Lionsgate shares hit record high

Shares have more than doubled since Summit purchase

Shares of Lionsgate hit at an all-time high on Tuesday — and have more than doubled their price since the company bought Summit Entertainment less than a year ago.

Lionsgate gained 1%, rising 15¢ to $17.46 in trading Tuesday on the New York Stock Exchange. When Lionsgate closed the Summit deal on Jan. 13, the shares were trading at $8.60.

Shares have been gaining on Wall Street’s optimism over the next three “Hunger Games” films and development of other franchises, the deleveraging of the balance sheet, the possibility of a small dividend and the FX series “Anger Management.” Wall Street analysts have a consensus price target of $19.20.

Summit is prepping another potential young-adult franchise in “Divergent,” with Shailene Woodley starring and a release date of March 14, 2014, set.

Thanks largely to “Breaking Dawn — Part 2” and “The Hunger Games,” Lionsgate crossed the $1 billion mark in 2012 at both the domestic and foreign box office.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Film News from Variety