Contrarius Investment Management Ltd increased its position in AMC Networks Inc. (NASDAQ:AMCX) by 2.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,259,355 shares of the company’s stock after buying an additional 62,406 shares during the period. AMC Networks accounts for approximately 7.3% of Contrarius Investment Management Ltd’s investment portfolio, making the stock its 3rd biggest holding. Contrarius Investment Management Ltd owned about 5.45% of AMC Networks worth $150,925,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Bank of Montreal Can grew its stake in AMC Networks by 2,729.4% in the 2nd quarter. Bank of Montreal Can now owns 11,017 shares of the company’s stock valued at $739,000 after buying an additional 11,436 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of AMC Networks by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 16,690 shares of the company’s stock valued at $1,115,000 after buying an additional 418 shares during the period. Shell Asset Management Co. grew its holdings in AMC Networks by 5.7% in the second quarter. Shell Asset Management Co. now owns 12,520 shares of the company’s stock worth $836,000 after purchasing an additional 680 shares during the period. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of AMC Networks by 32.8% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 75,818 shares of the company’s stock worth $5,065,000 after buying an additional 18,739 shares in the last quarter. Finally, Great West Life Assurance Co. Can lifted its position in AMC Networks by 2.5% during the second quarter. Great West Life Assurance Co. Can now owns 27,190 shares of the company’s stock valued at $1,816,000 after purchasing an additional 652 shares during the period. 75.66% of the stock is currently owned by institutional investors and hedge funds.
AMCX has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of AMC Networks from a “sell” rating to a “hold” rating in a report on Tuesday, August 10th. TheStreet cut shares of AMC Networks from a “b-” rating to a “c+” rating in a research note on Thursday, August 19th. Finally, Deutsche Bank Aktiengesellschaft lowered shares of AMC Networks from a “hold” rating to a “sell” rating and upped their target price for the stock from $32.00 to $48.00 in a report on Thursday, July 22nd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, AMC Networks has a consensus rating of “Hold” and an average target price of $51.70.
AMC Networks (NASDAQ:AMCX) last announced its quarterly earnings results on Thursday, August 5th. The company reported $3.45 earnings per share for the quarter, topping analysts’ consensus estimates of $2.18 by $1.27. AMC Networks had a return on equity of 64.53% and a net margin of 9.64%. The firm had revenue of $771.39 million for the quarter, compared to the consensus estimate of $698.12 million. During the same quarter in the previous year, the business earned $2.39 earnings per share. The business’s revenue was up 19.4% compared to the same quarter last year. On average, equities research analysts forecast that AMC Networks Inc. will post 8.34 EPS for the current fiscal year.
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.
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