$714.53 Million in Sales Expected for AMC Networks Inc. (AMCX) This Quarter
Analysts expect AMC Networks Inc. (NASDAQ:AMCX) to post sales of $714.53 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for AMC Networks’ earnings. The lowest sales estimate is $708.00 million and the highest is $721.00 million. AMC Networks reported sales of $684.83 million during the same quarter last year, which would suggest a positive year over year growth rate of 4.3%. The firm is scheduled to announce its next quarterly earnings results before the market opens on Thursday, August 3rd.
On average, analysts expect that AMC Networks will report full year sales of $714.53 million for the current year, with estimates ranging from $2.84 billion to $2.92 billion. For the next financial year, analysts forecast that the firm will report sales of $2.98 billion per share, with estimates ranging from $2.88 billion to $3.08 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that cover AMC Networks.
AMC Networks (NASDAQ:AMCX) last announced its earnings results on Thursday, May 4th. The company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.00 by $0.10. The company had revenue of $720.19 million for the quarter, compared to analyst estimates of $720.15 million. AMC Networks had a return on equity of 502.40% and a net margin of 10.59%. AMC Networks’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.09 earnings per share.
Several research analysts have recently issued reports on the company. Piper Jaffray Companies lowered AMC Networks from an “overweight” rating to a “neutral” rating in a research report on Monday, April 10th. Zacks Investment Research lowered AMC Networks from a “buy” rating to a “hold” rating in a research report on Thursday, April 6th. Guggenheim restated a “buy” rating and issued a $70.00 price target on shares of AMC Networks in a research report on Tuesday, March 28th. Finally, BidaskClub upgraded AMC Networks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 12th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. AMC Networks presently has an average rating of “Hold” and an average target price of $61.79.
Shares of AMC Networks (AMCX) traded up 0.23% during midday trading on Friday, hitting $61.24. The stock had a trading volume of 846,163 shares. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 14.88 and a beta of 1.03. The stock has a 50 day moving average price of $55.15 and a 200-day moving average price of $56.59. AMC Networks has a 52 week low of $46.17 and a 52 week high of $67.61.
AMC Networks announced that its board has initiated a stock buyback plan on Wednesday, June 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 13.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.
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Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in AMC Networks by 3,894.6% in the first quarter. BlackRock Inc. now owns 5,048,490 shares of the company’s stock valued at $296,245,000 after buying an additional 4,922,108 shares in the last quarter. Omega Advisors Inc. purchased a new stake in AMC Networks during the first quarter valued at about $48,850,000. Los Angeles Capital Management & Equity Research Inc. increased its stake in AMC Networks by 1,500.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 670,360 shares of the company’s stock valued at $39,337,000 after buying an additional 628,484 shares in the last quarter. Norges Bank purchased a new stake in AMC Networks during the fourth quarter valued at about $29,945,000. Finally, Bank of Montreal Can increased its stake in AMC Networks by 460.3% in the second quarter. Bank of Montreal Can now owns 396,236 shares of the company’s stock valued at $21,163,000 after buying an additional 325,515 shares in the last quarter. 82.10% of the stock is currently owned by hedge funds and other institutional investors.
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. 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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