Wrapmanager Inc. Acquires 128 Shares of AMC Networks Inc. (AMCX)
Wrapmanager Inc. raised its stake in AMC Networks Inc. (NASDAQ:AMCX) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,102 shares of the company’s stock after buying an additional 128 shares during the period. Wrapmanager Inc.’s holdings in AMC Networks were worth $219,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of AMCX. Convergence Investment Partners LLC acquired a new stake in AMC Networks during the second quarter valued at $245,000. Berkeley Capital Partners LLC acquired a new stake in AMC Networks during the second quarter valued at $679,000. Catalyst Capital Advisors LLC acquired a new stake in AMC Networks during the second quarter valued at $278,000. First Trust Advisors LP increased its stake in AMC Networks by 353.3% in the second quarter. First Trust Advisors LP now owns 60,544 shares of the company’s stock valued at $3,234,000 after buying an additional 47,189 shares in the last quarter. Finally, Foundry Partners LLC acquired a new stake in AMC Networks during the second quarter valued at $2,008,000. 82.81% of the stock is owned by institutional investors and hedge funds.
AMC Networks Inc. (NASDAQ AMCX) opened at 60.72 on Thursday. The company has a market capitalization of $3.86 billion, a P/E ratio of 13.27 and a beta of 1.06. The stock’s 50 day moving average is $59.49 and its 200 day moving average is $57.48. AMC Networks Inc. has a 52 week low of $46.17 and a 52 week high of $67.61.
AMC Networks (NASDAQ:AMCX) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.47. AMC Networks had a net margin of 11.40% and a return on equity of 683.16%. The company had revenue of $710.55 million during the quarter, compared to analyst estimates of $715.23 million. During the same quarter last year, the business posted $1.15 EPS. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, equities research analysts expect that AMC Networks Inc. will post $6.64 earnings per share for the current year.
AMC Networks announced that its board has approved a stock repurchase plan on Wednesday, June 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to buy up to 13.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.
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Several research firms have weighed in on AMCX. Jefferies Group LLC reissued a “hold” rating and issued a $65.00 price target (up from $60.00) on shares of AMC Networks in a research note on Friday, August 4th. TheStreet raised shares of AMC Networks from a “c” rating to a “b-” rating in a research note on Friday, July 28th. BidaskClub raised shares of AMC Networks from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Zacks Investment Research downgraded shares of AMC Networks from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Finally, Moffett Nathanson reissued a “sell” rating on shares of AMC Networks in a research note on Friday, June 9th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price 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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