Regal Entertainment Group (RGC) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Regal Entertainment Group (NYSE:RGC) from a sell rating to a hold rating in a research note issued to investors on Wednesday, October 25th.

According to Zacks, “Regal Entertainment Group is a leading motion picture exhibitor operating the largest theatre circuit in the United States. The Company’s nationwide theatre circuit is comprised of Regal Cinemas Corporation, United Artists Theatre Company and Edwards Theatres, Inc. “

Other equities research analysts have also issued reports about the stock. Wedbush reissued a buy rating on shares of Regal Entertainment Group in a report on Thursday, July 27th. B. Riley reissued a buy rating and issued a $26.00 target price on shares of Regal Entertainment Group in a report on Thursday, July 27th. Royal Bank Of Canada restated a hold rating and issued a $22.00 price target on shares of Regal Entertainment Group in a research note on Thursday, July 27th. Morgan Stanley dropped their price target 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, Piper Jaffray Companies set a $19.00 price target on Regal Entertainment Group and gave the stock a hold rating in a research report on Thursday, July 27th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $20.90.

Regal Entertainment Group (NYSE RGC) opened at $15.11 on Wednesday. The stock has a market cap of $2,372.75, a PE ratio of 17.17, a P/E/G ratio of 1.63 and a beta of 1.05. Regal Entertainment Group has a one year low of $13.90 and a one year high of $24.79. The company has a debt-to-equity ratio of -2.84, a current ratio of 0.84 and a quick ratio of 0.83.

Regal Entertainment Group (NYSE:RGC) last announced its quarterly earnings results on Tuesday, October 24th. The company reported $0.07 earnings per share (EPS) for the quarter, topping 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 company 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. Regal Entertainment Group’s revenue was down 11.8% compared to the same quarter last year. analysts expect that Regal Entertainment Group will post 0.93 earnings per share for the current year.

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Regal Entertainment Group announced that its Board of Directors has approved a stock buyback program on Thursday, August 31st that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to purchase up to 2.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Monday, December 4th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 5.82%. The ex-dividend date of this dividend is Friday, December 1st. Regal Entertainment Group’s dividend payout ratio (DPR) is presently 101.15%.

In related news, CFO David Ownby acquired 7,500 shares of the stock in a transaction on Thursday, August 24th. The shares were bought at an average price of $14.04 per share, with a total value of $105,300.00. Following the completion of the purchase, the chief financial officer now owns 229,573 shares of the company’s stock, valued at approximately $3,223,204.92. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen A. Kaplan purchased 10,000 shares of the firm’s stock in a transaction dated Friday, August 25th. The stock was acquired at an average cost of $14.87 per share, for a total transaction of $148,700.00. Following the purchase, the director now owns 155,572 shares in the company, valued at $2,313,355.64. The disclosure for this purchase can be found here. Insiders have purchased 242,500 shares of company stock valued at $641,000 over the last quarter. 2.00% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. The Manufacturers Life Insurance Company increased its holdings in 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 worth $100,000 after purchasing an additional 373 shares during the period. IFP Advisors Inc increased its holdings in Regal Entertainment Group by 164.3% during the 2nd quarter. IFP Advisors Inc now owns 5,419 shares of the company’s stock worth $111,000 after purchasing an additional 3,369 shares during the period. Bronfman E.L. Rothschild L.P. increased its holdings in Regal Entertainment Group by 169.5% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 5,519 shares of the company’s stock worth $113,000 after purchasing an additional 3,471 shares during the period. Farmers National Bank increased its holdings in Regal Entertainment Group by 901.2% during the 2nd quarter. Farmers National Bank now owns 81,096 shares of the company’s stock worth $135,000 after purchasing an additional 72,996 shares during the period. Finally, Spectrum Management Group Inc. purchased a new stake in Regal Entertainment Group during the 3rd quarter worth about $141,000. Institutional investors own 82.71% of the company’s stock.

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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