Zacks Research Downgrades AMC Networks (NASDAQ:AMCX) to Strong Sell

AMC Networks (NASDAQ:AMCX) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday,Zacks.com reports.

Several other equities research analysts also recently issued reports on the company. Weiss Ratings upgraded AMC Networks from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday, July 2nd. Morgan Stanley set a $7.00 price objective on AMC Networks in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Strong Sell” and a consensus price target of $8.50.

AMC Networks Price Performance

AMCX stock opened at $9.79 on Thursday. The company has a debt-to-equity ratio of 1.75, a quick ratio of 1.75 and a current ratio of 1.75. The business has a 50-day simple moving average of $9.82 and a two-hundred day simple moving average of $8.56. The company has a market capitalization of $430.07 million, a P/E ratio of 16.32 and a beta of 1.31. AMC Networks has a 52-week low of $5.41 and a 52-week high of $11.13.

AMC Networks (NASDAQ:AMCX) last issued its quarterly earnings data on Friday, May 8th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.14). AMC Networks had a return on equity of 8.70% and a net margin of 2.28%.The company had revenue of $542.13 million during the quarter, compared to analysts’ expectations of $540.67 million. During the same period last year, the company earned $0.52 earnings per share. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. Research analysts expect that AMC Networks will post 1.79 EPS for the current fiscal year.

Institutional Investors Weigh In On AMC Networks

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Segall Bryant & Hamill LLC bought a new position in shares of AMC Networks in the first quarter valued at approximately $1,060,000. Quantinno Capital Management LP increased its position in shares of AMC Networks by 8.4% during the first quarter. Quantinno Capital Management LP now owns 55,822 shares of the company’s stock valued at $379,000 after acquiring an additional 4,325 shares during the last quarter. Gabelli Funds LLC lifted its holdings in AMC Networks by 2.4% during the first quarter. Gabelli Funds LLC now owns 127,500 shares of the company’s stock worth $866,000 after acquiring an additional 3,000 shares during the period. Cetera Investment Advisers lifted its holdings in AMC Networks by 261.7% during the first quarter. Cetera Investment Advisers now owns 41,175 shares of the company’s stock worth $280,000 after acquiring an additional 29,792 shares during the period. Finally, First Trust Advisors LP boosted its position in AMC Networks by 18.5% in the first quarter. First Trust Advisors LP now owns 19,720 shares of the company’s stock worth $134,000 after purchasing an additional 3,074 shares during the last quarter. Hedge funds and other institutional investors own 78.51% of the company’s stock.

About AMC Networks

AMC Networks Inc (NASDAQ: AMCX) is a global entertainment company that specializes in the development, production and distribution of premium content for television and streaming platforms. Headquartered in New York City, the company operates a portfolio of pay television channels in the U.S. and abroad, and offers direct-to-consumer streaming services that feature both original programming and licensed fare. AMC Networks is best known for critically acclaimed series such as “Breaking Bad,” “Mad Men” and “The Walking Dead,” and it continues to invest in new scripted and unscripted content across a range of genres.

The company’s core television networks in the United States include AMC, IFC, Sundance TV and WE tv, while its joint venture with BBC Studios supports BBC America.