AMC Networks (NASDAQ:AMCX) Sets New 1-Year High - Here's What Happened

Key Points

• AMC Networks shares reached a new 52-week high of $12.56, up from a previous close of $12.39, while trading volume reached 20,836 shares.
• Analyst sentiment remains largely cautious: the stock carries a consensus “Reduce” rating and an average price target of $10.33, despite recent target increases from Morgan Stanley, Wells Fargo and UBS.
• AMC Networks reported a quarterly loss of $0.28 per share, missing the expected $0.12 loss, while revenue fell 8.8% year over year to $547.5 million. Institutional investors own 78.51% of the company.

AMC Networks Inc. (NASDAQ:AMCX - Get Free Report) shares hit a new 52-week high during trading on Monday . The stock traded as high as $12.56 and last traded at $12.5550, with a volume of 20836 shares changing hands. The stock had previously closed at $12.39.

Wall Street Analyst Weigh In

AMCX has been the topic of several research analyst reports. Morgan Stanley boosted their target price on AMC Networks from $7.00 to $10.00 and gave the stock an "underweight" rating in a research note on Friday, July 31st. Zacks Research upgraded AMC Networks from a "strong sell" rating to a "strong-buy" rating in a research note on Tuesday, August 4th. Wells Fargo & Company raised their price target on AMC Networks from $10.00 to $11.00 and gave the stock an "equal weight" rating in a report on Friday, July 31st. Weiss Ratings lowered AMC Networks from a "hold (c-)" rating to a "sell (d-)" rating in a research note on Tuesday, August 11th. Finally, UBS Group upped their price objective on shares of AMC Networks from $6.00 to $10.00 and gave the company a "sell" rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus price target of $10.33.

AMC Networks Stock Up 0.9%

The company's 50 day moving average price is $10.59 and its 200 day moving average price is $9.02. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 1.76. The firm has a market capitalization of $515.87 million, a price-to-earnings ratio of -15.21 and a beta of 1.33.

AMC Networks (NASDAQ:AMCX - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.16). The company had revenue of $547.50 million for the quarter, compared to analysts' expectations of $555.74 million. AMC Networks had a negative net margin of 0.88% and a positive return on equity of 3.76%. AMC Networks's quarterly revenue was down 8.8% compared to the same quarter last year. During the same period last year, the firm earned $0.69 earnings per share. As a group, research analysts forecast that AMC Networks Inc. will post 2.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AMCX. Charles Schwab Investment Management Inc. increased its stake in shares of AMC Networks by 26.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,244,315 shares of the company's stock worth $21,366,000 after acquiring an additional 462,457 shares during the period. Marshall Wace LLP lifted its position in AMC Networks by 39.2% during the second quarter. Marshall Wace LLP now owns 1,419,545 shares of the company's stock valued at $8,901,000 after purchasing an additional 399,478 shares during the period. Allspring Global Investments Holdings LLC lifted its position in AMC Networks by 35.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,346,142 shares of the company's stock valued at $9,423,000 after purchasing an additional 349,373 shares during the period. Millennium Management LLC boosted its holdings in AMC Networks by 1,309.4% in the fourth quarter. Millennium Management LLC now owns 346,923 shares of the company's stock valued at $3,303,000 after purchasing an additional 322,308 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in AMC Networks by 902.2% in the third quarter. Russell Investments Group Ltd. now owns 286,603 shares of the company's stock valued at $2,362,000 after purchasing an additional 258,005 shares during the last quarter. 78.51% of the stock is owned by institutional investors and hedge funds.

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.

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