Algert Global LLC Sells 25,186 Shares of AMC Networks Inc. (NASDAQ:AMCX)
Algert Global LLC cut its stake in AMC Networks Inc. (NASDAQ:AMCX) by 72.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,680 shares of the company’s stock after selling 25,186 shares during the period. Algert Global LLC’s holdings in AMC Networks were worth $517,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new stake in shares of AMC Networks during the first quarter valued at $194,000. World Asset Management Inc bought a new position in AMC Networks during the first quarter worth $232,000. Wrapmanager Inc. bought a new position in AMC Networks during the first quarter worth $233,000. Greenwood Capital Associates LLC raised its position in AMC Networks by 4.4% in the first quarter. Greenwood Capital Associates LLC now owns 3,987 shares of the company’s stock worth $234,000 after buying an additional 167 shares during the last quarter. Finally, Teza Capital Management LLC bought a new position in AMC Networks during the first quarter worth $243,000. 81.89% of the stock is owned by institutional investors.
Shares of AMC Networks Inc. (NASDAQ AMCX) opened at 61.42 on Friday. The stock’s 50 day moving average price is $58.87 and its 200-day moving average price is $57.38. The company has a market cap of $3.90 billion, a P/E ratio of 13.42 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 released its quarterly earnings results on Thursday, August 3rd. The company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.47. The business had revenue of $710.55 million during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the business posted $1.15 EPS. 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 initiated a stock repurchase plan on Wednesday, June 7th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 13.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
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A number of research analysts have weighed in on the company. Jefferies Group LLC reaffirmed a “hold” rating and set a $60.00 target price on shares of AMC Networks in a report on Monday, July 10th. BidaskClub raised AMC Networks from a “buy” rating to a “strong-buy” rating in a report on Monday, July 31st. Zacks Investment Research lowered AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, April 14th. Moffett Nathanson reaffirmed a “sell” rating on shares of AMC Networks in a report on Friday, June 9th. Finally, ValuEngine lowered AMC Networks from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. AMC Networks presently has an average rating of “Hold” and a consensus price target 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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