Bank of America Corp DE Has $270,000 Position in AMC Networks Inc. $AMCX

Key Points

• Bank of America cut its AMC Networks stake by 99.5% in the first quarter, selling 7.65 million shares and retaining 39,723 shares valued at approximately $270,000. Institutional investors collectively own 78.51% of the company.
• Analyst sentiment remains cautious: AMC Networks has an average “Reduce” rating and a consensus price target of $10.33, despite some analysts raising their targets and Zacks upgrading the stock to “strong buy.”
• AMC Networks reported a quarterly loss of $0.28 per share, missing estimates, while revenue fell 8.8% year over year to $547.5 million. The stock recently opened at $12.07, near its 52-week high of $12.93.

Bank of America Corp DE trimmed its stake in shares of AMC Networks Inc. (NASDAQ:AMCX - Free Report) by 99.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,723 shares of the company's stock after selling 7,649,483 shares during the quarter. Bank of America Corp DE owned approximately 0.09% of AMC Networks worth $270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in shares of AMC Networks during the second quarter worth $25,000. Northwestern Mutual Wealth Management Co. increased its stake in shares of AMC Networks by 133.3% during 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 period. Advisory Services Network LLC acquired a new position in AMC Networks during the third quarter worth $43,000. Kestra Advisory Services LLC purchased a new position in shares of AMC Networks in the 4th quarter valued at about $63,000. Finally, State of Wyoming acquired a new stake in shares of AMC Networks in the 2nd quarter worth approximately $51,000. Institutional investors and hedge funds own 78.51% of the company's stock.

Wall Street Analyst Weigh In

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

AMC Networks Price Performance

AMC Networks stock opened at $12.07 on Friday. The stock's 50 day moving average is $11.34 and its 200 day moving average is $9.47. The company has a debt-to-equity ratio of 1.76, a current ratio of 1.76 and a quick ratio of 1.76. The firm has a market cap of $497.89 million, a P/E ratio of -14.72 and a beta of 1.35. AMC Networks Inc. has a one year low of $6.47 and a one year high of $12.93.

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

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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