Brandywine Global Investment Management LLC Invests $5.61 Million in AMC Networks Inc. (AMCX) Stock
Brandywine Global Investment Management LLC purchased a new position in AMC Networks Inc. (NASDAQ:AMCX) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 105,090 shares of the company’s stock, valued at approximately $5,613,000. Brandywine Global Investment Management LLC owned approximately 0.17% of AMC Networks at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of AMCX. Advisor Group Inc. raised its position in AMC Networks by 24.4% in the second quarter. Advisor Group Inc. now owns 2,111 shares of the company’s stock worth $112,000 after acquiring an additional 414 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in 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 acquiring an additional 181 shares in the last quarter. Riverhead Capital Management LLC raised its position in AMC Networks by 69.9% in the second quarter. Riverhead Capital Management LLC now owns 3,228 shares of the company’s stock worth $172,000 after acquiring an additional 1,328 shares in the last quarter. PNC Financial Services Group Inc. raised its position in AMC Networks by 2.8% in the second quarter. PNC Financial Services Group Inc. now owns 3,274 shares of the company’s stock worth $175,000 after acquiring an additional 88 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. bought a new stake in AMC Networks in the first quarter worth about $194,000. Hedge funds and other institutional investors own 84.99% of the company’s stock.
Several brokerages have commented on AMCX. Moffett Nathanson reiterated a “sell” rating on shares of AMC Networks in a research report on Friday, June 9th. Jefferies Group LLC reiterated a “hold” rating and issued a $65.00 price target on shares of AMC Networks in a research report on Tuesday, September 12th. Zacks Investment Research cut shares of AMC Networks from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Cowen and Company reiterated a “hold” rating and issued a $53.00 price target on shares of AMC Networks in a research report on Thursday, September 21st. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of AMC Networks in a research report on Tuesday, September 12th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. AMC Networks currently has a consensus rating of “Hold” and an average target price of $57.82.
AMC Networks Inc. (NASDAQ:AMCX) opened at 60.11 on Thursday. AMC Networks Inc. has a 1-year low of $46.17 and a 1-year high of $67.61. The firm’s 50-day moving average price is $59.02 and its 200 day moving average price is $57.76. The stock has a market cap of $3.82 billion, a PE ratio of 13.13 and a beta of 1.06.
AMC Networks (NASDAQ:AMCX) last released its earnings results on Thursday, August 3rd. The company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.47. AMC Networks had a return on equity of 683.16% and a net margin of 11.40%. The firm had revenue of $710.55 million for the quarter, compared to analyst estimates of $715.23 million. During the same quarter in the prior year, the firm posted $1.15 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Equities research analysts expect that AMC Networks Inc. will post $6.65 EPS for the current year.
AMC Networks declared that its board has authorized a stock repurchase plan on Wednesday, June 7th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 13.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
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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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