Wells Fargo & Company Trims AMC Networks (NASDAQ:AMCX) Target Price to $8.00

AMC Networks (NASDAQ:AMCX) had its target price reduced by equities researchers at Wells Fargo & Company from $11.00 to $8.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 14.53% from the stock’s previous close.

Separately, StockNews.com lowered AMC Networks from a “buy” rating to a “hold” rating in a research note on Friday, July 12th. Three equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.25.

AMC Networks Stock Performance

Shares of AMCX stock traded down $0.38 on Monday, hitting $9.36. The company’s stock had a trading volume of 593,362 shares, compared to its average volume of 954,400. AMC Networks has a fifty-two week low of $8.84 and a fifty-two week high of $20.97. The company has a market capitalization of $407.74 million, a PE ratio of 2.58 and a beta of 1.30. The stock’s 50 day moving average is $11.51 and its 200-day moving average is $12.83. The company has a debt-to-equity ratio of 2.06, a quick ratio of 1.85 and a current ratio of 1.85.

AMC Networks (NASDAQ:AMCX) last announced its earnings results on Friday, August 9th. The company reported $1.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.14). AMC Networks had a return on equity of 23.57% and a net margin of 6.09%. The business had revenue of $625.90 million for the quarter, compared to analyst estimates of $601.41 million. During the same quarter in the previous year, the company earned $2.02 EPS. The business’s revenue for the quarter was down 7.8% on a year-over-year basis. Equities research analysts expect that AMC Networks will post 4.93 earnings per share for the current fiscal year.

Insider Activity at AMC Networks

In other AMC Networks news, CAO Michael J. Sherin III sold 3,000 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $15.61, for a total value of $46,830.00. Following the sale, the chief accounting officer now owns 4,948 shares of the company’s stock, valued at approximately $77,238.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Kimberly Kelleher sold 10,941 shares of the stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $17.22, for a total value of $188,404.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Michael J. Sherin III sold 3,000 shares of AMC Networks stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $15.61, for a total transaction of $46,830.00. Following the sale, the chief accounting officer now owns 4,948 shares in the company, valued at $77,238.28. The disclosure for this sale can be found here. Insiders have sold 55,348 shares of company stock valued at $888,957 over the last three months. 25.87% of the stock is owned by insiders.

Institutional Investors Weigh In On AMC Networks

A number of institutional investors have recently modified their holdings of AMCX. Dimensional Fund Advisors LP lifted its holdings in AMC Networks by 18.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,625,630 shares of the company’s stock valued at $15,703,000 after buying an additional 250,738 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of AMC Networks by 11.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,529,595 shares of the company’s stock valued at $28,741,000 after purchasing an additional 155,346 shares in the last quarter. Schroder Investment Management Group grew its stake in AMC Networks by 2.0% during the fourth quarter. Schroder Investment Management Group now owns 1,010,729 shares of the company’s stock worth $18,992,000 after purchasing an additional 19,794 shares during the period. American Century Companies Inc. increased its holdings in AMC Networks by 6.8% in the second quarter. American Century Companies Inc. now owns 707,708 shares of the company’s stock worth $6,836,000 after purchasing an additional 45,266 shares in the last quarter. Finally, RWWM Inc. lifted its stake in AMC Networks by 193.7% in the fourth quarter. RWWM Inc. now owns 515,432 shares of the company’s stock valued at $9,682,000 after buying an additional 339,912 shares during the period. 78.51% of the stock is owned by institutional investors.

AMC Networks Company Profile

AMC Networks Inc, an entertainment company, owns and operates a suite of video entertainment products that are delivered to audiences, a platform to distributors, and advertisers in the United States, Europe, and internationally. The company operates through Domestic Operations, and International and Other segments.