Zacks Investment Research Lowers AMC Networks Inc. (AMCX) to Sell
AMC Networks Inc. (NASDAQ:AMCX) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
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. “
Several other brokerages have also recently weighed in on AMCX. TheStreet cut shares of AMC Networks from a “buy” rating to a “hold” rating in a research note on Wednesday, June 29th. Sanford C. Bernstein reiterated a “market perform” rating on shares of AMC Networks in a research note on Friday, June 17th. Albert Fried & Company reiterated a “buy” rating and issued a $97.00 price objective on shares of AMC Networks in a research note on Wednesday, June 22nd. Morgan Stanley cut shares of AMC Networks from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $78.00 to $65.00 in a research note on Wednesday, June 22nd. Finally, Jefferies Group dropped their price objective on shares of AMC Networks from $72.00 to $67.00 and set a “hold” rating for the company in a research note on Monday, July 11th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. AMC Networks has an average rating of “Buy” and a consensus price target of $73.53.
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AMC Networks (NASDAQ:AMCX) traded down 0.10% during mid-day trading on Monday, hitting $51.47. 324,042 shares of the stock traded hands. AMC Networks has a one year low of $49.93 and a one year high of $83.78. The stock has a market capitalization of $3.67 billion, a PE ratio of 10.72 and a beta of 0.84. The company has a 50 day moving average price of $52.64 and a 200-day moving average price of $59.06.
AMC Networks (NASDAQ:AMCX) last posted its earnings results on Thursday, August 4th. The company reported $1.28 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.28. The company earned $685 million during the quarter, compared to analysts’ expectations of $676.87 million. AMC Networks had a net margin of 13.08% and a return on equity of 1,153.89%. AMC Networks’s quarterly revenue was up 14.0% compared to the same quarter last year. During the same quarter last year, the company posted $1.14 EPS. Equities analysts anticipate that AMC Networks will post $5.56 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of AMCX. I.G. Investment Management LTD. increased its position in shares of AMC Networks by 261.8% in the second quarter. I.G. Investment Management LTD. now owns 1,780 shares of the company’s stock worth $108,000 after buying an additional 1,288 shares during the period. Advisor Group Inc. purchased a new position in shares of AMC Networks during the second quarter worth about $120,000. Acrospire Investment Management LLC increased its position in shares of AMC Networks by 300.0% in the second quarter. Acrospire Investment Management LLC now owns 3,200 shares of the company’s stock worth $193,000 after buying an additional 2,400 shares during the period. Wrapmanager Inc. increased its position in shares of AMC Networks by 4.7% in the second quarter. Wrapmanager Inc. now owns 3,711 shares of the company’s stock worth $224,000 after buying an additional 168 shares during the period. Finally, Quantitative Systematic Strategies LLC purchased a new position in shares of AMC Networks during the second quarter worth about $225,000. Hedge funds and other institutional investors own 83.72% of the company’s stock.
About AMC Networks
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. The Company operates through two segments: National Networks, and International and Other. The National Networks segment principally includes activities of its programming businesses, which include its programming networks distributed in the United States and Canada.
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