Investors Buy Shares of AMC Networks Inc. (AMCX) on Weakness
Traders bought shares of AMC Networks Inc. (NASDAQ:AMCX) on weakness during trading hours on Monday. $23.50 million flowed into the stock on the tick-up and $7.01 million flowed out of the stock on the tick-down, for a money net flow of $16.49 million into the stock. Of all companies tracked, AMC Networks had the 24th highest net in-flow for the day. AMC Networks traded down ($0.09) for the day and closed at $61.33
AMCX has been the subject of a number of research reports. TheStreet raised AMC Networks from a “c” rating to a “b-” rating in a research report on Friday, July 28th. Zacks Investment Research raised AMC Networks from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a research report on Thursday, July 13th. BidaskClub raised AMC Networks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Jefferies Group LLC reissued a “hold” rating and set a $65.00 price target (up previously from $60.00) on shares of AMC Networks in a research report on Friday, August 4th. Finally, ValuEngine downgraded AMC Networks from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $61.25.
The company has a 50-day moving average of $59.08 and a 200-day moving average of $57.42. The firm has a market cap of $3.90 billion, a price-to-earnings ratio of 13.40 and a beta of 1.06.
AMC Networks (NASDAQ:AMCX) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $1.88 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.41 by $0.47. The company had revenue of $710.55 million for the quarter, compared to the consensus estimate of $715.23 million. AMC Networks had a return on equity of 683.16% and a net margin of 11.40%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business posted $1.15 earnings per share. On average, equities analysts forecast that AMC Networks Inc. will post $6.64 EPS for the current year.
AMC Networks announced that its board has authorized a share repurchase program on Wednesday, June 7th that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to repurchase up to 13.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.
A number of large investors have recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new stake in AMC Networks during the first quarter worth $370,000. Wells Fargo & Company MN increased its stake in AMC Networks by 21.0% in the first quarter. Wells Fargo & Company MN now owns 329,740 shares of the company’s stock worth $19,349,000 after buying an additional 57,173 shares during the period. DUPONT CAPITAL MANAGEMENT Corp increased its stake in AMC Networks by 52.6% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 154,800 shares of the company’s stock worth $9,084,000 after buying an additional 53,346 shares during the period. Tealwood Asset Management Inc. increased its stake in AMC Networks by 9.6% in the first quarter. Tealwood Asset Management Inc. now owns 38,989 shares of the company’s stock worth $2,288,000 after buying an additional 3,403 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in AMC Networks by 17.9% in the first quarter. Janney Montgomery Scott LLC now owns 19,155 shares of the company’s stock worth $1,124,000 after buying an additional 2,903 shares during the period. 82.81% of the stock is currently owned by institutional investors and hedge funds.
AMC Networks Company Profile
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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