Allspring Global Investments Holdings LLC Acquires 199,186 Shares of AMC Networks Inc. $AMCX

Allspring Global Investments Holdings LLC boosted its holdings in shares of AMC Networks Inc. (NASDAQ:AMCX) by 33.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 791,874 shares of the company’s stock after buying an additional 199,186 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in AMC Networks were worth $6,549,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Raymond James Financial Inc. acquired a new stake in shares of AMC Networks in the second quarter valued at approximately $25,000. Nisa Investment Advisors LLC bought a new stake in AMC Networks in the 2nd quarter valued at $26,000. Northwestern Mutual Wealth Management Co. lifted its holdings in AMC Networks by 133.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,786 shares of the company’s stock valued at $30,000 after purchasing an additional 2,735 shares during the last quarter. CWM LLC boosted its position in AMC Networks by 50.4% during the second quarter. CWM LLC now owns 5,695 shares of the company’s stock worth $36,000 after purchasing an additional 1,909 shares during the period. Finally, State of Wyoming bought a new position in AMC Networks during the second quarter worth $51,000. Institutional investors own 78.51% of the company’s stock.

AMC Networks Trading Down 5.7%

AMCX opened at $8.96 on Wednesday. The company has a market cap of $390.03 million, a P/E ratio of -2.39 and a beta of 1.04. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 1.76. The company’s 50 day moving average is $8.83 and its 200-day moving average is $7.67. AMC Networks Inc. has a 1-year low of $5.41 and a 1-year high of $10.60.

AMC Networks (NASDAQ:AMCX) last issued its quarterly earnings results on Friday, November 7th. The company reported $0.18 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.13). AMC Networks had a positive return on equity of 11.67% and a negative net margin of 6.03%.The business had revenue of $561.74 million for the quarter, compared to analyst estimates of $549.27 million. During the same quarter last year, the firm posted $0.91 EPS. AMC Networks’s revenue for the quarter was down 6.3% on a year-over-year basis. Equities research analysts predict that AMC Networks Inc. will post 2.62 earnings per share for the current fiscal year.

Analysts Set New Price Targets

AMCX has been the subject of several research analyst reports. Seaport Res Ptn downgraded shares of AMC Networks from a “strong-buy” rating to a “hold” rating in a report on Sunday, December 14th. Zacks Research downgraded shares of AMC Networks from a “hold” rating to a “strong sell” rating in a research report on Thursday, December 4th. Weiss Ratings restated a “sell (d)” rating on shares of AMC Networks in a report on Wednesday, October 8th. Morgan Stanley increased their target price on AMC Networks from $5.50 to $6.00 and gave the stock an “underweight” rating in a research note on Thursday, December 18th. Finally, Wells Fargo & Company raised AMC Networks from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $5.00 to $8.00 in a report on Monday, November 10th. Two research analysts have rated the stock with a Hold rating and five have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Strong Sell” and a consensus target price of $6.50.

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.