AMC Networks (NASDAQ:AMCX) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded AMC Networks from “strong sell” to “strong buy,” although the broader analyst consensus remains “Hold” with an average price target of $10.50.
• AMC Networks opened at $12.03, near its 52-week high of $12.44, but its latest quarterly results missed expectations: EPS came in at negative $0.28 versus a forecast of negative $0.12, while revenue fell 8.8% year over year to $547.5 million.
• Institutional investors and hedge funds own approximately 78.5% of AMC Networks’ shares, with several firms recently initiating or increasing positions.

AMC Networks (NASDAQ:AMCX - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "strong-buy" rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the stock. Wells Fargo & Company upped their target price on shares of AMC Networks from $10.00 to $11.00 and gave the company an "equal weight" rating in a report on Friday, July 31st. Morgan Stanley increased their price target on shares of AMC Networks from $7.00 to $10.00 and gave the stock an "underweight" rating in a report on Friday, July 31st. Finally, Weiss Ratings raised AMC Networks from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $10.50.

AMC Networks Stock Performance

Shares of AMC Networks stock opened at $12.03 on Tuesday. The firm has a market capitalization of $528.48 million, a P/E ratio of -14.67 and a beta of 1.33. AMC Networks has a 52 week low of $5.68 and a 52 week high of $12.44. 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's 50 day moving average is $10.09 and its two-hundred day moving average is $8.67.

AMC Networks (NASDAQ:AMCX - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.12) by ($0.16). The company had revenue of $547.50 million during 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%. The company's quarterly revenue was down 8.8% on a year-over-year basis. During the same period last year, the business earned $0.69 earnings per share. Research analysts forecast that AMC Networks will post 2.52 EPS for the current fiscal year.

Institutional Investors Weigh In On AMC Networks

Institutional investors and hedge funds have recently modified their holdings of the company. Raymond James Financial Inc. acquired a new position in AMC Networks during the second quarter worth about $25,000. Northwestern Mutual Wealth Management Co. raised its holdings 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 worth $30,000 after acquiring an additional 2,735 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of AMC Networks in the third quarter valued at $43,000. State of Wyoming purchased a new position in AMC Networks in the 2nd quarter valued at about $51,000. Finally, Kestra Advisory Services LLC purchased a new stake in shares of AMC Networks during the fourth quarter worth about $63,000. Institutional investors and hedge funds own 78.51% of the company's stock.

About AMC Networks

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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