AMC Networks Inc. (NASDAQ:AMCX) Position Cut by Bank of America Corp DE

Bank of America Corp DE trimmed its holdings in AMC Networks Inc. (NASDAQ:AMCX) by 42.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,822 shares of the company’s stock after selling 79,649 shares during the quarter. Bank of America Corp DE owned about 0.25% of AMC Networks worth $1,087,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of AMC Networks by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 1,715,833 shares of the company’s stock worth $16,987,000 after acquiring an additional 39,581 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of AMC Networks by 333.7% in the fourth quarter. JPMorgan Chase & Co. now owns 1,622,785 shares of the company’s stock valued at $16,066,000 after purchasing an additional 1,248,571 shares during the last quarter. RWWM Inc. grew its position in AMC Networks by 20.6% during the fourth quarter. RWWM Inc. now owns 1,556,654 shares of the company’s stock worth $15,411,000 after buying an additional 266,322 shares in the last quarter. American Century Companies Inc. grew its position in AMC Networks by 3.4% during the fourth quarter. American Century Companies Inc. now owns 824,096 shares of the company’s stock worth $8,159,000 after buying an additional 27,273 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in AMC Networks by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 801,643 shares of the company’s stock worth $7,938,000 after purchasing an additional 26,047 shares during the period. 78.51% of the stock is owned by institutional investors.

AMC Networks Stock Down 1.8%

Shares of NASDAQ:AMCX opened at $6.48 on Friday. The company has a current ratio of 2.38, a quick ratio of 2.38 and a debt-to-equity ratio of 2.63. The stock has a market capitalization of $291.13 million, a P/E ratio of -1.23 and a beta of 1.38. AMC Networks Inc. has a 12-month low of $5.41 and a 12-month high of $17.73. The stock’s 50-day moving average price is $6.27 and its 200-day moving average price is $7.89.

AMC Networks (NASDAQ:AMCX) last announced its quarterly earnings data on Friday, May 9th. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.21). AMC Networks had a positive return on equity of 18.61% and a negative net margin of 9.36%. The firm had revenue of $555.23 million during the quarter, compared to analysts’ expectations of $567.23 million. During the same quarter in the previous year, the firm earned $1.16 earnings per share. AMC Networks’s revenue was down 6.9% on a year-over-year basis. On average, equities analysts anticipate that AMC Networks Inc. will post 2.62 earnings per share for the current year.

Insider Activity

In related news, insider F. Dolan 2009 Revocabl Charles sold 154,345 shares of AMC Networks stock in a transaction on Monday, March 10th. The shares were sold at an average price of $6.95, for a total transaction of $1,072,697.75. Following the transaction, the insider now owns 20,833 shares in the company, valued at approximately $144,789.35. The trade was a 88.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 15.62% of the company’s stock.

Wall Street Analysts Forecast Growth

AMCX has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on shares of AMC Networks from $8.00 to $4.00 and set an “underweight” rating for the company in a research report on Thursday, April 17th. Morgan Stanley reduced their price objective on shares of AMC Networks from $6.00 to $5.50 and set an “underweight” rating for the company in a research note on Monday, May 12th. UBS Group cut their target price on shares of AMC Networks from $8.00 to $6.00 and set a “sell” rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on shares of AMC Networks from $8.00 to $6.00 and set an “underweight” rating on the stock in a report on Monday, May 12th. Finally, Wall Street Zen raised shares of AMC Networks from a “hold” rating to a “buy” rating in a report on Tuesday, May 13th. Four analysts have rated the stock with a sell rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, AMC Networks presently has a consensus rating of “Hold” and a consensus target price of $5.38.

AMC Networks Company Profile

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