Zacks Research Downgrades AMC Networks (NASDAQ:AMCX) to Strong Sell

Key Points

• Zacks Research downgraded AMC Networks (NASDAQ:AMCX) from hold to strong sell, reinforcing a bearish analyst sentiment around the stock.
• The company’s latest quarterly results were mixed: EPS of $0.08 missed estimates of $0.22, while revenue of $542.13 million came in roughly in line with expectations. Revenue was also down 2.4% year over year.
• AMC Networks shares were trading at $9.79 at the time of the report, with analysts showing a generally negative outlook and a consensus price target of $8.50.

AMC Networks (NASDAQ:AMCX - Get Free Report) was downgraded by research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a report issued on Thursday,Zacks.com reports.

AMCX has been the topic of a number of other research reports. Weiss Ratings upgraded shares of AMC Networks from a "sell (d)" rating to a "sell (d+)" rating in a research report on Thursday, July 2nd. Morgan Stanley set a $7.00 price target on shares of AMC Networks in a report on Thursday, April 30th. One analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Strong Sell" and a consensus target price of $8.50.

AMC Networks Stock Performance

Shares of AMCX stock opened at $9.79 on Thursday. The company has a market cap of $430.07 million, a P/E ratio of 16.32 and a beta of 1.31. The stock has a 50 day simple moving average of $9.82 and a two-hundred day simple moving average of $8.56. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.75 and a current ratio of 1.75. AMC Networks has a fifty-two week low of $5.41 and a fifty-two week high of $11.13.

AMC Networks (NASDAQ:AMCX - Get Free Report) last issued its quarterly earnings results on Friday, May 8th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.14). The business had revenue of $542.13 million during the quarter, compared to analyst estimates of $540.67 million. AMC Networks had a net margin of 2.28% and a return on equity of 8.70%. AMC Networks's quarterly revenue was down 2.4% compared to the same quarter last year. During the same period last year, the firm posted $0.52 earnings per share. Research analysts forecast that AMC Networks will post 1.79 earnings per share for the current year.

Institutional Investors Weigh In On AMC Networks

Several hedge funds and other institutional investors have recently modified their holdings of AMCX. Raymond James Financial Inc. acquired a new position in shares of AMC Networks during the second quarter worth approximately $25,000. Northwestern Mutual Wealth Management Co. grew its position 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 valued at $30,000 after purchasing an additional 2,735 shares during the period. Advisory Services Network LLC bought a new stake in AMC Networks during the 3rd quarter valued at $43,000. State of Wyoming bought a new stake in AMC Networks during the 2nd quarter valued at $51,000. Finally, Kestra Advisory Services LLC acquired a new position in AMC Networks during the fourth quarter worth $63,000. Institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.