AMC Networks (NASDAQ:AMCX) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

AMC Networks (NASDAQ:AMCXGet Free Report) issued its earnings results on Friday. The company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.04, MarketWatch Earnings reports. AMC Networks had a negative net margin of 0.91% and a positive return on equity of 40.10%. The business had revenue of $678.80 million for the quarter, compared to the consensus estimate of $675.97 million. During the same quarter last year, the firm posted $2.52 EPS. The business’s revenue for the quarter was down 29.6% compared to the same quarter last year. AMC Networks updated its FY 2024 guidance to EPS.

AMC Networks Price Performance

Shares of AMCX stock opened at $14.41 on Monday. The firm has a market cap of $627.70 million, a P/E ratio of 2.94 and a beta of 1.29. The company has a debt-to-equity ratio of 2.16, a current ratio of 1.46 and a quick ratio of 1.46. AMC Networks has a 1-year low of $9.96 and a 1-year high of $27.46. The firm has a fifty day moving average of $18.19 and a two-hundred day moving average of $14.54.

Insiders Place Their Bets

In other news, Director Matthew Blank sold 50,000 shares of AMC Networks stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $19.09, for a total value of $954,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other AMC Networks news, EVP James Gallagher sold 22,000 shares of the business’s stock in a transaction dated Tuesday, December 19th. The shares were sold at an average price of $20.40, for a total transaction of $448,800.00. Following the sale, the executive vice president now directly owns 6,867 shares in the company, valued at approximately $140,086.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Matthew Blank sold 50,000 shares of the business’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $19.09, for a total transaction of $954,500.00. The disclosure for this sale can be found here. Insiders sold a total of 85,192 shares of company stock valued at $1,604,874 in the last ninety days. Corporate insiders own 27.06% of the company’s stock.

Institutional Trading of AMC Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in AMCX. Invesco Ltd. raised its position in shares of AMC Networks by 280.9% during the 1st quarter. Invesco Ltd. now owns 1,377,018 shares of the company’s stock worth $55,948,000 after buying an additional 1,015,493 shares in the last quarter. Millennium Management LLC raised its holdings in shares of AMC Networks by 123.2% in the 4th quarter. Millennium Management LLC now owns 885,753 shares of the company’s stock worth $13,880,000 after purchasing an additional 488,956 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of AMC Networks by 256.9% in the 4th quarter. AQR Capital Management LLC now owns 563,168 shares of the company’s stock worth $8,825,000 after purchasing an additional 405,373 shares in the last quarter. Norges Bank bought a new stake in shares of AMC Networks in the 4th quarter worth approximately $4,572,000. Finally, Arrowstreet Capital Limited Partnership raised its holdings in shares of AMC Networks by 384.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 272,531 shares of the company’s stock worth $4,791,000 after purchasing an additional 216,244 shares in the last quarter. 59.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

AMCX has been the topic of several analyst reports. The Goldman Sachs Group dropped their price target on shares of AMC Networks from $20.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, October 20th. Seaport Res Ptn downgraded shares of AMC Networks from a “buy” rating to a “neutral” rating in a research note on Tuesday, December 12th. StockNews.com raised shares of AMC Networks from a “hold” rating to a “buy” rating in a research note on Friday. Finally, TheStreet downgraded shares of AMC Networks from a “c-” rating to a “d” rating in a research note on Wednesday, November 1st. Three equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company. According to MarketBeat.com, AMC Networks has an average rating of “Hold” and an average price target of $12.00.

Get Our Latest Stock Analysis on AMC Networks

About AMC Networks

(Get Free Report)

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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Earnings History for AMC Networks (NASDAQ:AMCX)

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