AMC Networks Inc. (AMCX) Holdings Boosted by Amalgamated Bank
Amalgamated Bank boosted its stake in shares of AMC Networks Inc. (NASDAQ:AMCX) by 23.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,358 shares of the company’s stock after purchasing an additional 2,159 shares during the period. Amalgamated Bank’s holdings in AMC Networks were worth $607,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. First Trust Advisors LP acquired a new position in shares of AMC Networks in the 1st quarter valued at about $784,000. World Asset Management Inc purchased a new position in AMC Networks in the first quarter valued at approximately $232,000. UBS Asset Management Americas Inc. raised its holdings in AMC Networks by 27.0% in the first quarter. UBS Asset Management Americas Inc. now owns 48,536 shares of the company’s stock valued at $2,848,000 after buying an additional 10,314 shares during the period. Karp Capital Management Corp purchased a new position in AMC Networks in the first quarter valued at approximately $1,184,000. Finally, Parametric Portfolio Associates LLC raised its holdings in AMC Networks by 16.3% in the first quarter. Parametric Portfolio Associates LLC now owns 79,711 shares of the company’s stock valued at $4,677,000 after buying an additional 11,163 shares during the period. 84.99% of the stock is currently owned by institutional investors.
Several equities research analysts have issued reports on the stock. Jefferies Group LLC reiterated a “hold” rating and set a $65.00 price objective (up from $60.00) on shares of AMC Networks in a research note on Friday, August 4th. Moffett Nathanson restated a “sell” rating on shares of AMC Networks in a report on Friday, June 9th. BidaskClub raised shares of AMC Networks from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Cowen and Company reiterated a “hold” rating and issued a $53.00 price target on shares of AMC Networks in a report on Thursday, September 21st. Finally, Zacks Investment Research upgraded AMC Networks from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. AMC Networks has a consensus rating of “Hold” and a consensus price target of $57.82.
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Shares of AMC Networks Inc. (AMCX) opened at 58.60 on Tuesday. AMC Networks Inc. has a 1-year low of $46.17 and a 1-year high of $67.61. The company’s 50-day moving average is $59.12 and its 200 day moving average is $57.74. The firm has a market cap of $3.72 billion, a price-to-earnings ratio of 12.80 and a beta of 1.06.
AMC Networks (NASDAQ:AMCX) last released its quarterly earnings data on Thursday, August 3rd. The company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.47. The company had revenue of $710.55 million during the quarter, compared to the consensus estimate of $715.23 million. AMC Networks had a net margin of 11.40% and a return on equity of 683.16%. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same period last year, the firm earned $1.15 EPS. On average, equities research analysts expect that AMC Networks Inc. will post $6.65 EPS for the current fiscal year.
AMC Networks announced that its board has authorized a share repurchase plan on Wednesday, June 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 13.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
AMC Networks Profile
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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