Prudential Financial Inc. Has $18.03 Million Position in AMC Networks Inc. (AMCX)
Prudential Financial Inc. lifted its position in shares of AMC Networks Inc. (NASDAQ:AMCX) by 138.5% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 337,589 shares of the company’s stock after buying an additional 196,030 shares during the quarter. Prudential Financial Inc. owned approximately 0.51% of AMC Networks worth $18,031,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Oppenheimer Asset Management Inc. purchased a new position in shares of AMC Networks during the 1st quarter valued at $194,000. World Asset Management Inc purchased a new position in shares of AMC Networks during the 1st quarter valued at $232,000. Greenwood Capital Associates LLC lifted its stake in shares of AMC Networks by 4.4% during the 1st 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 in the last quarter. Wrapmanager Inc. lifted its stake in shares of AMC Networks by 3.2% during the 2nd quarter. Wrapmanager Inc. now owns 4,102 shares of the company’s stock valued at $219,000 after buying an additional 128 shares in the last quarter. Finally, Teza Capital Management LLC purchased a new position in shares of AMC Networks during the 1st quarter valued at $243,000. Institutional investors own 84.99% of the company’s stock.
A number of research firms recently weighed in on AMCX. Jefferies Group LLC restated a “hold” rating and set a $60.00 target price on shares of AMC Networks in a research note on Monday, July 10th. BidaskClub upgraded shares of AMC Networks from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Zacks Investment Research cut shares of AMC Networks from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. ValuEngine cut shares of AMC Networks from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, TheStreet upgraded shares of AMC Networks from a “c” rating to a “b-” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $61.25.
Shares of AMC Networks Inc. (AMCX) opened at 58.83 on Thursday. AMC Networks Inc. has a 12-month low of $46.17 and a 12-month high of $67.61. The stock has a 50 day moving average of $61.48 and a 200-day moving average of $57.88. The company has a market capitalization of $3.74 billion, a P/E ratio of 12.85 and a beta of 1.09.
AMC Networks (NASDAQ:AMCX) last released its quarterly earnings data on Thursday, August 3rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.47. AMC Networks had a net margin of 11.40% and a return on equity of 683.16%. The firm had revenue of $710.55 million during the quarter, compared to analysts’ expectations of $715.23 million. During the same period last year, the business earned $1.15 earnings per share. AMC Networks’s revenue was up 3.8% compared to the same quarter last year. Equities research analysts forecast that AMC Networks Inc. will post $6.67 EPS for the current year.
AMC Networks announced that its board has initiated a stock buyback program on Wednesday, June 7th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 13.9% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.
AMC Networks 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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