AMC Networks (NASDAQ:AMCX) Reaches New 52-Week High – What’s Next?

AMC Networks Inc. (NASDAQ:AMCX) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $12.44 and last traded at $12.03, with a volume of 1452686 shares. The stock had previously closed at $11.40.

Wall Street Analysts Forecast Growth

AMCX has been the topic of a number of recent research reports. Weiss Ratings raised shares of AMC Networks from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, July 28th. Wells Fargo & Company increased their price target on shares of AMC Networks from $10.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Friday, July 31st. Morgan Stanley raised their price objective on shares of AMC Networks from $7.00 to $10.00 and gave the stock an “underweight” rating in a research report on Friday, July 31st. Finally, Zacks Research lowered shares of AMC Networks from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 23rd. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Reduce” and a consensus price target of $10.50.

AMC Networks Stock Up 5.5%

The business has a 50-day simple moving average of $10.09 and a two-hundred day simple moving average of $8.67. The company has a debt-to-equity ratio of 1.76, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market capitalization of $528.48 million, a price-to-earnings ratio of -14.67 and a beta of 1.33.

AMC Networks (NASDAQ:AMCX) last announced its earnings results on Thursday, July 30th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.16). The company had revenue of $547.50 million during the quarter, compared to analysts’ expectations of $555.74 million. AMC Networks had a negative net margin of 0.88% and a positive return on equity of 3.76%. The company’s revenue for the quarter was down 8.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.69 earnings per share. As a group, equities analysts predict that AMC Networks Inc. will post 2.52 EPS for the current year.

Hedge Funds Weigh In On AMC Networks

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its stake in shares of AMC Networks by 35.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,346,142 shares of the company’s stock worth $9,423,000 after acquiring an additional 349,373 shares during the period. Segall Bryant & Hamill LLC acquired a new position in shares of AMC Networks during the first quarter worth about $1,060,000. Ritholtz Wealth Management acquired a new position in shares of AMC Networks during the first quarter worth about $301,000. WINTON GROUP Ltd raised its holdings in AMC Networks by 213.0% during the fourth quarter. WINTON GROUP Ltd now owns 56,925 shares of the company’s stock worth $542,000 after purchasing an additional 38,739 shares in the last quarter. Finally, Verus Capital Partners LLC raised its holdings in AMC Networks by 7.4% during the fourth quarter. Verus Capital Partners LLC now owns 80,300 shares of the company’s stock worth $764,000 after purchasing an additional 5,500 shares in the last quarter. 78.51% of the stock is currently owned by hedge funds and other institutional investors.

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.