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06 December 2017, 01:04 | Austin Hogan
Cineworld is to snap up the chain despite investor unease
As of November 15th, there was short interest totalling 34,536,188 shares, a growth of 28.8% from the October 31st total of 26,821,815 shares.
The acquisition is expected to be strongly accretive to earnings in the first full year following Completion in fiscal 2019. State Board of Administration of Florida Retirement System owned about 0.10% of Regal Entertainment Group worth $3,354,000 at the end of the most recent quarter. Finally, KCG Holdings Inc. increased its stake in shares of Regal Entertainment Group by 69.5% in the third quarter.
Regal Entertainment Group has a beta of 0.98, offering the possibility of a higher rate of return, but also posing more risk.
It emerged last week that FTSE 250-listed Cineworld was in talks with Regal, and on Tuesday the companies said they had reached an agreement for a reverse takeover, with Cineworld paying $23 a share for its larger peer. The Return on Equity (ROE) value stands at -16.4%.
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It has underperformed by 19.60% the S&P500.The move comes after 8 months positive chart setup for the $61.79B company. Water Asset Management Llc decreased American Wtr Wks Co Inc New (AWK) stake by 17.13% reported in 2017Q2 SEC filing.
RGC's mean recommendation on Reuter's scale slipped from 2.33 thirty days ago to 2.15 now, which indicates a hold consensus from the analyst community. The business had revenue of $821.20 million for the quarter, compared to the consensus estimate of $808.18 million. Loop Capital reiterated a "hold" rating and set a $22.00 target price on shares of Regal Entertainment Group in a report on Tuesday, February 7th.
The U.S. experienced its lowest box office earnings in more than two decades, but annual takings have still managed to surpass $11 billion for the last two years. It last reported revenues of $816.8 million and EPS of $0.62 for the August 2017, representing 4% top-line growth and 0.6 EPS growth. The ex-dividend date of this dividend is Friday, December 1st. This buyback authorization allows the company to purchase up to 2.2% of its stock through open market purchases. NY now owns 206,425 shares of the company's stock valued at $3,303,000 after buying an additional 28,175 shares during the last quarter. Nationally recognized Johnson Fistel is investigating whether the proposed deal price represents adequate consideration, especially given one Wall Street analyst has a $24.75 price target on the stock. If you are reading this report on another publication, it was illegally copied and reposted in violation of global trademark and copyright law.
Regal is three times larger than Cineworld by market value and the combined company would have about 9,542 screens, with 7,315 screens in the United States.
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