Opera Trading Capital purchased a new position in AMC Networks Inc. (NASDAQ:AMCX) during the second quarter, Holdings Channel reports. The fund purchased 30,000 shares of the company’s stock, valued at approximately $1,602,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in AMCX. Clear Harbor Asset Management LLC boosted its position in AMC Networks by 24.2% in the first quarter. Clear Harbor Asset Management LLC now owns 36,975 shares of the company’s stock worth $2,170,000 after buying an additional 7,200 shares during the period. First Quadrant L P CA boosted its position in AMC Networks by 14.1% in the first quarter. First Quadrant L P CA now owns 240,797 shares of the company’s stock worth $14,130,000 after buying an additional 29,784 shares during the period. Buckhead Capital Management LLC purchased a new position in AMC Networks during the first quarter worth approximately $716,000. Telemus Capital LLC boosted its position in AMC Networks by 9.0% in the first quarter. Telemus Capital LLC now owns 45,688 shares of the company’s stock worth $2,681,000 after buying an additional 3,756 shares during the period. Finally, Reliance Trust Co. of Delaware boosted its position in AMC Networks by 13.7% in the first quarter. Reliance Trust Co. of Delaware now owns 6,753 shares of the company’s stock worth $396,000 after buying an additional 816 shares during the period. Institutional investors own 82.10% of the company’s stock.
Shares of AMC Networks Inc. (NASDAQ AMCX) traded up 0.23% during trading on Friday, hitting $61.24. The company’s stock had a trading volume of 846,163 shares. The company has a market cap of $4.08 billion, a PE ratio of 14.88 and a beta of 1.03. The firm’s 50 day moving average price is $55.15 and its 200-day moving average price is $56.59. AMC Networks Inc. has a 52 week low of $46.17 and a 52 week high of $67.61.
AMC Networks (NASDAQ:AMCX) last released its earnings results on Thursday, May 4th. The company reported $2.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.00 by $0.10. The company had revenue of $720.19 million during the quarter, compared to the consensus estimate of $720.15 million. AMC Networks had a net margin of 10.59% and a return on equity of 502.40%. The company’s revenue was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.09 EPS. On average, analysts predict that AMC Networks Inc. will post $6.40 earnings per share for the current year.
AMC Networks announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 7th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 13.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.
A number of research firms have commented on AMCX. Piper Jaffray Companies cut AMC Networks from an “overweight” rating to a “neutral” rating in a research note on Monday, April 10th. Zacks Investment Research cut AMC Networks from a “buy” rating to a “hold” rating in a research note on Thursday, April 6th. Guggenheim restated a “buy” rating and set a $70.00 price target on shares of AMC Networks in a research note on Tuesday, March 28th. Finally, BidaskClub upgraded AMC Networks from a “hold” rating to a “buy” rating in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $61.79.
About AMC Networks
AMC Networks Inc is a holding company, which conducts all of its operations through its subsidiaries. The Company owns and operates entertainment businesses and assets. It operates through two segments: National Networks, and International and Other. National Networks includes activities of its programming businesses, which include its programming networks distributed in the United States and Canada.
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