Boston Partners Takes Position in AMC Networks Inc. (AMCX)
Boston Partners acquired a new stake in AMC Networks Inc. (NASDAQ:AMCX) during the second quarter, Holdings Channel reports. The firm acquired 380,274 shares of the company’s stock, valued at approximately $20,311,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Canada Pension Plan Investment Board purchased a new position in AMC Networks during the first quarter valued at $370,000. Wells Fargo & Company MN raised its position in AMC Networks by 21.0% in the first quarter. Wells Fargo & Company MN now owns 329,740 shares of the company’s stock valued at $19,349,000 after buying an additional 57,173 shares during the last quarter. DUPONT CAPITAL MANAGEMENT Corp raised its position in AMC Networks by 52.6% in the first quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 154,800 shares of the company’s stock valued at $9,084,000 after buying an additional 53,346 shares during the last quarter. Tealwood Asset Management Inc. raised its position in AMC Networks by 9.6% in the first quarter. Tealwood Asset Management Inc. now owns 38,989 shares of the company’s stock valued at $2,288,000 after buying an additional 3,403 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its position in AMC Networks by 17.9% in the first quarter. Janney Montgomery Scott LLC now owns 19,155 shares of the company’s stock valued at $1,124,000 after buying an additional 2,903 shares during the last quarter. 82.81% of the stock is currently owned by institutional investors and hedge funds.
Shares of AMC Networks Inc. (NASDAQ:AMCX) opened at 61.33 on Tuesday. AMC Networks Inc. has a 12-month low of $46.17 and a 12-month high of $67.61. The stock has a 50 day moving average of $59.08 and a 200-day moving average of $57.42. The firm has a market capitalization of $3.90 billion, a P/E ratio of 13.40 and a beta of 1.06.
AMC Networks (NASDAQ:AMCX) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.47. AMC Networks had a return on equity of 683.16% and a net margin of 11.40%. The firm had revenue of $710.55 million for the quarter, compared to analysts’ expectations of $715.23 million. During the same period in the prior year, the business earned $1.15 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that AMC Networks Inc. will post $6.64 EPS for the current fiscal year.
AMC Networks declared that its Board of Directors has initiated a share repurchase program on Wednesday, June 7th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 13.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
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Several research firms recently weighed in on AMCX. TheStreet raised shares of AMC Networks from a “c” rating to a “b-” rating in a research note on Friday, July 28th. BidaskClub raised shares of AMC Networks from a “buy” rating to a “strong-buy” rating in a research note on Monday, July 31st. Jefferies Group LLC reissued a “hold” rating and set a $65.00 price objective (up previously from $60.00) on shares of AMC Networks in a research note on Friday, August 4th. Zacks Investment Research raised shares of AMC Networks from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective on the stock in a research note on Tuesday, April 25th. Finally, Deutsche Bank AG reduced their price objective on shares of AMC Networks from $65.00 to $61.00 and set a “hold” rating on the stock in a research note on Monday, May 8th. 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 assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $61.25.
About AMC Networks
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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