Catalyst Capital Advisors LLC Acquires New Stake in AMC Networks Inc. (NASDAQ:AMCX)
Catalyst Capital Advisors LLC acquired a new position in AMC Networks Inc. (NASDAQ:AMCX) during the second quarter, according to its most recent disclosure with the SEC. The firm acquired 5,200 shares of the company’s stock, valued at approximately $278,000.
A number of other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in AMC Networks by 3,894.6% in the first quarter. BlackRock Inc. now owns 5,048,490 shares of the company’s stock worth $296,245,000 after buying an additional 4,922,108 shares in the last quarter. Omega Advisors Inc. purchased a new position in AMC Networks during the first quarter worth 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 worth $39,337,000 after buying an additional 628,484 shares in the last quarter. Boston Partners purchased a new position in AMC Networks during the second quarter worth approximately $20,311,000. Finally, Bank of Montreal Can increased its position in AMC Networks by 460.3% in the second quarter. Bank of Montreal Can now owns 396,236 shares of the company’s stock worth $21,163,000 after buying an additional 325,515 shares in the last quarter. Hedge funds and other institutional investors own 82.81% of the company’s stock.
Shares of AMC Networks Inc. (AMCX) opened at 61.33 on Tuesday. The company has a market capitalization of $3.90 billion, a PE ratio of 13.40 and a beta of 1.06. The stock has a 50 day moving average price of $59.08 and a 200 day moving average price of $57.42. AMC Networks Inc. has a 52-week low of $46.17 and a 52-week high of $67.61.
AMC Networks (NASDAQ:AMCX) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $1.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.47. The firm had revenue of $710.55 million for the quarter, compared to analyst estimates of $715.23 million. AMC Networks had a return on equity of 683.16% and a net margin of 11.40%. The business’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.15 EPS. On average, analysts predict that AMC Networks Inc. will post $6.64 earnings per share for the current fiscal year.
AMC Networks declared that its board has authorized a share repurchase program on Wednesday, June 7th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 13.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
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A number of equities analysts recently commented on AMCX shares. BidaskClub upgraded AMC Networks from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Zacks Investment Research downgraded AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Deutsche Bank AG dropped their price objective on AMC Networks from $65.00 to $61.00 and set a “hold” rating on the stock in a report on Monday, May 8th. ValuEngine downgraded AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $60.00 price target on shares of AMC Networks in a report on Monday, July 10th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $61.25.
AMC Networks Company 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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