AMC Networks (NASDAQ:AMCX) Sets New 12-Month Low at $13.37

Posted by Defense World Staff on May 21st, 2023

Shares of AMC Networks Inc. (NASDAQ:AMCX – Get Rating) hit a new 52-week low during trading on Friday . The stock traded as low as $13.37 and last traded at $13.38, with a volume of 343791 shares trading hands. The stock had previously closed at $13.99.

Analyst Ratings Changes

Several brokerages recently commented on AMCX. StockNews.com began coverage on shares of AMC Networks in a research report on Thursday. They set a “hold” rating on the stock. Wells Fargo & Company raised their price target on shares of AMC Networks from $10.00 to $15.00 and gave the company an “underweight” rating in a report on Tuesday, February 21st. Morgan Stanley raised their price target on shares of AMC Networks from $19.00 to $24.00 and gave the company an “equal weight” rating in a report on Tuesday, February 21st. Finally, TheStreet raised shares of AMC Networks from a “d+” rating to a “c-” rating in a report on Wednesday, March 1st. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $24.17.

AMC Networks Stock Down 4.4 %

The company’s 50 day moving average price is $16.60 and its two-hundred day moving average price is $18.19. The company has a current ratio of 1.74, a quick ratio of 1.74 and a debt-to-equity ratio of 2.85. The stock has a market cap of $575.47 million, a P/E ratio of 133.81 and a beta of 1.18.

AMC Networks (NASDAQ:AMCX – Get Rating) last issued its quarterly earnings data on Tuesday, May 9th. The company reported $2.62 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.81. AMC Networks had a net margin of 0.23% and a return on equity of 41.85%. The firm had revenue of $717.45 million for the quarter, compared to analysts’ expectations of $700.77 million. During the same quarter in the prior year, the business earned $2.54 EPS. The business’s quarterly revenue was up .7% on a year-over-year basis. Equities analysts forecast that AMC Networks Inc. will post 6.75 earnings per share for the current year.

Insider Transactions at AMC Networks

In other news, EVP James Gallagher sold 20,000 shares of the stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $23.15, for a total value of $463,000.00. Following the transaction, the executive vice president now owns 28,867 shares in the company, valued at approximately $668,271.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 27.29% of the company’s stock.

Institutional Investors Weigh In On AMC Networks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AMCX. Invesco Ltd. lifted its holdings in AMC Networks by 280.9% during the first quarter. Invesco Ltd. now owns 1,377,018 shares of the company’s stock valued at $55,948,000 after purchasing an additional 1,015,493 shares in the last quarter. Millennium Management LLC lifted its holdings in AMC Networks by 123.2% during the fourth quarter. Millennium Management LLC now owns 885,753 shares of the company’s stock valued at $13,880,000 after purchasing an additional 488,956 shares in the last quarter. AQR Capital Management LLC lifted its holdings in AMC Networks by 256.9% during the fourth quarter. AQR Capital Management LLC now owns 563,168 shares of the company’s stock valued at $8,825,000 after purchasing an additional 405,373 shares in the last quarter. Norges Bank purchased a new position in AMC Networks during the fourth quarter valued at approximately $4,572,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in AMC Networks by 429.3% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 286,077 shares of the company’s stock valued at $4,483,000 after purchasing an additional 232,024 shares in the last quarter. Institutional investors own 63.13% of the company’s stock.

AMC Networks Company Profile

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AMC Networks, Inc is a holding company, which engages in the owning and management of cable television networks through its subsidiaries. It operates through the Domestic Operations, and International and Other segments. The Domestic Operations segment includes programming services and AMC Broadcasting and Technology.