AMC Stock – AMC Networks (NASDAQ:AMCX) Upgraded at Zacks Investment Research
AMC Networks (NASDAQ:AMCX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday, Zacks.com reports. The firm presently has a $69.00 target price on the stock. Zacks Investment Research’s target price points to a potential upside of 12.49% from the company’s previous close.
According to Zacks, “AMC Networks Inc. is engaged in producing programming and movie content. It owns and operates various cable televisions. Its programming networks include AMC, IFC, Sundance Channel, WE tv, and IFC films. The AMC is a television network which focuses on the original programming and movie-based entertainment. IFC creates long and short-form content inspired by music, web, gaming, animation, news, and culture. The Sundance Channel is the television destination for independent-minded viewers. The WE tv is the women’s network specially devoted to the relationships during life’s defining moments. The IFC films consist of multiple brands that bring specialty films to the largest possible audience. AMC Networks Inc. is headquartered in New York, New York. “
A number of other brokerages have also commented on AMCX. Cowen lifted their price target on shares of AMC Networks from $35.00 to $40.00 and gave the stock a “market perform” rating in a report on Monday, March 1st. Wells Fargo & Company cut their price target on shares of AMC Networks from $52.00 to $45.00 in a report on Monday, May 10th. The Goldman Sachs Group upgraded shares of AMC Networks from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $49.00 to $51.00 in a report on Friday, May 14th. Morgan Stanley lifted their price target on shares of AMC Networks from $50.00 to $55.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 3rd. Finally, Royal Bank of Canada lifted their price target on shares of AMC Networks from $33.00 to $90.00 and gave the stock an “outperform” rating in a report on Tuesday, March 2nd. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $47.45.
AMC Networks stock traded down $0.10 during mid-day trading on Monday, reaching $61.34. The company had a trading volume of 13,144 shares, compared to its average volume of 938,009. AMC Networks has a fifty-two week low of $20.16 and a fifty-two week high of $83.63. The company has a debt-to-equity ratio of 3.92, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market cap of $2.54 billion, a P/E ratio of 11.03 and a beta of 1.26. The company has a fifty day moving average of $53.90.
AMC Networks (NASDAQ:AMCX) last issued its earnings results on Thursday, May 6th. The company reported $2.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.67 by $1.31. AMC Networks had a net margin of 9.32% and a return on equity of 63.69%. The firm had revenue of $691.70 million for the quarter, compared to analyst estimates of $720.63 million. During the same quarter last year, the business posted $1.47 earnings per share. The company’s quarterly revenue was down 5.8% on a year-over-year basis. Sell-side analysts predict that AMC Networks will post 8.1 earnings per share for the current fiscal year.
In other AMC Networks news, CEO Joshua W. Sapan sold 39,980 shares of AMC Networks stock in a transaction on Monday, April 5th. The shares were sold at an average price of $51.73, for a total value of $2,068,165.40. Following the completion of the sale, the chief executive officer now directly owns 748,897 shares of the company’s stock, valued at $38,740,441.81. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Joshua W. Sapan sold 40,000 shares of AMC Networks stock in a transaction on Monday, May 3rd. The shares were sold at an average price of $48.57, for a total transaction of $1,942,800.00. Following the completion of the sale, the chief executive officer now directly owns 686,133 shares of the company’s stock, valued at $33,325,479.81. The disclosure for this sale can be found here. 28.56% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. increased its stake in AMC Networks by 3.9% in the first quarter. Principal Financial Group Inc. now owns 265,664 shares of the company’s stock valued at $14,122,000 after purchasing an additional 9,903 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in AMC Networks by 16.7% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 8,400 shares of the company’s stock valued at $447,000 after purchasing an additional 1,200 shares in the last quarter. Virtu Financial LLC bought a new stake in AMC Networks in the first quarter valued at $337,000. Voloridge Investment Management LLC increased its stake in AMC Networks by 56.9% in the first quarter. Voloridge Investment Management LLC now owns 186,200 shares of the company’s stock valued at $9,898,000 after purchasing an additional 67,556 shares in the last quarter. Finally, Tudor Investment Corp Et Al bought a new stake in AMC Networks in the first quarter valued at $1,009,000. 76.11% of the stock is owned by hedge funds and other institutional investors.
AMC Networks Company Profile
AMC Networks Inc, an entertainment company, owns and operates a suite of video entertainment products that are delivered to audiences and a platform to distributors and advertisers in the United States and internationally. The company operates in two segments, National Networks; and International and Other.
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