AMC Networks Inc. (AMCX) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of AMC Networks Inc. (NASDAQ:AMCX) from a buy rating to a hold rating in a research note released on Friday, July 14th.
According to Zacks, “AMC Networks Inc. is engaged in producing programming and movie content. It owns and operates various cable televisions. Its programming networks include AMC, IFC, Sundance Channel, WE tv, and IFC films. The AMC is a television network which focuses on the original programming and movie-based entertainment. IFC creates long and short-form content inspired by music, web, gaming, animation, news, and culture. The Sundance Channel is the television destination for independent-minded viewers. The WE tv is the women’s network specially devoted to the relationships during life’s defining moments. The IFC films consist of multiple brands that bring specialty films to the largest possible audience. AMC Networks Inc. is headquartered in New York, New York. “
A number of other analysts also recently issued reports on the company. BidaskClub raised AMC Networks from a hold rating to a buy rating in a research note on Wednesday, July 12th. Jefferies Group LLC reaffirmed a hold rating and issued a $60.00 target price on shares of AMC Networks in a research note on Monday, July 10th. Moffett Nathanson reaffirmed a sell rating on shares of AMC Networks in a research note on Friday, June 9th. ValuEngine downgraded AMC Networks from a buy rating to a hold rating in a research note on Friday, June 2nd. Finally, Deutsche Bank AG cut their target price on AMC Networks from $65.00 to $61.00 and set a hold rating for the company in a research note on Monday, May 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. AMC Networks presently has a consensus rating of Hold and an average price target of $61.25.
Shares of AMC Networks (NASDAQ:AMCX) opened at 62.41 on Friday. AMC Networks has a 12 month low of $46.17 and a 12 month high of $67.61. The company has a market cap of $4.16 billion, a PE ratio of 15.16 and a beta of 1.06. The company has a 50-day moving average of $57.87 and a 200 day moving average of $57.19.
AMC Networks (NASDAQ:AMCX) last issued its earnings results on Thursday, August 3rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.47. AMC Networks had a return on equity of 683.16% and a net margin of 11.40%. The business had revenue of $710.55 million during the quarter, compared to the consensus estimate of $715.23 million. During the same period last year, the company earned $1.15 EPS. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, analysts anticipate that AMC Networks will post $6.49 earnings per share for the current year.
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AMC Networks declared that its Board of Directors has approved a share repurchase plan on Wednesday, June 7th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 13.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
A number of institutional investors have recently made changes to their positions in AMCX. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of AMC Networks by 9.1% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,164 shares of the company’s stock worth $116,000 after buying an additional 181 shares during the period. Oppenheimer Asset Management Inc. purchased a new position in shares of AMC Networks during the first quarter worth approximately $194,000. World Asset Management Inc boosted its position in shares of AMC Networks by 0.3% in the second quarter. World Asset Management Inc now owns 3,972 shares of the company’s stock worth $212,000 after buying an additional 12 shares during the period. Wrapmanager Inc. boosted its position in shares of AMC Networks by 3.2% in the second quarter. Wrapmanager Inc. now owns 4,102 shares of the company’s stock worth $219,000 after buying an additional 128 shares during the period. Finally, Greenwood Capital Associates LLC boosted its position in shares of AMC Networks by 4.4% in the first quarter. Greenwood Capital Associates LLC now owns 3,987 shares of the company’s stock worth $234,000 after buying an additional 167 shares during the period. Institutional investors own 81.89% of the company’s stock.
About AMC Networks
AMC Networks Inc is a holding company, which conducts all of its operations through its subsidiaries. The Company owns and operates entertainment businesses and assets. It operates through two segments: National Networks, and International and Other. National Networks includes activities of its programming businesses, which include its programming networks distributed in the United States and Canada.
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