State Treasurer State of Michigan Has $1.22 Million Stake in AMC Networks Inc. (NASDAQ:AMCX)
State Treasurer State of Michigan lowered its stake in AMC Networks Inc. (NASDAQ:AMCX) by 0.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,750 shares of the company’s stock after selling 100 shares during the period. State Treasurer State of Michigan’s holdings in AMC Networks were worth $1,215,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. bought a new position in shares of AMC Networks during the first quarter valued at about $194,000. World Asset Management Inc bought a new position in shares of AMC Networks during the first quarter valued at about $232,000. Wrapmanager Inc. bought a new position in shares of AMC Networks during the first quarter valued at about $233,000. Greenwood Capital Associates LLC raised its position in shares of 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 in the last quarter. Finally, LS Investment Advisors LLC raised its position in shares of AMC Networks by 15.0% in the second quarter. LS Investment Advisors LLC now owns 4,376 shares of the company’s stock valued at $234,000 after buying an additional 572 shares in the last quarter. 81.89% of the stock is owned by institutional investors and hedge funds.
Shares of AMC Networks Inc. (NASDAQ:AMCX) traded up 0.22% during mid-day trading on Monday, hitting $62.40. The stock had a trading volume of 231,318 shares. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of 15.16 and a beta of 1.06. AMC Networks Inc. has a 1-year low of $46.17 and a 1-year high of $67.61. The stock’s 50-day moving average is $57.26 and its 200 day moving average is $57.06.
AMC Networks (NASDAQ:AMCX) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.41 by $0.47. The firm had revenue of $710.55 million during the quarter, compared to the consensus estimate of $715.23 million. AMC Networks had a net margin of 11.40% and a return on equity of 683.16%. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.15 earnings per share. Equities research analysts predict that AMC Networks Inc. will post $6.46 EPS for the current fiscal year.
AMC Networks declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, June 7th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 13.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Several research analysts recently issued reports on the company. Moffett Nathanson reaffirmed a “sell” rating on shares of AMC Networks in a research report on Friday, June 9th. Zacks Investment Research lowered AMC Networks from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. BidaskClub raised AMC Networks from a “buy” rating to a “strong-buy” rating in a research report on Monday, July 31st. Jefferies Group LLC reaffirmed a “hold” rating and set a $65.00 target price on shares of AMC Networks in a research report on Friday. Finally, TheStreet raised AMC Networks from a “c” rating to a “b-” rating in a research report on Friday, July 28th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. AMC Networks presently has an average rating of “Hold” and a consensus target price of $61.25.
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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