Regal Entertainment Group (NYSE:RGC) currently trades at $22.40 which is about -1.19% lower than the 52-week high of $24.79. The trading volume at ready counter moved to 3.73M shares as compared to 1.53M shares average traded volume. The stock failed to get pushed above the $22.78 barrier, the intraday high, after opening at $22.55. Analysts have a consensus target price of $23.67 in the 12-month period. Its market capitalization has now reached to $3.51B.
Regal Entertainment Group (NYSE:RGC) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus buy rating, according to Zacks Investment Research. 1 analyst has rated the stock with a sell rating, 6 have assigned a hold rating, Zero says it’s a buy and 7 have assigned a strong buy rating to the company.
On January 6, 2017 IMAX Corporation (IMAX) and Regal Entertainment Group (RGC) announced an expansion of the companies’ existing joint revenue sharing agreement to include the installation of 11 additional IMAX theatres in the U.S – bringing to 100 theatres Regal’s total IMAX network. The companies intend to open the new joint venture theatres in new and existing complexes in U.S. markets such as Lexington, Ky., Albuquerque, N.M., Fredericksburg, Va., Fort Lauderdale, Fla., and San Antonio, Texas. The expanded agreement provides for an additional two years of operation and an adjusted financial formula for all Regal IMAX joint venture locations.
“For nearly 20 years, Regal has brought The IMAX Experience to millions of moviegoers across the U.S. We are excited to reach the 100th theatre milestone with such a valued partner and tremendous IMAX ambassador that has helped us to expand our reach from coast-to-coast and in cities big and small. This deal is a testament to Regal’s continued commitment to IMAX as it extends all leases under the current joint venture agreement by two years with no theatres now due for renewal until the beginning of 2021,” said IMAX CEO Richard L. Gelfond. “We’re excited to expand upon our long-term partnership with Regal as we look to continue to bolster our domestic network, where in 2016 we’ve had more domestic theatre signings than any year since 2011.”
“We believe in the strategic value IMAX delivers to our business, which is why we’re increasing our IMAX footprint and extending the length of our agreements for all of our IMAX sites,” stated Amy Miles, CEO of Regal Entertainment Group. “Regal is focused on delivering the best customer experience and we believe that IMAX both delights our guests and drives incremental revenue for our business. We are excited to mark our 100th IMAX theatre commitment with ‘s agreement.”