Jennison Associates LLC bought a new position in AMC Networks Inc. (NASDAQ:AMCX) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 28,300 shares of the company’s stock, valued at approximately $1,318,000. Jennison Associates LLC owned approximately 0.07% of AMC Networks at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in AMCX. Banque Cantonale Vaudoise acquired a new position in shares of AMC Networks in the 2nd quarter worth approximately $44,000. Maverick Capital Ltd. acquired a new position in AMC Networks during the 2nd quarter worth $97,000. Alaethes Wealth LLC acquired a new position in AMC Networks during the 2nd quarter worth $117,000. Marshall Wace LLP acquired a new position in AMC Networks during the 1st quarter worth $128,000. Finally, Lazard Asset Management LLC acquired a new position in AMC Networks during the 2nd quarter worth $154,000. 72.95% of the stock is currently owned by institutional investors and hedge funds.
In related news, Vice Chairman Joshua W. Sapan sold 40,000 shares of the company’s stock in a transaction on Monday, January 3rd. The shares were sold at an average price of $36.67, for a total value of $1,466,800.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 28.56% of the stock is currently owned by corporate insiders.
AMC Networks (NASDAQ:AMCX) last announced its earnings results on Friday, November 5th. The company reported $2.68 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.11 by $1.57. The firm had revenue of $810.80 million during the quarter, compared to analyst estimates of $703.89 million. AMC Networks had a net margin of 10.75% and a return on equity of 68.19%. The company’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.32 EPS. On average, equities research analysts expect that AMC Networks Inc. will post 9.32 earnings per share for the current fiscal year.
Several research firms have issued reports on AMCX. Morgan Stanley reduced their price objective on AMC Networks from $47.00 to $43.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 15th. Deutsche Bank Aktiengesellschaft upped their price objective on AMC Networks from $45.00 to $48.00 and gave the stock a “sell” rating in a report on Wednesday, November 10th. Zacks Investment Research cut shares of AMC Networks from a “buy” rating to a “hold” rating in a research report on Tuesday. The Goldman Sachs Group dropped their target price on shares of AMC Networks from $58.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Macquarie dropped their target price on shares of AMC Networks from $57.00 to $42.00 and set a “neutral” rating for the company in a research report on Tuesday, December 14th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $50.33.
About AMC Networks
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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