Zacks Investment Research upgraded shares of AMC Networks Inc (NASDAQ:AMCX) from a hold rating to a buy rating in a research note published on Wednesday morning. The brokerage currently has $66.00 price target on the stock.
According to Zacks, “AMC Networks Inc. is engaged in producing programming and movie content. It owns and operates various cable televisions. Its programming networks include AMC, IFC, Sundance Channel, WE tv, and IFC films. The AMC is a television network which focuses on the original programming and movie-based entertainment. IFC creates long and short-form content inspired by music, web, gaming, animation, news, and culture. The Sundance Channel is the television destination for independent-minded viewers. The WE tv is the women’s network specially devoted to the relationships during life’s defining moments. The IFC films consist of multiple brands that bring specialty films to the largest possible audience. AMC Networks Inc. is headquartered in New York, New York. “
Other analysts have also recently issued research reports about the stock. Guggenheim restated a buy rating and set a $70.00 target price on shares of AMC Networks in a report on Tuesday, March 28th. Jefferies Group LLC restated a hold rating and set a $57.00 target price on shares of AMC Networks in a report on Friday, February 24th. Stifel Nicolaus upgraded shares of AMC Networks from a hold rating to a buy rating and boosted their target price for the company from $56.00 to $70.00 in a report on Friday, February 24th. Albert Fried & Company restated a hold rating on shares of AMC Networks in a report on Wednesday, January 11th. Finally, Loop Capital restated a hold rating and set a $56.00 target price on shares of AMC Networks in a report on Monday, February 27th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have issued a buy rating to the company’s stock. AMC Networks presently has a consensus rating of Hold and an average target price of $64.40.
Shares of AMC Networks (NASDAQ:AMCX) opened at 60.21 on Wednesday. AMC Networks has a 1-year low of $46.17 and a 1-year high of $70.28. The stock has a 50 day moving average of $58.75 and a 200-day moving average of $55.05. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 16.10 and a beta of 1.01.
AMC Networks (NASDAQ:AMCX) last released its quarterly earnings results on Thursday, February 23rd. The company reported $1.30 earnings per share for the quarter, beating the consensus estimate of $1.26 by $0.04. The business had revenue of $729.60 million for the quarter, compared to analysts’ expectations of $709.83 million. AMC Networks had a net margin of 12.80% and a return on equity of 408.71%. The firm’s revenue for the quarter was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.23 earnings per share. Analysts forecast that AMC Networks will post $6.25 earnings per share for the current year.
In other news, EVP James Gallagher sold 4,000 shares of the company’s stock in a transaction dated Monday, March 20th. The shares were sold at an average price of $58.75, for a total transaction of $235,000.00. Following the completion of the sale, the executive vice president now owns 12,260 shares of the company’s stock, valued at approximately $720,275. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 16.19% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. Oregon Public Employees Retirement Fund raised its stake in AMC Networks by 3.0% in the third quarter. Oregon Public Employees Retirement Fund now owns 21,472 shares of the company’s stock valued at $1,114,000 after buying an additional 622 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in AMC Networks by 28.6% in the third quarter. Nisa Investment Advisors LLC now owns 8,982 shares of the company’s stock valued at $466,000 after buying an additional 2,000 shares during the last quarter. Oakbrook Investments LLC acquired a new stake in AMC Networks during the third quarter valued at approximately $288,000. State of New Jersey Common Pension Fund D raised its stake in AMC Networks by 80.0% in the third quarter. State of New Jersey Common Pension Fund D now owns 90,000 shares of the company’s stock valued at $4,667,000 after buying an additional 40,000 shares during the last quarter. Finally, Clark Estates Inc. NY raised its stake in AMC Networks by 22.5% in the third quarter. Clark Estates Inc. NY now owns 49,000 shares of the company’s stock valued at $2,541,000 after buying an additional 9,000 shares during the last quarter. 81.97% of the stock is owned by hedge funds and other institutional investors.
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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