regal Entertainment Group from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $19.00 to $20.00 in a research report on Thursday, October 26th. They noted that the move was a valuation call. Wedbush set a $20.00 price objective on shares of Regal Entertainment Group and gave the company a “buy” rating in a research report on Wednesday, October 25th. Loop Capital downgraded shares of Regal Entertainment Group from a “buy” rating to a “hold” rating and set a $24.00 price objective on the stock. in a research report on Wednesday, December 6th. Morgan Stanley raised shares of Regal Entertainment Group from an “underweight” rating to an “equal weight” rating and set a $17.00 price objective on the stock in a research report on Thursday, October 5th. Finally, Credit Suisse Group reduced their price objective on shares of Regal Entertainment Group from $17.00 to $13.00 and set an “underperform” rating on the stock in a research report on Thursday, September 28th. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $22.00.
Hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its holdings in shares of Regal Entertainment Group by 8.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,871 shares of the company’s stock valued at $100,000 after buying an additional 373 shares in the last quarter. Tortoise Investment Management LLC bought a new stake in shares of Regal Entertainment Group during the 3rd quarter valued at $117,000. Farmers National Bank boosted its holdings in shares of Regal Entertainment Group by 901.2% during the 2nd quarter. Farmers National Bank now owns 81,096 shares of the company’s stock valued at $135,000 after buying an additional 72,996 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Regal Entertainment Group by 60.8% during the 3rd quarter. IFP Advisors Inc now owns 8,713 shares of the company’s stock valued at $139,000 after buying an additional 3,294 shares in the last quarter. Finally, Spectrum Management Group Inc. bought a new stake in shares of Regal Entertainment Group during the 3rd quarter valued at $141,000. Hedge funds and other institutional investors own 85.31% of the company’s stock.
Regal Entertainment Group (NYSE:RGC) last announced its earnings results on Tuesday, October 24th. The company reported $0.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.03. Regal Entertainment Group had a net margin of 4.41% and a negative return on equity of 16.36%. The firm had revenue of $716.00 million for the quarter, compared to analysts’ expectations of $701.66 million. During the same quarter in the previous year, the business posted $0.29 EPS. The company’s quarterly revenue was down 11.8% on a year-over-year basis. equities research analysts predict that Regal Entertainment Group will post 0.93 earnings per share for the current year.
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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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