AMC Networks Inc. (NASDAQ:AMCX) Expected to Post Quarterly Sales of $653.56 Million
Wall Street analysts expect AMC Networks Inc. (NASDAQ:AMCX) to report $653.56 million in sales for the current quarter, Zacks Investment Research reports. Three analysts have made estimates for AMC Networks’ earnings, with the lowest sales estimate coming in at $648.68 million and the highest estimate coming in at $656.20 million. AMC Networks posted sales of $634.65 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 3%. The company is scheduled to announce its next quarterly earnings report on Thursday, November 2nd.
According to Zacks, analysts expect that AMC Networks will report full-year sales of $653.56 million for the current year, with estimates ranging from $2.83 billion to $2.89 billion. For the next financial year, analysts anticipate that the company will post sales of $2.96 billion per share, with estimates ranging from $2.86 billion to $3.04 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover AMC Networks.
AMC Networks (NASDAQ:AMCX) last issued its earnings results on Thursday, August 3rd. The company reported $1.88 EPS for the quarter, beating the Zacks’ consensus estimate of $1.41 by $0.47. The business had revenue of $710.55 million during the quarter, compared to analysts’ expectations of $715.23 million. AMC Networks had a net margin of 11.40% and a return on equity of 683.16%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.15 earnings per share.
Several research analysts recently weighed in on AMCX shares. Jefferies Group LLC reissued a “hold” rating and issued a $60.00 target price on shares of AMC Networks in a research note on Monday, July 10th. Deutsche Bank AG decreased their target price on AMC Networks from $65.00 to $61.00 and set a “hold” rating for the company in a report on Monday, May 8th. Zacks Investment Research cut AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, April 21st. ValuEngine cut AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, BidaskClub upgraded AMC Networks from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. AMC Networks presently has an average rating of “Hold” and a consensus price target of $61.25.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of 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 during the last quarter. Omega Advisors Inc. bought a new position in AMC Networks during the first quarter valued at approximately $48,850,000. Los Angeles Capital Management & Equity Research Inc. increased its position 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 during the period. LSV Asset Management increased its position in AMC Networks by 284.0% in the second quarter. LSV Asset Management now owns 721,131 shares of the company’s stock valued at $38,515,000 after buying an additional 533,360 shares during the period. Finally, Boston Partners bought a new position in AMC Networks during the second quarter valued at approximately $20,311,000. 81.89% of the stock is currently owned by institutional investors.
Shares of AMC Networks (NASDAQ AMCX) opened at 61.84 on Thursday. The stock has a market cap of $3.93 billion, a price-to-earnings ratio of 13.51 and a beta of 1.06. AMC Networks has a one year low of $46.17 and a one year high of $67.61. The company has a 50 day moving average of $58.47 and a 200-day moving average of $57.32.
AMC Networks announced that its board has initiated a share buyback plan on Wednesday, June 7th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows 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 leadership believes its stock is undervalued.
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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