Trade Report: The AMC Networks Inc. (AMCX) Hits New 1-Year Low After Analyst Downgrade

The AMC Networks Inc. (AMCX) Hits New 1-Year Low After Analyst Downgrade

Shares of AMC Networks Inc. (NASDAQ:AMCX) hit a new 52-week low on Wednesday after Guggenheim lowered their price target on the stock from $77.00 to $66.00. Guggenheim currently has a buy rating on the stock. AMC Networks traded as low as $49.67 and last traded at $50.02, with a volume of 168,205 shares. The stock had previously closed at $49.97.

A number of other analysts have also recently weighed in on the stock. Morgan Stanley cut shares of AMC Networks from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $78.00 to $65.00 in a report on Wednesday, June 22nd. Jefferies Group reaffirmed a “hold” rating on shares of AMC Networks in a report on Monday, September 12th. Stifel Nicolaus cut shares of AMC Networks from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $70.00 to $60.00 in a report on Thursday, September 15th. Albert Fried & Company reaffirmed a “buy” rating on shares of AMC Networks in a report on Tuesday, July 12th. Finally, FBN Securities reaffirmed an “outperform” rating on shares of AMC Networks in a report on Thursday, October 6th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $73.13.

A number of hedge funds and other institutional investors have recently bought and sold shares of AMCX. I.G. Investment Management LTD. raised its stake in AMC Networks by 261.8% in the second quarter. I.G. Investment Management LTD. now owns 1,780 shares of the company’s stock valued at $108,000 after buying an additional 1,288 shares during the period. Advisor Group Inc. bought a new stake in AMC Networks during the second quarter valued at about $120,000. Acrospire Investment Management LLC raised its stake in AMC Networks by 300.0% in the second quarter. Acrospire Investment Management LLC now owns 3,200 shares of the company’s stock valued at $193,000 after buying an additional 2,400 shares during the period. Wrapmanager Inc. raised its stake in AMC Networks by 4.7% in the second quarter. Wrapmanager Inc. now owns 3,711 shares of the company’s stock valued at $224,000 after buying an additional 168 shares during the period. Finally, Quantitative Systematic Strategies LLC bought a new stake in AMC Networks during the second quarter valued at about $225,000. Hedge funds and other institutional investors own 83.72% of the company’s stock.

The stock has a 50 day moving average of $52.17 and a 200-day moving average of $58.86. The company has a market cap of $3.45 billion, a P/E ratio of 10.05 and a beta of 0.84.

AMC Networks (NASDAQ:AMCX) last posted its quarterly earnings data on Thursday, August 4th. The company reported $1.28 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.28. AMC Networks had a return on equity of 1,153.89% and a net margin of 13.08%. The business had revenue of $685 million for the quarter, compared to analysts’ expectations of $676.87 million. During the same quarter in the previous year, the firm earned $1.14 earnings per share. The business’s revenue was up 14.0% on a year-over-year basis. On average, equities research analysts anticipate that AMC Networks Inc. will post $5.56 earnings per share for the current year.

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