National CineMedia, Inc. (NCMI) Downgraded by Zacks Investment Research to Sell

National CineMedia, Inc. (NASDAQ:NCMI) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

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. “

Several other research analysts have also commented on NCMI. BidaskClub lowered National CineMedia from a “sell” rating to a “strong sell” rating in a research report on Saturday, July 8th. B. Riley reiterated a “buy” rating and issued a $14.00 price target on shares of National CineMedia in a research report on Wednesday, August 2nd. Wedbush started coverage on National CineMedia in a research report on Wednesday, August 2nd. They issued a “neutral” rating and a $6.50 price target for the company. J P Morgan Chase & Co restated a “neutral” rating and set a $8.00 target price (down previously from $12.00) on shares of National CineMedia in a research report on Tuesday, August 8th. Finally, Credit Suisse Group dropped their target price on National CineMedia from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Thursday, September 28th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company. National CineMedia presently has an average rating of “Hold” and an average target price of $10.93.

National CineMedia (NCMI) opened at $6.69 on Friday. The stock has a market capitalization of $421.54 million, a P/E ratio of 20.94, a PEG ratio of 2.84 and a beta of 0.65. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of -13.47.

National CineMedia (NASDAQ:NCMI) last released its quarterly earnings results on Monday, August 7th. The business services provider reported $0.03 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.07 by ($0.04). The company had revenue of $97.10 million during the quarter, compared to analysts’ expectations of $104.30 million. National CineMedia had a negative return on equity of 16.58% and a net margin of 4.56%. The company’s revenue was down 15.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.11 EPS. analysts expect that National CineMedia will post 0.26 earnings per share for the current fiscal year.

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In related news, major shareholder Amc Starplex, Llc sold 2,800,000 shares of the business’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 value of $18,172,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder American Multi-Cinema, Inc. sold 12,000,000 shares of the business’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 value of $73,080,000.00. The disclosure for this sale can be found here. 5.40% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in NCMI. Pacad Investment Ltd. boosted its holdings in shares of National CineMedia by 690.2% in the second quarter. Pacad Investment Ltd. now owns 14,223 shares of the business services provider’s stock valued at $106,000 after purchasing an additional 12,423 shares during the period. Nine Chapters Capital Management LLC purchased a new stake in shares of National CineMedia in the third quarter valued at approximately $136,000. Fox Run Management L.L.C. purchased a new stake in shares of National CineMedia in the second quarter valued at approximately $137,000. Stifel Financial Corp boosted its holdings in shares of National CineMedia by 30.5% in the second quarter. Stifel Financial Corp now owns 19,126 shares of the business services provider’s stock valued at $142,000 after purchasing an additional 4,468 shares during the period. Finally, DRW Securities LLC purchased a new stake in shares of National CineMedia in the second quarter valued at approximately $142,000. Hedge funds and other institutional investors own 83.88% of the company’s stock.

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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