Investors Buy Shares of AMC Networks Inc. (AMCX) on Weakness
Investors bought shares of AMC Networks Inc. (NASDAQ:AMCX) on weakness during trading hours on Wednesday. $18.41 million flowed into the stock on the tick-up and $6.81 million flowed out of the stock on the tick-down, for a money net flow of $11.60 million into the stock. Of all stocks tracked, AMC Networks had the 24th highest net in-flow for the day. AMC Networks traded down ($0.68) for the day and closed at $55.67
Several research firms have weighed in on AMCX. Zacks Investment Research upgraded shares of AMC Networks from a “sell” rating to a “hold” rating and set a $78.00 target price on the stock in a report on Monday, May 9th. Pacific Crest reiterated a “buy” rating on shares of AMC Networks in a report on Sunday, May 22nd. Macquarie upgraded shares of AMC Networks from a “neutral” rating to an “outperform” rating and set a $82.00 target price on the stock in a report on Tuesday, April 26th. Topeka Capital Markets cut their target price on shares of AMC Networks from $71.00 to $69.00 and set a “hold” rating on the stock in a report on Wednesday, March 30th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating on shares of AMC Networks in a report on Thursday, May 19th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $78.97.
The firm has a market cap of $4.05 billion and a PE ratio of 11.36. The stock’s 50 day moving average is $58.38 and its 200 day moving average is $64.55.
AMC Networks (NASDAQ:AMCX) last posted its quarterly earnings data on Thursday, May 5th. The company reported $1.99 EPS for the quarter, beating the Zacks’ consensus estimate of $1.79 by $0.20. The firm earned $707 million during the quarter, compared to the consensus estimate of $695.47 million. During the same period in the prior year, the company posted $1.66 earnings per share. The company’s revenue for the quarter was up 5.7% compared to the same quarter last year. Equities research analysts anticipate that AMC Networks Inc. will post $5.86 earnings per share for the current fiscal year.
Several large investors have recently bought and sold shares of AMCX. Westfield Capital Management Co. LP raised its stake in AMC Networks by 49.8% in the fourth quarter. Westfield Capital Management Co. LP now owns 525,156 shares of the company’s stock worth $39,219,000 after buying an additional 174,527 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in AMC Networks by 21.5% in the fourth quarter. BNP Paribas Arbitrage SA now owns 126,455 shares of the company’s stock worth $9,444,000 after buying an additional 22,400 shares in the last quarter. Jennison Associates LLC raised its stake in AMC Networks by 14.9% in the fourth quarter. Jennison Associates LLC now owns 1,296,963 shares of the company’s stock worth $96,857,000 after buying an additional 168,605 shares in the last quarter. Principal Financial Group Inc. raised its stake in AMC Networks by 2.4% in the fourth quarter. Principal Financial Group Inc. now owns 198,664 shares of the company’s stock worth $14,836,000 after buying an additional 4,693 shares in the last quarter. Finally, Wells Fargo & Company MN raised its stake in AMC Networks by 5.7% in the fourth quarter. Wells Fargo & Company MN now owns 285,730 shares of the company’s stock worth $21,338,000 after buying an additional 15,331 shares in the last quarter.
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. The Company operates through two segments: National Networks, and International and Other. The National Networks segment principally includes activities of its programming businesses, which include its programming networks distributed in the United States and Canada.
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