Allspring Global Investments Holdings LLC Buys 199,186 Shares of AMC Networks Inc. $AMCX

Allspring Global Investments Holdings LLC lifted its stake in AMC Networks Inc. (NASDAQ:AMCX) by 33.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 791,874 shares of the company’s stock after buying an additional 199,186 shares during the period. Allspring Global Investments Holdings LLC owned about 1.83% of AMC Networks worth $6,549,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in AMCX. Raymond James Financial Inc. acquired a new position in AMC Networks in the 2nd quarter valued at approximately $25,000. Nisa Investment Advisors LLC bought a new stake in shares of AMC Networks during the second quarter valued at approximately $26,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of AMC Networks by 133.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,786 shares of the company’s stock valued at $30,000 after purchasing an additional 2,735 shares in the last quarter. CWM LLC raised its stake in shares of AMC Networks by 50.4% in the second quarter. CWM LLC now owns 5,695 shares of the company’s stock valued at $36,000 after purchasing an additional 1,909 shares in the last quarter. Finally, State of Wyoming bought a new position in AMC Networks in the second quarter worth $51,000. 78.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on AMCX. Wells Fargo & Company upgraded shares of AMC Networks from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $5.00 to $8.00 in a research report on Monday, November 10th. Weiss Ratings restated a “sell (d)” rating on shares of AMC Networks in a research note on Wednesday, October 8th. Morgan Stanley upped their price objective on AMC Networks from $5.50 to $6.00 and gave the company an “underweight” rating in a research note on Thursday, December 18th. Zacks Research cut AMC Networks from a “hold” rating to a “strong sell” rating in a report on Thursday, December 4th. Finally, Seaport Res Ptn lowered AMC Networks from a “strong-buy” rating to a “hold” rating in a research note on Sunday, December 14th. Two equities research analysts have rated the stock with a Hold rating and five have issued a Sell rating to the company’s stock. According to data from MarketBeat, AMC Networks has an average rating of “Strong Sell” and an average price target of $6.50.

AMC Networks Stock Down 5.7%

Shares of NASDAQ:AMCX opened at $8.96 on Wednesday. AMC Networks Inc. has a one year low of $5.41 and a one year high of $10.60. The company has a 50 day moving average of $8.83 and a 200-day moving average of $7.67. The company has a debt-to-equity ratio of 1.76, a current ratio of 2.12 and a quick ratio of 2.12. The stock has a market cap of $390.03 million, a price-to-earnings ratio of -2.39 and a beta of 1.04.

AMC Networks (NASDAQ:AMCX) last released its earnings results on Friday, November 7th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.31 by ($0.13). The company had revenue of $561.74 million during the quarter, compared to analyst estimates of $549.27 million. AMC Networks had a negative net margin of 6.03% and a positive return on equity of 11.67%. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. On average, sell-side analysts forecast that AMC Networks Inc. will post 2.62 earnings per share for the current year.

AMC Networks Profile

AMC Networks Inc (NASDAQ: AMCX) is a global entertainment company that specializes in the development, production and distribution of premium content for television and streaming platforms. Headquartered in New York City, the company operates a portfolio of pay television channels in the U.S. and abroad, and offers direct-to-consumer streaming services that feature both original programming and licensed fare. AMC Networks is best known for critically acclaimed series such as “Breaking Bad,” “Mad Men” and “The Walking Dead,” and it continues to invest in new scripted and unscripted content across a range of genres.

The company’s core television networks in the United States include AMC, IFC, Sundance TV and WE tv, while its joint venture with BBC Studios supports BBC America.