National CineMedia, Inc. (NCMI) Stake Held by Amc Entertainment Holdings, Inc.
Amc Entertainment Holdings, Inc.
recently disclosed that they own a 26% stake in National CineMedia, Inc. (NASDAQ:NCMI) in a Form 13D/A disclosure that was filed with the SEC on Wednesday, September 20th. The investor owns 26,192,630 shares of the stock worth about $174,704,842. The reporting parties listed on the disclosure included AMC Entertainment Holdings, Inc, American MultiCinema, Inc and AMC Starplex, LLC. The filing is available through Edgar at this hyperlink.
Amc Entertainment Holdings, Inc.
provided the following explanation of their ownership:
Item 4 of the Schedule 13D is hereby supplemented as follows:
AMC and AMCS sold 2,200,000 and 9,800,000 shares, respectively, of the Issuer’s Common Stock in the aggregate, at a price of $6.09 per share in cash pursuant to a securities purchase agreement (the “ SG SPA”), dated as of September 18,2017, with Standard General L.P (“ SG”) . The sale closed on September 20,2017.
A number of other hedge funds have also recently bought and sold shares of NCMI. Teachers Advisors LLC boosted its position in shares of National CineMedia by 17.0% in the fourth quarter. Teachers Advisors LLC now owns 115,373 shares of the business services provider’s stock worth $1,699,000 after buying an additional 16,747 shares during the period. Wells Fargo & Company MN boosted its position in shares of National CineMedia by 19.6% in the first quarter. Wells Fargo & Company MN now owns 171,759 shares of the business services provider’s stock worth $2,169,000 after buying an additional 28,206 shares during the period. First Trust Advisors LP purchased a new stake in shares of National CineMedia in the first quarter worth about $560,000. Capital Fund Management S.A. purchased a new stake in shares of National CineMedia in the first quarter worth about $147,000. Finally, Bank of New York Mellon Corp boosted its position in shares of National CineMedia by 2.4% in the first quarter. Bank of New York Mellon Corp now owns 934,086 shares of the business services provider’s stock worth $11,797,000 after buying an additional 22,272 shares during the period. 85.38% of the stock is owned by hedge funds and other institutional investors.
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Several equities research analysts have recently weighed in on NCMI shares. BidaskClub downgraded National CineMedia from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 8th. Wedbush started coverage on National CineMedia in a research report on Wednesday, August 2nd. They issued a “neutral” rating and a $6.50 target price for the company. Zacks Investment Research raised National CineMedia from a “sell” rating to a “hold” rating in a research report on Saturday, August 12th. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $8.00 target price (down previously from $12.00) on shares of National CineMedia in a research report on Tuesday, August 8th. Finally, B. Riley reaffirmed a “buy” rating and issued a $14.00 target price on shares of National CineMedia in a research report on Tuesday, May 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $12.51.
National CineMedia, Inc. (NASDAQ:NCMI) traded up 1.06% on Wednesday, hitting $6.67. The company had a trading volume of 633,520 shares. National CineMedia, Inc. has a 12-month low of $5.12 and a 12-month high of $16.05. The firm’s 50 day moving average price is $5.86 and its 200 day moving average price is $8.63. The stock has a market cap of $404.30 million, a P/E ratio of 20.84 and a beta of 0.67.
National CineMedia (NASDAQ:NCMI) last released its earnings results on Monday, August 7th. The business services provider reported $0.03 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.04). National CineMedia had a net margin of 4.56% and a negative return on equity of 16.58%. The company had revenue of $97.10 million during the quarter, compared to the consensus estimate of $104.30 million. During the same quarter in the previous year, the business posted $0.11 EPS. The firm’s quarterly revenue was down 15.9% on a year-over-year basis. Equities analysts predict that National CineMedia, Inc. will post $0.29 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 31st. Shareholders of record on Saturday, August 12th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 13.19%. The ex-dividend date was Wednesday, August 9th. National CineMedia’s dividend payout ratio is 283.87%.
National CineMedia Company Profile
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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