AMC Networks Inc. (NASDAQ:AMCX – Get Rating) was the target of a large decline in short interest during the month of March. As of March 15th, there was short interest totaling 1,100,000 shares, a decline of 7.6% from the February 28th total of 1,190,000 shares. Approximately 3.7% of the shares of the stock are short sold. Based on an average daily volume of 489,400 shares, the short-interest ratio is presently 2.2 days.
Analyst Ratings Changes
Several research firms have recently commented on AMCX. Wells Fargo & Company lifted their price target on shares of AMC Networks from $10.00 to $15.00 and gave the company an “underweight” rating in a research report on Tuesday, February 21st. The Street raised shares of AMC Networks from a “d+” rating to a “c-” rating in a research report on Wednesday, March 1st. StockNews.com lowered shares of AMC Networks from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Morgan Stanley lifted their price target on shares of AMC Networks from $19.00 to $24.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 21st. One research analyst has rated the stock with a sell rating and three have issued a hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $25.71.
AMC Networks Stock Up 3.7 %
Shares of NASDAQ AMCX opened at $17.58 on Friday. The firm has a market cap of $756.10 million, a price-to-earnings ratio of 146.50 and a beta of 1.21. The company has a quick ratio of 1.67, a current ratio of 1.67 and a debt-to-equity ratio of 3.25. AMC Networks has a 52-week low of $14.45 and a 52-week high of $43.74. The business’s 50 day moving average is $19.27 and its two-hundred day moving average is $19.50.
AMC Networks (NASDAQ:AMCX – Get Rating) last announced its earnings results on Friday, February 17th. The company reported $2.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.23 by $1.29. AMC Networks had a return on equity of 41.38% and a net margin of 0.25%. The company had revenue of $964.50 million for the quarter, compared to analyst estimates of $937.07 million. During the same quarter in the previous year, the company earned $0.54 earnings per share. The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. Research analysts predict that AMC Networks will post 6.91 EPS for the current year.
Insider Transactions at AMC Networks
In other news, EVP James Gallagher sold 20,000 shares of AMC Networks stock in a transaction that occurred on Wednesday, February 22nd. The shares were sold at an average price of $23.15, for a total transaction of $463,000.00. Following the sale, the executive vice president now owns 28,867 shares of the company’s stock, valued at approximately $668,271.05. The transaction was disclosed in a filing with the SEC, which can be accessed via this link. Insiders own 27.29% of the company’s stock.
Institutional Trading of AMC Networks
A number of large investors have recently modified their holdings of the stock. Acrisure Capital Management LLC purchased a new stake in shares of AMC Networks during the fourth quarter worth $270,000. Lakewood Asset Management LLC purchased a new stake in shares of AMC Networks during the fourth quarter worth $511,000. Voya Investment Management LLC increased its position in shares of AMC Networks by 7.7% during the fourth quarter. Voya Investment Management LLC now owns 30,757 shares of the company’s stock worth $482,000 after acquiring an additional 2,204 shares during the period. Alliancebernstein LP increased its position in shares of AMC Networks by 107.3% during the fourth quarter. Alliancebernstein LP now owns 86,526 shares of the company’s stock worth $1,356,000 after acquiring an additional 44,796 shares during the period. Finally, the State of Wyoming increased its position in shares of AMC Networks by 237.1% during the fourth quarter. The State of Wyoming now owns 2,825 shares of the company’s stock worth $44,000 after acquiring an additional 1,987 shares during the period. Hedge funds and other institutional investors own 63.13% of the company’s stock.
About AMC Networks
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AMC Networks, Inc. is a holding company, which engages in the ownership and management of cable television networks through its subsidiaries. It operates through the Domestic Operations, and International and Other segments. The Domestic Operations segment includes programming services and AMC Broadcasting and Technology.
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