Geode Capital Management LLC Has $12.84 Million Stake in AMC Entertainment Holdings, Inc. (AMC)
Geode Capital Management LLC raised its stake in AMC Entertainment Holdings, Inc. (NYSE:AMC) by 92.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 408,395 shares of the company’s stock after buying an additional 195,781 shares during the period. Geode Capital Management LLC’s holdings in AMC Entertainment Holdings were worth $12,844,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in AMC Entertainment Holdings by 59.8% in the first quarter. Vanguard Group Inc. now owns 4,840,316 shares of the company’s stock valued at $152,228,000 after buying an additional 1,811,552 shares in the last quarter. Croft Leominster Inc. increased its stake in AMC Entertainment Holdings by 36.1% in the first quarter. Croft Leominster Inc. now owns 11,300 shares of the company’s stock valued at $355,000 after buying an additional 3,000 shares in the last quarter. Rothschild Asset Management Inc. increased its stake in AMC Entertainment Holdings by 237.3% in the first quarter. Rothschild Asset Management Inc. now owns 689,915 shares of the company’s stock valued at $21,698,000 after buying an additional 485,352 shares in the last quarter. Legal & General Group Plc increased its stake in AMC Entertainment Holdings by 75.2% in the first quarter. Legal & General Group Plc now owns 12,781 shares of the company’s stock valued at $402,000 after buying an additional 5,484 shares in the last quarter. Finally, B. Riley Financial Inc. bought a new position in AMC Entertainment Holdings during the first quarter valued at approximately $523,000. 43.07% of the stock is owned by institutional investors.
Shares of AMC Entertainment Holdings, Inc. (NYSE:AMC) traded down 1.14% during mid-day trading on Friday, reaching $13.00. 7,120,373 shares of the company’s stock traded hands. The company’s market cap is $1.70 billion. The company has a 50 day moving average of $18.74 and a 200 day moving average of $26.12. AMC Entertainment Holdings, Inc. has a 12 month low of $12.05 and a 12 month high of $35.65.
AMC Entertainment Holdings (NYSE:AMC) last announced its quarterly earnings results on Friday, August 4th. The company reported ($1.35) EPS for the quarter, missing the Zacks’ consensus estimate of $0.06 by $1.41. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.22 billion. AMC Entertainment Holdings had a negative return on equity of 3.44% and a negative net margin of 2.49%. AMC Entertainment Holdings’s revenue for the quarter was up 57.3% on a year-over-year basis. During the same period last year, the firm earned $0.24 earnings per share. Analysts expect that AMC Entertainment Holdings, Inc. will post ($1.01) earnings per share for the current fiscal year.
AMC Entertainment Holdings declared that its board has authorized a stock buyback program on Thursday, August 3rd that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 58% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 27th. Stockholders of record on Monday, September 11th will be given a $0.20 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 6.15%. AMC Entertainment Holdings’s dividend payout ratio is currently -125.00%.
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Several equities analysts recently commented on the stock. B. Riley upgraded shares of AMC Entertainment Holdings to a “buy” rating and set a $49.50 target price for the company in a research note on Tuesday, May 9th. Barrington Research restated an “outperform” rating and issued a $23.00 price objective on shares of AMC Entertainment Holdings in a research note on Tuesday, August 8th. Loop Capital restated a “buy” rating and issued a $33.00 price objective (down previously from $39.00) on shares of AMC Entertainment Holdings in a research note on Tuesday, August 8th. Royal Bank Of Canada dropped their price objective on shares of AMC Entertainment Holdings from $30.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, August 8th. Finally, Piper Jaffray Companies set a $25.00 target price on shares of AMC Entertainment Holdings and gave the stock an “overweight” rating in a research report on Sunday, August 6th. Three analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of “Hold” and an average price target of $29.96.
In other news, SVP Kevin M. Connor purchased 4,000 shares of the company’s stock in a transaction that occurred on Thursday, June 8th. The shares were bought at an average cost of $23.52 per share, for a total transaction of $94,080.00. Following the completion of the transaction, the senior vice president now directly owns 40,705 shares of the company’s stock, valued at approximately $957,381.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jack Qunyao Gao purchased 20,000 shares of the company’s stock in a transaction that occurred on Friday, August 18th. The shares were purchased at an average price of $12.50 per share, for a total transaction of $250,000.00. Following the completion of the transaction, the director now directly owns 30,500 shares of the company’s stock, valued at $381,250. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 41,000 shares of company stock worth $685,570. Corporate insiders own 0.80% of the company’s stock.
About AMC Entertainment Holdings
AMC Entertainment Holdings, Inc is a holding company. The Company, through its subsidiaries, including AMC Entertainment Inc (AMCE), American Multi-Cinema, Inc (OpCo) and its subsidiaries, is engaged in the theatrical exhibition business. It operates through theatrical exhibition operations segment. It licenses first-run motion pictures from distributors owned by film production companies and from independent distributors.
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