Allspring Global Investments Holdings LLC Raises Holdings in AMC Networks Inc. $AMCX

Allspring Global Investments Holdings LLC lifted its stake in AMC Networks Inc. (NASDAQ:AMCX) by 35.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,346,142 shares of the company’s stock after purchasing an additional 349,373 shares during the quarter. Allspring Global Investments Holdings LLC owned about 3.15% of AMC Networks worth $9,423,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the stock. Raymond James Financial Inc. acquired a new stake in AMC Networks during the 2nd quarter worth about $25,000. Northwestern Mutual Wealth Management Co. increased its holdings in AMC Networks by 133.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,786 shares of the company’s stock worth $30,000 after buying an additional 2,735 shares during the period. Advisory Services Network LLC purchased a new position in AMC Networks during the 3rd quarter worth approximately $43,000. Kestra Advisory Services LLC purchased a new position in AMC Networks during the 4th quarter worth approximately $63,000. Finally, State of Wyoming acquired a new stake in AMC Networks during the 2nd quarter valued at approximately $51,000. Institutional investors and hedge funds own 78.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AMCX. Morgan Stanley set a $7.00 price objective on AMC Networks in a research note on Thursday, April 30th. Weiss Ratings upgraded AMC Networks from a “sell (d)” rating to a “sell (d+)” rating in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $8.50.

AMC Networks Stock Performance

AMC Networks stock opened at $10.16 on Thursday. The firm has a 50 day simple moving average of $9.76 and a 200-day simple moving average of $8.55. The stock has a market cap of $446.33 million, a price-to-earnings ratio of 16.93 and a beta of 1.31. The company has a debt-to-equity ratio of 1.75, a current ratio of 1.75 and a quick ratio of 1.75. AMC Networks Inc. has a 1-year low of $5.41 and a 1-year high of $11.13.

AMC Networks (NASDAQ:AMCX) last released its quarterly earnings results on Friday, May 8th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.14). The firm had revenue of $542.13 million for the quarter, compared to analysts’ expectations of $540.67 million. AMC Networks had a net margin of 2.28% and a return on equity of 8.70%. The firm’s quarterly revenue was down 2.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS. On average, analysts expect that AMC Networks Inc. will post 1.81 EPS for the current year.

AMC Networks Company 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.