Convergence Investment Partners LLC Has $2.74 Million Stake in AMC Networks Inc. (AMCX)
Convergence Investment Partners LLC grew its stake in shares of AMC Networks Inc. (NASDAQ:AMCX) by 921.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 46,886 shares of the company’s stock after purchasing an additional 42,297 shares during the quarter. Convergence Investment Partners LLC owned approximately 0.08% of AMC Networks worth $2,741,000 at the end of the most recent quarter.
Other large investors also recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its stake in shares of AMC Networks by 24.4% during the second quarter. Advisor Group Inc. now owns 2,111 shares of the company’s stock valued at $112,000 after purchasing an additional 414 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of AMC Networks by 9.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,164 shares of the company’s stock valued at $116,000 after purchasing an additional 181 shares during the period. Americafirst Capital Management LLC purchased a new stake in shares of AMC Networks during the second quarter valued at approximately $153,000. Riverhead Capital Management LLC boosted its stake in shares of AMC Networks by 69.9% during the second quarter. Riverhead Capital Management LLC now owns 3,228 shares of the company’s stock valued at $172,000 after purchasing an additional 1,328 shares during the period. Finally, PNC Financial Services Group Inc. boosted its stake in shares of AMC Networks by 2.8% during the second quarter. PNC Financial Services Group Inc. now owns 3,274 shares of the company’s stock valued at $175,000 after purchasing an additional 88 shares during the period. 86.95% of the stock is owned by hedge funds and other institutional investors.
AMC Networks Inc. (NASDAQ AMCX) opened at $56.15 on Tuesday. The company has a debt-to-equity ratio of 37.53, a quick ratio of 2.57 and a current ratio of 2.57. The company has a market capitalization of $3,470.00, a P/E ratio of 7.59, a P/E/G ratio of 0.99 and a beta of 1.10. AMC Networks Inc. has a twelve month low of $46.89 and a twelve month high of $67.61.
AMC Networks (NASDAQ:AMCX) last announced its earnings results on Thursday, November 2nd. The company reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.53. The company had revenue of $648.00 million during the quarter, compared to the consensus estimate of $660.79 million. AMC Networks had a return on equity of 948.45% and a net margin of 12.12%. The firm’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.11 earnings per share. research analysts expect that AMC Networks Inc. will post 7.01 EPS for the current year.
A number of analysts have recently weighed in on the company. Cowen reissued a “hold” rating and set a $53.00 price objective on shares of AMC Networks in a research note on Thursday, September 21st. Wells Fargo & Company assumed coverage on AMC Networks in a research note on Tuesday, October 10th. They set an “outperform” rating and a $72.00 price objective for the company. Guggenheim lowered AMC Networks from a “buy” rating to a “neutral” rating in a research note on Thursday, October 12th. Sanford C. Bernstein reissued a “market perform” rating on shares of AMC Networks in a research note on Tuesday, September 12th. Finally, Jefferies Group reissued a “hold” rating and set a $65.00 price objective on shares of AMC Networks in a research note on Tuesday, September 12th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $60.58.
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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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