Pinnacle Associates Ltd. reduced its stake in shares of AMC Networks Inc. (NASDAQ:AMCX) by 4.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 808,664 shares of the company’s stock after selling 36,040 shares during the period. AMC Networks comprises 0.8% of Pinnacle Associates Ltd.’s holdings, making the stock its 28th largest position. Pinnacle Associates Ltd. owned approximately 1.21% of AMC Networks worth $43,191,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 valued at $116,000 after buying an additional 181 shares during the period. Oppenheimer Asset Management Inc. bought a new stake in shares of AMC Networks during the first quarter valued at about $194,000. World Asset Management Inc boosted its stake 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 valued at $212,000 after buying an additional 12 shares during the period. Wrapmanager Inc. boosted its stake in shares of AMC Networks by 3.2% in the second quarter. Wrapmanager Inc. now owns 4,102 shares of the company’s stock valued at $219,000 after buying an additional 128 shares during the period. Finally, Greenwood Capital Associates LLC boosted its stake 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 valued at $234,000 after buying an additional 167 shares during the period. Institutional investors and hedge funds own 84.99% of the company’s stock.

Shares of AMC Networks Inc. (NASDAQ:AMCX) traded up 0.94% on Friday, hitting $61.35. 64,126 shares of the stock traded hands. AMC Networks Inc. has a 52 week low of $46.17 and a 52 week high of $67.61. The firm has a market cap of $3.90 billion, a P/E ratio of 13.40 and a beta of 1.06. The stock has a 50-day moving average price of $61.13 and a 200 day moving average price of $57.79.

AMC Networks (NASDAQ:AMCX) last posted its quarterly earnings data 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 net margin of 11.40% and a return on equity of 683.16%. The company had revenue of $710.55 million during the quarter, compared to the consensus estimate of $715.23 million. During the same period in the previous year, the firm posted $1.15 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. Equities research analysts predict that AMC Networks Inc. will post $6.67 EPS for the current fiscal year.

AMC Networks announced that its board has initiated a share repurchase program on Wednesday, June 7th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 13.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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Several brokerages recently issued reports on AMCX. Moffett Nathanson reiterated a “sell” rating on shares of AMC Networks in a research note on Friday, June 9th. Zacks Investment Research cut AMC Networks from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. BidaskClub upgraded AMC Networks from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Jefferies Group LLC reiterated a “hold” rating and issued a $65.00 price target (up from $60.00) on shares of AMC Networks in a research note on Friday, August 4th. Finally, TheStreet upgraded AMC Networks from a “c” rating to a “b-” rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $61.25.

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.

Institutional Ownership by Quarter for AMC Networks (NASDAQ:AMCX)

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