AMC Networks (AMCX) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of AMC Networks (NASDAQ:AMCX) from a hold rating to a buy rating in a research note issued to investors on Wednesday. The brokerage currently has $63.00 price target on the stock.

According to Zacks, “AMC Networks Inc. is engaged in producing programming and movie content. It owns and operates various cable televisions. Its programming networks include AMC, IFC, Sundance Channel, WE tv, and IFC films. The AMC is a television network which focuses on the original programming and movie-based entertainment. IFC creates long and short-form content inspired by music, web, gaming, animation, news, and culture. The Sundance Channel is the television destination for independent-minded viewers. The WE tv is the women’s network specially devoted to the relationships during life’s defining moments. The IFC films consist of multiple brands that bring specialty films to the largest possible audience. AMC Networks Inc. is headquartered in New York, New York. “

Several other brokerages also recently weighed in on AMCX. BidaskClub downgraded shares of AMC Networks from a sell rating to a strong sell rating in a report on Thursday, March 15th. Evercore ISI downgraded shares of AMC Networks from an outperform rating to an in-line rating and set a $62.00 target price for the company. in a report on Friday, May 11th. They noted that the move was a valuation call. ValuEngine downgraded shares of AMC Networks from a buy rating to a hold rating in a report on Friday, February 2nd. Morgan Stanley upped their target price on shares of AMC Networks from $55.00 to $57.00 and gave the stock an equal weight rating in a report on Wednesday, January 31st. Finally, Royal Bank of Canada started coverage on shares of AMC Networks in a report on Wednesday, March 14th. They issued a sector perform rating and a $57.00 target price for the company. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company’s stock. AMC Networks presently has an average rating of Hold and a consensus price target of $60.13.

AMC Networks stock traded up $0.14 during mid-day trading on Wednesday, hitting $57.67. The stock had a trading volume of 3,190 shares, compared to its average volume of 706,677. The company has a market capitalization of $3.44 billion, a P/E ratio of 7.81, a P/E/G ratio of 0.90 and a beta of 0.79. The company has a debt-to-equity ratio of 11.97, a quick ratio of 2.64 and a current ratio of 2.64. AMC Networks has a one year low of $56.63 and a one year high of $57.28.

AMC Networks (NASDAQ:AMCX) last issued its earnings results on Thursday, May 10th. The company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.18 by $0.47. The company had revenue of $741.00 million during the quarter, compared to the consensus estimate of $720.56 million. AMC Networks had a net margin of 17.41% and a return on equity of 355.26%. AMC Networks’s quarterly revenue was up 2.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.10 EPS. analysts forecast that AMC Networks will post 8.19 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC boosted its holdings in shares of AMC Networks by 46.9% during the 1st quarter. Millennium Management LLC now owns 52,372 shares of the company’s stock valued at $2,708,000 after purchasing an additional 16,719 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of AMC Networks by 47,191.9% during the 1st quarter. Assetmark Inc. now owns 17,498 shares of the company’s stock valued at $905,000 after purchasing an additional 17,461 shares during the last quarter. Verition Fund Management LLC bought a new position in shares of AMC Networks during the 1st quarter valued at about $921,000. Guggenheim Capital LLC boosted its holdings in shares of AMC Networks by 289.9% during the 1st quarter. Guggenheim Capital LLC now owns 76,815 shares of the company’s stock valued at $3,972,000 after purchasing an additional 57,113 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. boosted its holdings in shares of AMC Networks by 144.4% during the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 9,007 shares of the company’s stock valued at $466,000 after purchasing an additional 5,321 shares during the last quarter. 89.15% of the stock is owned by institutional investors and hedge funds.

About AMC Networks

AMC Networks Inc owns and operates various cable television's brands delivering content to audiences, and a platform to distributors and advertisers in the United States and internationally. The company operates in two segments, National Networks; and International and Other. The National Networks segment operates five distributed entertainment programming networks under the AMC, WE tv, BBC AMERICA, IFC, and SundanceTV names in high definition and standard definition formats.

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