AMC Networks (NASDAQ:AMCX) Stock Price Up 12.2% After Earnings Beat

AMC Networks Inc. (NASDAQ:AMCX)’s stock price rose 12.2% on Friday following a better than expected earnings announcement. The company traded as high as $15.27 and last traded at $14.79. Approximately 325,348 shares traded hands during mid-day trading, a decline of 24% from the average daily volume of 426,136 shares. The stock had previously closed at $13.18.

The company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.31 by $0.54. The business had revenue of $636.90 million during the quarter, compared to analyst estimates of $655.99 million. AMC Networks had a positive return on equity of 41.42% and a negative net margin of 0.20%. AMC Networks’s revenue for the quarter was down 6.6% compared to the same quarter last year. During the same period last year, the company earned $2.09 EPS.

Analyst Ratings Changes

AMCX has been the subject of several research analyst reports. Seaport Res Ptn reissued a “buy” rating on shares of AMC Networks in a research report on Friday, October 6th. Morgan Stanley reissued an “underweight” rating and issued a $12.00 price objective on shares of AMC Networks in a research report on Monday, August 7th. Wells Fargo & Company lowered their price objective on AMC Networks from $15.00 to $10.00 and set an “underweight” rating for the company in a research report on Monday, July 31st. TheStreet lowered AMC Networks from a “c-” rating to a “d” rating in a research report on Wednesday. Finally, The Goldman Sachs Group lowered their price objective on AMC Networks from $20.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, October 20th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $12.00.

Institutional Trading of AMC Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Linden Thomas Advisory Services LLC bought a new stake in AMC Networks in the 2nd quarter valued at about $142,000. Private Capital Management LLC acquired a new position in AMC Networks during the 4th quarter valued at about $227,000. Denali Advisors LLC boosted its stake in AMC Networks by 155.1% during the 2nd quarter. Denali Advisors LLC now owns 170,900 shares of the company’s stock valued at $2,042,000 after purchasing an additional 103,900 shares during the last quarter. DGS Capital Management LLC acquired a new position in AMC Networks during the 1st quarter valued at about $213,000. Finally, Capula Management Ltd acquired a new position in AMC Networks during the 1st quarter valued at about $343,000. 59.77% of the stock is owned by institutional investors.

AMC Networks Price Performance

The firm has a market cap of $652.65 million, a price-to-earnings ratio of -71.43 and a beta of 1.16. The company has a debt-to-equity ratio of 2.26, a quick ratio of 1.34 and a current ratio of 1.34. The business has a 50 day simple moving average of $11.72 and a 200-day simple moving average of $12.66.

AMC Networks Company Profile

AMC Networks Inc, an entertainment company, owns and operates a suite of video entertainment products that are delivered to audiences and a platform to distributors and advertisers in the United States and internationally. The company operates through Domestic Operations, and International and Other.