AMC Networks (NASDAQ:AMCX) Sets New 1-Year High – Here’s Why

AMC Networks Inc. (NASDAQ:AMCX)’s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $12.44 and last traded at $12.03, with a volume of 1452686 shares changing hands. The stock had previously closed at $11.40.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on AMCX shares. Weiss Ratings upgraded shares of AMC Networks from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, July 28th. Morgan Stanley boosted their price target on shares of AMC Networks from $7.00 to $10.00 and gave the company an “underweight” rating in a research report on Friday, July 31st. Wells Fargo & Company upped their price target on shares of AMC Networks from $10.00 to $11.00 and gave the company an “equal weight” rating in a research note on Friday, July 31st. Finally, Zacks Research raised shares of AMC Networks from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $10.50.

AMC Networks Trading Down 0.1%

The firm has a 50 day simple moving average of $10.17 and a 200 day simple moving average of $8.72. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market cap of $489.23 million, a P/E ratio of -14.46 and a beta of 1.33.

AMC Networks (NASDAQ:AMCX) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.16). AMC Networks had a negative net margin of 0.88% and a positive return on equity of 3.76%. The company had revenue of $547.50 million for the quarter, compared to the consensus estimate of $555.74 million. During the same quarter in the prior year, the company earned $0.69 earnings per share. The company’s quarterly revenue was down 8.8% on a year-over-year basis. On average, equities research analysts predict that AMC Networks Inc. will post 2.77 EPS for the current fiscal year.

Institutional Trading of AMC Networks

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC grew its position in shares of AMC Networks by 35.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,346,142 shares of the company’s stock valued at $9,423,000 after purchasing an additional 349,373 shares in the last quarter. Segall Bryant & Hamill LLC purchased a new stake in shares of AMC Networks in the first quarter worth $1,060,000. Ritholtz Wealth Management purchased a new stake in shares of AMC Networks in the first quarter worth $301,000. WINTON GROUP Ltd boosted its stake in AMC Networks by 213.0% during the fourth quarter. WINTON GROUP Ltd now owns 56,925 shares of the company’s stock valued at $542,000 after buying an additional 38,739 shares during the period. Finally, Verus Capital Partners LLC boosted its stake in AMC Networks by 7.4% during the fourth quarter. Verus Capital Partners LLC now owns 80,300 shares of the company’s stock valued at $764,000 after buying an additional 5,500 shares during the period. Institutional investors own 78.51% of the company’s stock.

About AMC Networks

AMC Networks Inc (NASDAQ: AMCX) is a global entertainment company that specializes in the development, production and distribution of premium content for television and streaming platforms. Headquartered in New York City, the company operates a portfolio of pay television channels in the U.S. and abroad, and offers direct-to-consumer streaming services that feature both original programming and licensed fare. AMC Networks is best known for critically acclaimed series such as “Breaking Bad,” “Mad Men” and “The Walking Dead,” and it continues to invest in new scripted and unscripted content across a range of genres.

The company’s core television networks in the United States include AMC, IFC, Sundance TV and WE tv, while its joint venture with BBC Studios supports BBC America.