AMC Networks Inc. (AMCX) Shares Sold by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan reduced its stake in AMC Networks Inc. (NASDAQ:AMCX) by 21.6% during the second quarter, Holdings Channel reports. The firm owned 21,420 shares of the company’s stock after selling 5,890 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in AMC Networks were worth $1,144,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in AMCX. BlackRock Inc. increased its position in AMC Networks by 3,894.6% in the first quarter. BlackRock Inc. now owns 5,048,490 shares of the company’s stock valued at $296,245,000 after buying an additional 4,922,108 shares during the period. Omega Advisors Inc. bought a new position in AMC Networks during the first quarter valued at approximately $48,850,000. Los Angeles Capital Management & Equity Research Inc. increased its position in AMC Networks by 1,500.8% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 670,360 shares of the company’s stock valued at $39,337,000 after buying an additional 628,484 shares during the period. Bank of Montreal Can increased its position in AMC Networks by 460.3% in the second quarter. Bank of Montreal Can now owns 396,236 shares of the company’s stock valued at $21,163,000 after buying an additional 325,515 shares during the period. Finally, Morgan Stanley increased its position in AMC Networks by 73.9% in the first quarter. Morgan Stanley now owns 509,073 shares of the company’s stock valued at $29,873,000 after buying an additional 216,261 shares during the period. 81.89% of the stock is currently owned by hedge funds and other institutional investors.
Shares of AMC Networks Inc. (NASDAQ AMCX) opened at 62.01 on Thursday. The company has a 50-day moving average of $58.47 and a 200 day moving average of $57.32. The company has a market cap of $4.13 billion, a PE ratio of 15.07 and a beta of 1.06. AMC Networks Inc. has a 12 month low of $46.17 and a 12 month 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. The company had revenue of $710.55 million for the quarter, compared to analyst estimates of $715.23 million. AMC Networks had a return on equity of 683.16% and a net margin of 11.40%. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.15 EPS. On average, analysts anticipate that AMC Networks Inc. will post $6.49 earnings per share for the current year.
AMC Networks declared that its Board of Directors has authorized a share repurchase plan on Wednesday, June 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 13.9% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
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AMCX has been the topic of several research analyst reports. Zacks Investment Research downgraded shares of AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, April 14th. BidaskClub raised shares of AMC Networks from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. 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 downgraded shares of AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $60.00 target price on shares of AMC Networks in a report on Monday, July 10th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The company 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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