The Short Interest in Regal Entertainment Group (RGC) Drops By 10.0%

The Short Interest in Regal Entertainment Group (RGC) Drops By 10.0%

Regal Entertainment Group (NYSE:RGC) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 17,460,050 shares, a decrease of 10.0% from the August 31st total of 19,400,596 shares. Based on an average daily volume of 1,254,788 shares, the days-to-cover ratio is presently 13.9 days. Currently, 13.4% of the company’s stock are short sold.

A number of research firms have recently commented on RGC. Morgan Stanley reissued a “sell” rating and issued a $19.00 target price on shares of Regal Entertainment Group in a research note on Thursday, July 28th. Credit Suisse Group AG reissued a “neutral” rating and issued a $20.00 target price on shares of Regal Entertainment Group in a research note on Sunday, June 12th. Wedbush reissued an “outperform” rating and issued a $25.00 target price on shares of Regal Entertainment Group in a research note on Wednesday, September 21st. Hilliard Lyons cut Regal Entertainment Group from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 27th. Finally, Loop Capital began coverage on Regal Entertainment Group in a research note on Tuesday, August 23rd. They issued a “hold” rating and a $22.00 target price on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have issued a buy rating to the stock. Regal Entertainment Group currently has an average rating of “Hold” and an average price target of $22.53.

In other news, insider Gregory W. Dunn sold 30,765 shares of the stock in a transaction on Wednesday, September 7th. The stock was sold at an average price of $21.75, for a total value of $669,138.75. Following the sale, the insider now directly owns 74,151 shares of the company’s stock, valued at $1,612,784.25. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Philip F. Anschutz sold 13,000,000 shares of the stock in a transaction on Monday, August 8th. The stock was sold at an average price of $21.60, for a total value of $280,800,000.00. The disclosure for this sale can be found here. 2.00% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in RGC. Vanguard Group Inc. raised its position in shares of Regal Entertainment Group by 42.2% in the second quarter. Vanguard Group Inc. now owns 7,665,646 shares of the company’s stock valued at $168,951,000 after buying an additional 2,276,318 shares in the last quarter. Eagle Asset Management Inc. raised its position in shares of Regal Entertainment Group by 5.5% in the second quarter. Eagle Asset Management Inc. now owns 5,620,763 shares of the company’s stock valued at $123,881,000 after buying an additional 294,826 shares in the last quarter. Alliancebernstein L.P. raised its position in shares of Regal Entertainment Group by 145.1% in the second quarter. Alliancebernstein L.P. now owns 4,776,681 shares of the company’s stock valued at $105,278,000 after buying an additional 2,828,095 shares in the last quarter. Hamlin Capital Management LLC raised its position in shares of Regal Entertainment Group by 2.3% in the second quarter. Hamlin Capital Management LLC now owns 3,379,203 shares of the company’s stock valued at $74,478,000 after buying an additional 75,497 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in shares of Regal Entertainment Group by 2.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,402,798 shares of the company’s stock valued at $52,958,000 after buying an additional 52,226 shares in the last quarter. 63.44% of the stock is currently owned by institutional investors.

Regal Entertainment Group (NYSE:RGC) opened at 22.23 on Friday. The company has a market cap of $3.47 billion, a P/E ratio of 23.11 and a beta of 1.12. Regal Entertainment Group has a 1-year low of $16.50 and a 1-year high of $24.19. The stock has a 50 day moving average price of $21.60 and a 200 day moving average price of $21.40.

Regal Entertainment Group (NYSE:RGC) last announced its earnings results on Tuesday, July 26th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by $0.01. Regal Entertainment Group had a net margin of 4.80% and a negative return on equity of 18.52%. The business had revenue of $785.90 million for the quarter, compared to analyst estimates of $801.49 million. During the same period in the prior year, the company earned $0.38 earnings per share. The company’s quarterly revenue was down 8.9% on a year-over-year basis. On average, equities research analysts anticipate that Regal Entertainment Group will post $0.99 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Friday, September 2nd were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 3.96%. The ex-dividend date was Wednesday, August 31st. Regal Entertainment Group’s dividend payout ratio is currently 91.67%.

About Regal Entertainment Group

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