AMC Networks Inc. (NASDAQ:AMCX) Stake Boosted by Bank of Montreal Can
Bank of Montreal Can raised its stake in shares of AMC Networks Inc. (NASDAQ:AMCX) by 460.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 396,236 shares of the company’s stock after buying an additional 325,515 shares during the period. Bank of Montreal Can’s holdings in AMC Networks were worth $21,163,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in the stock. Oppenheimer Asset Management Inc. purchased a new stake in AMC Networks during the first quarter valued at about $194,000. World Asset Management Inc purchased a new stake in AMC Networks during the first quarter valued at about $232,000. Wrapmanager Inc. purchased a new stake in AMC Networks during the first quarter valued at about $233,000. Greenwood Capital Associates LLC raised its stake in AMC Networks by 4.4% in the first quarter. Greenwood Capital Associates LLC now owns 3,987 shares of the company’s stock valued at $234,000 after buying an additional 167 shares during the period. Finally, Teza Capital Management LLC purchased a new stake in AMC Networks during the first quarter valued at about $243,000. Institutional investors and hedge funds own 82.10% of the company’s stock.
AMC Networks Inc. (AMCX) opened at 57.20 on Tuesday. The firm’s 50-day moving average is $54.01 and its 200-day moving average is $56.17. AMC Networks Inc. has a 52-week low of $46.17 and a 52-week high of $67.61. The stock has a market cap of $3.81 billion, a P/E ratio of 13.90 and a beta of 1.03.
AMC Networks (NASDAQ:AMCX) last issued its earnings results on Thursday, May 4th. The company reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.00 by $0.10. The firm had revenue of $720.19 million for the quarter, compared to analysts’ expectations of $720.15 million. AMC Networks had a net margin of 10.59% and a return on equity of 502.40%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.09 earnings per share. Equities research analysts predict that AMC Networks Inc. will post $6.39 earnings per share for the current year.
AMC Networks declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 7th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 13.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
Several equities research analysts have recently issued reports on AMCX shares. Zacks Investment Research lowered shares of AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, April 14th. Deutsche Bank AG lowered their target price on shares of AMC Networks from $65.00 to $61.00 and set a “hold” rating for the company in a report on Monday, May 8th. Guggenheim restated a “buy” rating and issued a $70.00 target price on shares of AMC Networks in a report on Tuesday, March 28th. BidaskClub upgraded shares of AMC Networks from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Finally, Piper Jaffray Companies lowered shares of AMC Networks from an “overweight” rating to a “neutral” rating in a report on Monday, April 10th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company’s stock. AMC Networks currently has an average rating of “Hold” and an average price target of $61.79.
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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