Bank of New York Mellon Corp Buys New Holdings in National CineMedia, Inc. $NCMI

Key Points

• Bank of New York Mellon acquired 698,209 shares of National CineMedia valued at approximately $2.65 million, representing about 0.74% of the company. Institutional investors collectively own 69.49% of NCMI.
• Analyst views remain mixed: NCMI has a consensus “Hold” rating and an average price target of $4.81, with ratings ranging from Buy to Strong Sell.
• National CineMedia’s latest quarter fell slightly short of expectations, reporting a $0.10 loss per share versus the projected $0.09 loss and revenue of $58.4 million versus the $59.34 million estimate. Shares opened at $2.48, near the company’s $2.16 one-year low.

Bank of New York Mellon Corp purchased a new position in National CineMedia, Inc. (NASDAQ:NCMI - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 698,209 shares of the business services provider's stock, valued at approximately $2,653,000. Bank of New York Mellon Corp owned approximately 0.74% of National CineMedia at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in NCMI. Zazove Associates LLC lifted its holdings in shares of National CineMedia by 78.3% in the first quarter. Zazove Associates LLC now owns 458,939 shares of the business services provider's stock worth $1,400,000 after buying an additional 201,564 shares in the last quarter. NewEdge Advisors LLC purchased a new stake in National CineMedia in the 1st quarter worth $44,000. Bank of America Corp DE lifted its stake in National CineMedia by 38.7% in the 1st quarter. Bank of America Corp DE now owns 74,983 shares of the business services provider's stock worth $229,000 after purchasing an additional 20,928 shares in the last quarter. Luxor Capital Group LP boosted its holdings in shares of National CineMedia by 61.3% during the 1st quarter. Luxor Capital Group LP now owns 1,820,737 shares of the business services provider's stock valued at $5,553,000 after purchasing an additional 691,879 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in shares of National CineMedia during the 1st quarter valued at about $59,000. 69.49% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NCMI. Barrington Research set a $4.25 target price on National CineMedia in a report on Wednesday, August 12th. Wedbush set a $5.00 price objective on National CineMedia and gave the stock an "outperform" rating in a report on Wednesday, August 12th. Wall Street Zen downgraded National CineMedia from a "hold" rating to a "sell" rating in a research report on Sunday. Zacks Research lowered shares of National CineMedia from a "hold" rating to a "strong sell" rating in a report on Tuesday, August 11th. Finally, Weiss Ratings raised shares of National CineMedia from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Friday, August 21st. Three investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $4.81.

Insider Activity at National CineMedia

In other news, insider Maria Woods sold 12,058 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $3.77, for a total value of $45,458.66. Following the sale, the insider directly owned 163,162 shares in the company, valued at approximately $615,120.74. This represents a 6.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company's stock.

National CineMedia Price Performance

Shares of National CineMedia stock opened at $2.48 on Tuesday. The stock has a market cap of $232.57 million, a price-to-earnings ratio of -27.55 and a beta of 1.37. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.84 and a current ratio of 1.84. The stock has a 50 day moving average price of $3.41 and a 200-day moving average price of $3.39. National CineMedia, Inc. has a one year low of $2.16 and a one year high of $5.03.

National CineMedia (NASDAQ:NCMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The business services provider reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.01). The firm had revenue of $58.40 million for the quarter, compared to the consensus estimate of $59.34 million. National CineMedia had a negative net margin of 3.05% and a negative return on equity of 1.31%. Equities analysts expect that National CineMedia, Inc. will post 0.17 EPS for the current year.

National CineMedia Company Profile

National CineMedia, Inc is a leading U.S. out-of-home media company specializing in cinema advertising. The firm operates a proprietary network that delivers high-impact advertising content to moviegoers across a broad footprint of theaters, offering brands a targeted and immersive way to engage audiences in a captive, distraction-free environment.

Founded in 2003 and headquartered in Centennial, Colorado, National CineMedia began as a joint venture among several major exhibition chains.

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