Zacks Investment Research Lowers AMC Networks (NASDAQ:AMCX) to Hold

Zacks Investment Research cut shares of AMC Networks (NASDAQ:AMCX) from a buy rating to a hold rating in a report issued on Tuesday morning, Zacks.com reports.

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 have also recently weighed in on AMCX. Morgan Stanley lowered their price objective on shares of AMC Networks from $47.00 to $43.00 and set an equal weight rating on the stock in a research note on Wednesday, December 15th. Macquarie lowered their price objective on shares of AMC Networks from $57.00 to $42.00 and set a neutral rating on the stock in a research note on Tuesday, December 14th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of AMC Networks from $45.00 to $48.00 and gave the stock a sell rating in a research note on Wednesday, November 10th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Hold and an average price target of $50.33.

Shares of NASDAQ AMCX opened at $42.20 on Tuesday. The firm’s 50-day moving average price is $39.81 and its 200-day moving average price is $46.25. The company has a quick ratio of 2.24, a current ratio of 2.24 and a debt-to-equity ratio of 3.16. The company has a market cap of $1.78 billion, a PE ratio of 5.63 and a beta of 1.07. AMC Networks has a 52-week low of $32.96 and a 52-week high of $83.63.

AMC Networks (NASDAQ:AMCX) last announced its quarterly earnings results on Friday, November 5th. The company reported $2.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $1.57. The firm had revenue of $810.80 million for the quarter, compared to the consensus estimate of $703.89 million. AMC Networks had a net margin of 10.75% and a return on equity of 68.19%. The business’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.32 EPS. As a group, equities research analysts anticipate that AMC Networks will post 9.32 EPS for the current fiscal year.

In other AMC Networks news, Vice Chairman Joshua W. Sapan sold 40,000 shares of the firm’s stock in a transaction that occurred on Monday, January 3rd. The shares were sold at an average price of $36.67, for a total transaction of $1,466,800.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 28.56% of the stock is currently owned by company insiders.

Several institutional investors have recently added to or reduced their stakes in the company. CWM Advisors LLC raised its position in shares of AMC Networks by 3.1% during the second quarter. CWM Advisors LLC now owns 7,194 shares of the company’s stock valued at $481,000 after buying an additional 218 shares during the last quarter. Hanson & Doremus Investment Management raised its position in shares of AMC Networks by 7.6% during the third quarter. Hanson & Doremus Investment Management now owns 3,351 shares of the company’s stock valued at $156,000 after buying an additional 237 shares during the last quarter. Arizona State Retirement System raised its position in shares of AMC Networks by 3.5% during the third quarter. Arizona State Retirement System now owns 7,534 shares of the company’s stock valued at $351,000 after buying an additional 255 shares during the last quarter. Profund Advisors LLC raised its position in shares of AMC Networks by 8.4% during the second quarter. Profund Advisors LLC now owns 4,139 shares of the company’s stock valued at $276,000 after buying an additional 322 shares during the last quarter. Finally, Advisor Group Holdings Inc. raised its position in shares of AMC Networks by 7.8% during the third quarter. Advisor Group Holdings Inc. now owns 4,850 shares of the company’s stock valued at $225,000 after buying an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 72.95% of the company’s stock.

AMC Networks Company Profile

AMC Networks, Inc is a holding company, which engages in owning and management of cable television networks through its subsidiaries. It operates through the National Networks and International and Other segments. The National Networks segment includes activities of AMC Studios operations, AMC Broadcasting and Technology, and national programming networks, namely: AMC, WEtv, BBC AMERICA, IFC, and SundanceTV in the U.

Further Reading: What are defining characteristics of a correction?

Get a free copy of the Zacks research report on AMC Networks (AMCX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for AMC Networks (NASDAQ:AMCX)

Receive News & Ratings for AMC Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for AMC Networks and related companies with MarketBeat.com's FREE daily email newsletter.