AMC Networks Inc. (NASDAQ:AMCX – Get Free Report) gapped down prior to trading on Monday after Wells Fargo & Company lowered their price target on the stock from $15.00 to $10.00. The stock had previously closed at $13.23, but opened at $12.83. Wells Fargo & Company currently has an underweight rating on the stock. AMC Networks shares last traded at $12.70, with a volume of 109,372 shares changing hands.
Other research analysts also recently issued research reports about the company. StockNews.com began coverage on AMC Networks in a report on Thursday, May 18th. They set a “hold” rating on the stock. Morgan Stanley downgraded AMC Networks from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $19.00 to $12.00 in a report on Tuesday, June 6th. Two research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Based on data from MarketBeat.com, AMC Networks currently has a consensus rating of “Hold” and a consensus target price of $19.60.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. Cornercap Investment Counsel Inc. purchased a new position in shares of AMC Networks during the 4th quarter worth approximately $486,000. Acrisure Capital Management LLC purchased a new position in shares of AMC Networks during the 4th quarter worth approximately $270,000. Gabelli Funds LLC grew its holdings in shares of AMC Networks by 2.0% during the 4th quarter. Gabelli Funds LLC now owns 208,000 shares of the company’s stock worth $3,259,000 after acquiring an additional 4,000 shares during the period. Dark Forest Capital Management LP grew its holdings in shares of AMC Networks by 315.9% during the 4th quarter. Dark Forest Capital Management LP now owns 1,913 shares of the company’s stock worth $30,000 after acquiring an additional 1,453 shares during the period. Finally, New York Life Investment Management LLC grew its holdings in shares of AMC Networks by 12.7% during the 4th quarter. New York Life Investment Management LLC now owns 13,959 shares of the company’s stock worth $219,000 after acquiring an additional 1,572 shares during the period. Hedge funds and other institutional investors own 63.36% of the company’s stock.
AMC Networks Price Performance
AMC Networks (NASDAQ:AMCX – Get Free Report) last posted its earnings results on Tuesday, May 9th. The company reported $2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.81. AMC Networks had a return on equity of 41.85% and a net margin of 0.23%. The firm had revenue of $717.45 million for the quarter, compared to the consensus estimate of $700.77 million. During the same quarter in the prior year, the business earned $2.54 EPS. The business’s revenue for the quarter was up .7% on a year-over-year basis. Research analysts forecast that AMC Networks Inc. will post 6.53 earnings per share for the current year.
About AMC Networks
AMC Networks Inc, an entertainment company, owns and operates a suite of video entertainment products that are delivered to audiences and a platform to distributors and advertisers in the United States and internationally. The company operates through Domestic Operations, and International and Other.
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