Zacks Investment Research upgraded shares of National CineMedia, Inc. (NASDAQ:NCMI) from a sell rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “NATIONAL CINEMEDIA operates the largest digital in theatre network in North America that allows them to distribute advertisements and other content for our advertising, meetings and events businesses utilizing our proprietary digital content network. They have long term exhibitor services agreements with our founding members, Cinemark and Regal, the three largest motion picture exhibition companies in the U.S.and multi year agreements with several other theatre operators whom they refer to as network affiliates. The network affiliate agreements grant them exclusive rights, subject to limited exceptions, to sell advertising on their theatre screens. “
A number of other research firms have also issued reports on NCMI. BidaskClub lowered shares of National CineMedia from a sell rating to a strong sell rating in a research note on Saturday, July 8th. B. Riley reiterated a buy rating and set a $14.00 price objective on shares of National CineMedia in a research note on Wednesday, August 2nd. Wedbush assumed coverage on shares of National CineMedia in a research note on Wednesday, August 2nd. They set a neutral rating and a $6.50 price objective on the stock. Credit Suisse Group dropped their price objective on shares of National CineMedia from $8.00 to $7.00 and set a neutral rating on the stock in a research note on Thursday, September 28th. Finally, J P Morgan Chase & Co reiterated a neutral rating and set a $8.00 price objective (down previously from $12.00) on shares of National CineMedia in a research note on Tuesday, August 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $10.93.
Shares of National CineMedia (NASDAQ:NCMI) traded up 0.43% on Wednesday, hitting $6.96. 1,333,742 shares of the stock traded hands. The firm has a market cap of $421.87 million, a P/E ratio of 21.75 and a beta of 0.68. The firm’s 50-day moving average is $6.54 and its 200 day moving average is $7.83. National CineMedia has a 12-month low of $5.12 and a 12-month high of $16.05.
National CineMedia (NASDAQ:NCMI) last posted its quarterly earnings data on Monday, August 7th. The business services provider reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.04). The firm had revenue of $97.10 million for the quarter, compared to analysts’ expectations of $104.30 million. National CineMedia had a net margin of 4.56% and a negative return on equity of 16.58%. The company’s revenue for the quarter was down 15.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.11 EPS. Equities research analysts forecast that National CineMedia will post $0.29 EPS for the current fiscal year.
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In other news, major shareholder American Multi-Cinema, Inc. sold 12,000,000 shares of the firm’s stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $6.09, for a total transaction of $73,080,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Amc Starplex, Llc sold 2,800,000 shares of the firm’s stock in a transaction that occurred on Friday, September 29th. The stock was sold at an average price of $6.49, for a total transaction of $18,172,000.00. The disclosure for this sale can be found here. 5.40% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in NCMI. Renaissance Technologies LLC boosted its holdings in National CineMedia by 55.1% in the first quarter. Renaissance Technologies LLC now owns 849,100 shares of the business services provider’s stock worth $10,724,000 after purchasing an additional 301,500 shares during the period. Russell Investments Group Ltd. acquired a new position in National CineMedia in the second quarter worth $1,135,000. Thompson Siegel & Walmsley LLC boosted its holdings in National CineMedia by 238.5% in the second quarter. Thompson Siegel & Walmsley LLC now owns 2,707,647 shares of the business services provider’s stock worth $20,091,000 after purchasing an additional 1,907,741 shares during the period. Vivaldi Asset Management LLC acquired a new position in National CineMedia in the second quarter worth $1,439,000. Finally, Engineers Gate Manager LP boosted its holdings in National CineMedia by 74.8% in the second quarter. Engineers Gate Manager LP now owns 91,122 shares of the business services provider’s stock worth $676,000 after purchasing an additional 38,984 shares during the period. 85.72% of the stock is owned by institutional investors and hedge funds.
About National CineMedia
National CineMedia, Inc (NCM, Inc) is a holding company that manages its consolidated subsidiary National CineMedia, LLC (NCM LLC). The Company operates digital in-theater network in North America, allowing NCM LLC to sell advertising and certain third-party theater circuits under long-term network affiliate agreements.
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