Texas Permanent School Fund Sells 495 Shares of AMC Networks Inc. (AMCX)
Texas Permanent School Fund lowered its stake in AMC Networks Inc. (NASDAQ:AMCX) by 1.2% during the second quarter, Holdings Channel reports. The institutional investor owned 40,235 shares of the company’s stock after selling 495 shares during the period. Texas Permanent School Fund’s holdings in AMC Networks were worth $2,149,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in shares of AMC Networks by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 275,966 shares of the company’s stock valued at $14,445,000 after buying an additional 783 shares in the last quarter. Bank of Montreal Can boosted its position in shares of AMC Networks by 35.8% in the first quarter. Bank of Montreal Can now owns 70,721 shares of the company’s stock valued at $4,150,000 after buying an additional 18,642 shares in the last quarter. American National Bank boosted its position in shares of AMC Networks by 22.6% in the first quarter. American National Bank now owns 33,134 shares of the company’s stock valued at $1,945,000 after buying an additional 6,108 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of AMC Networks during the first quarter valued at approximately $692,000. Finally, Reliance Trust Co. of Delaware boosted its position in shares of AMC Networks by 13.7% in the first quarter. Reliance Trust Co. of Delaware now owns 6,753 shares of the company’s stock valued at $396,000 after buying an additional 816 shares in the last quarter. 81.89% of the stock is currently owned by institutional investors.
AMC Networks Inc. (NASDAQ AMCX) opened at 60.93 on Friday. The company has a 50-day moving average of $58.65 and a 200-day moving average of $57.34. AMC Networks Inc. has a 52 week low of $46.17 and a 52 week high of $67.61. The company has a market capitalization of $3.87 billion, a PE ratio of 13.31 and a beta of 1.06.
AMC Networks (NASDAQ:AMCX) last posted its earnings results on Thursday, August 3rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.41 by $0.47. AMC Networks had a net margin of 11.40% and a return on equity of 683.16%. The business had revenue of $710.55 million for the quarter, compared to analysts’ expectations of $715.23 million. During the same period in the prior year, the company posted $1.15 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities research analysts anticipate that AMC Networks Inc. will post $6.53 EPS for the current year.
AMC Networks announced that its board has initiated a stock buyback program on Wednesday, June 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 13.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
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AMCX has been the topic of several recent research reports. Zacks Investment Research raised shares of AMC Networks from a “hold” rating to a “buy” rating and set a $65.00 target price on the stock in a report on Thursday, April 13th. Deutsche Bank AG lowered their target price on shares of AMC Networks from $65.00 to $61.00 and set a “hold” rating on the stock in a report on Monday, May 8th. ValuEngine cut shares of AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. BidaskClub raised shares of AMC Networks from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Finally, Moffett Nathanson reaffirmed a “sell” rating on shares of AMC Networks in a report on Friday, June 9th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. AMC Networks presently has a consensus rating of “Hold” and an average price target of $61.25.
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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