AMC Networks Inc. (NASDAQ:AMCX – Get Free Report) shares were down 3.7% during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $18.00 to $12.00. JPMorgan Chase & Co. currently has an underweight rating on the stock. AMC Networks traded as low as $11.50 and last traded at $11.55. Approximately 215,835 shares were traded during trading, a decline of 52% from the average daily volume of 451,719 shares. The stock had previously closed at $12.00.
Several other equities research analysts have also recently commented on the company. Wells Fargo & Company decreased their target price on AMC Networks from $15.00 to $10.00 and set an “underweight” rating for the company in a research note on Monday, July 31st. Morgan Stanley reaffirmed an “underweight” rating and set a $12.00 target price on shares of AMC Networks in a research note on Monday, August 7th. Finally, StockNews.com began coverage on AMC Networks in a research note on Thursday. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Reduce” and a consensus price target of $14.00.
Institutional Investors Weigh In On AMC Networks
Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of AMC Networks by 1.3% during the second quarter. BlackRock Inc. now owns 4,747,919 shares of the company’s stock valued at $56,738,000 after buying an additional 60,779 shares during the last quarter. Vanguard Group Inc. lifted its holdings in AMC Networks by 1.0% during the third quarter. Vanguard Group Inc. now owns 3,158,192 shares of the company’s stock worth $64,111,000 after acquiring an additional 30,925 shares during the period. Invesco Ltd. lifted its holdings in AMC Networks by 280.9% during the first quarter. Invesco Ltd. now owns 1,377,018 shares of the company’s stock worth $55,948,000 after acquiring an additional 1,015,493 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of AMC Networks by 9.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,278,687 shares of the company’s stock valued at $22,478,000 after buying an additional 114,760 shares during the period. Finally, State Street Corp raised its stake in shares of AMC Networks by 1.5% in the first quarter. State Street Corp now owns 1,130,868 shares of the company’s stock valued at $19,881,000 after buying an additional 16,984 shares during the period. Institutional investors and hedge funds own 63.36% of the company’s stock.
AMC Networks Stock Performance
The stock has a market capitalization of $505.15 million, a P/E ratio of -57.14 and a beta of 1.20. The company has a 50 day simple moving average of $12.38 and a 200-day simple moving average of $15.59. The company has a debt-to-equity ratio of 2.26, a current ratio of 1.34 and a quick ratio of 1.34.
AMC Networks (NASDAQ:AMCX – Get Free Report) last issued its earnings results on Friday, August 4th. The company reported $2.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.77 by $0.25. The firm had revenue of $678.60 million for the quarter, compared to analyst estimates of $711.57 million. AMC Networks had a positive return on equity of 41.42% and a negative net margin of 0.20%. The business’s revenue was down 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.06 earnings per share. On average, equities analysts forecast that AMC Networks Inc. will post 6.72 EPS for the current year.
About AMC Networks
AMC Networks, Inc is a holding company, which engages in the owning 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.