Cowen and Company Reiterates Hold Rating for AMC Networks Inc. (AMCX)
AMC Networks Inc. (NASDAQ:AMCX)‘s stock had its “hold” rating reaffirmed by equities research analysts at Cowen and Company in a research report issued to clients and investors on Thursday. They currently have a $53.00 price target on the stock. Cowen and Company’s target price would suggest a potential downside of 10.29% from the stock’s current price.
Other research analysts have also issued reports about the stock. TheStreet raised shares of AMC Networks from a “c” rating to a “b-” rating in a research note on Friday, July 28th. Zacks Investment Research raised shares of AMC Networks from a “hold” rating to a “buy” rating and set a $63.00 price target on the stock in a research note on Thursday, July 13th. BidaskClub raised shares of AMC Networks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. ValuEngine lowered shares of AMC Networks from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $60.00 price target on shares of AMC Networks in a research note on Monday, July 10th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $57.82.
Shares of AMC Networks (NASDAQ AMCX) opened at 59.08 on Thursday. AMC Networks has a one year low of $46.17 and a one year high of $67.61. The stock has a 50 day moving average price of $60.06 and a 200 day moving average price of $57.73. The company has a market capitalization of $3.76 billion, a PE ratio of 12.91 and a beta of 1.09.
AMC Networks (NASDAQ:AMCX) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $1.88 earnings per share for the quarter, beating the Zacks’ 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 net margin of 11.40% and a return on equity of 683.16%. AMC Networks’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $1.15 EPS. On average, equities research analysts predict that AMC Networks will post $6.65 earnings per share for the current year.
AMC Networks announced that its Board of Directors has initiated a share buyback program on Wednesday, June 7th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 13.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Hedge funds and other institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. increased its holdings in shares of AMC Networks by 138.5% during the 2nd quarter. Prudential Financial Inc. now owns 337,589 shares of the company’s stock worth $18,031,000 after buying an additional 196,030 shares during the last quarter. Stephens Inc. AR acquired a new stake in shares of AMC Networks during the 1st quarter worth approximately $471,000. Oppenheimer & Co. Inc. increased its holdings in shares of AMC Networks by 31.9% during the 1st quarter. Oppenheimer & Co. Inc. now owns 9,500 shares of the company’s stock worth $557,000 after buying an additional 2,300 shares during the last quarter. Morgan Stanley increased its holdings in shares of AMC Networks by 73.9% during the 1st quarter. Morgan Stanley now owns 509,073 shares of the company’s stock worth $29,873,000 after buying an additional 216,261 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in shares of AMC Networks by 353.3% during the 2nd quarter. First Trust Advisors LP now owns 60,544 shares of the company’s stock worth $3,234,000 after buying an additional 47,189 shares during the last quarter. Institutional investors and hedge funds own 84.98% of the company’s stock.
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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